Should re-skilling be the new “black”?
Let the data speak for itself! Already by the year 2025, WEF assumes that 85 million jobs will be displaced due to technology introduction. However, around 97 million jobs will emerge from increased interaction between humans and technologies. Given such substantial shifts, most likely you and your organization will be affected too or are already experiencing the changes. One major solution to remaining competitive in the business is re-skilling.
But what exactly is re-skilling? According to Cambridge Dictionary, it is a learning process where employees obtain new skills to grow horizontally within the organization and find a new career path.
Let us introduce you to some of the main benefits of re-skilling!
When looking from the employer's perspective, choosing re-skilling can save you a lot of time and money. Recruiting a specialist specifically for a higher-level position in Europe alone can cost up to 200 000 EUR and take around 2 months whereas preparing existing employees for the position - 60 000 EUR. Additionally, re-skilling could significantly decrease employee turnover by keeping loyal and determined employees in the company. Shifting your existing employees to other jobs also reduces training needed as employees already have background knowledge of the company and its operations. If you still favor hiring, remember this - new talent does not necessarily guarantee the quality or a filled position in the long term; therefore, working with trusted resources is a safe way to go!
Behind a successful organization, there should be a happy workforce. And re-skilling has proved to increase the overall workforce's wellbeing while bringing a lot of benefits for the organization itself. LinkedIn Workforce Learning Report (2021) shows that employees given the chance of internal mobility stay in the organization up to two times longer. While given growth opportunities employees feel more valued and are willing to learn rather than leave. That induces commitment and higher productivity and learning rate. Finally, employees that have experience in different roles are more resourceful. This could be a game-changer in today's business environment!
There are many other benefits of reskilling, yet one is clear - both employees and employers gain a lot, and the organization altogether increases its sustainability, competitiveness, and growth.