Reskilling vs. upskilling
Reskilling is the process of an employee learning an entirely new skillset so they can do a completely different job. For example, IT staff could be reskilled to work in cloud computing or cybersecurity.
Upskilling, in contrast, is all about adding to a pre-existing skill set within an employee’s current role. For example, people may upskill as new technology is introduced into their job role.
Why reskilling is important
We exist in a world of ever-evolving technology. And, despite the Coronavirus pandemic, we’re not going to see these advancements slow down anytime soon.
Now more than ever it’s vital that organizations keep making a commitment to growing employees so they can succeed – whatever direction they head in.
This is where both reskilling and upskilling come into play.
Reskilling and upskilling is a top priority for the next decade
The current skill sets of employees globally are outdated.
The World Economic Forum (WEF) reported that more than 40% of employees will need reskilling2 by 2025.
Unless organizations change the way they approach reskilling, companies will continue to fail to grow their employees and future-proof their business.
Changing skillsets for changing times: Displacement due to automation and robotic process automation
The rise of automation and robotic process automation (RPA) has seen job responsibilities decrease by as much as 50% in some roles.
The pace of change is rapid, with Gartner3 reporting that over 33% of the skills required by an average 2017 job posting were no longer necessary in 2021.
The best thing you can do is ensure your employees stay employable.
Encouraging your teams to reskill will enable them to become adaptable, life-long learners.
What’s more, both parties can reap the benefits of reskilling and upskilling. WEF reports4 that 94% of employers expect their employees to acquire new skills whilst on the job. These individuals will see rapid career progression, unlike those who fail to adapt.
Ideal for combatting labor shortages
Reskilling is the answer to minimizing workplace skills shortages on a global scale, especially the current labor shortages that most developed economies are experiencing.