The Urgent Need for Reskilling and Workforce Training
Is your organization investing in training, re-training, and upskilling your workforce with verified digital credentials? If the answer is no, now is a perfect time to implement them. Everyone is focusing on upskilling now, when the term wasn't even used just a few years ago. Why the sudden interest in skills? In addition to the fact that millennials and Gen Z demand training and upskilling as the foundation for their career paths, it has much to do with the one-two punch businesses are feeling at the hands of digital transformation and COVID.
Even before COVID turned the world upside down, the skills gap was a hot topic with everyone from managers to HR directors to CEOs. The digital transformation phenomenon changed how hiring and promotion was managed, pulling the rug out from under just about every process and procedure the corporate world has been used to in workplaces a long time. As the technology evolved faster than Alexa could tell us the weather report, workplaces and the people who populated them were scrambling to keep up with the latest and greatest tech innovations that made jobs easier and more efficient.
The skills gap was widening at breakneck speed as things like artificial intelligence and data analytics infiltrated processes in nearly every role in businesses from the machine shop to the C-suite. It meant retraining, upskilling, and in some cases, wholescale re-learning in order to utilize this new technology to its fullest and not be left behind as the tech revolution raged. Simply put, jobs are changing. And people need to have the skills to get those jobs done.
Now, all of that training and upskilling has to take place online, with people in many industries working at home for the foreseeable future. In addition to learning new technologies and skills to do their jobs in new ways, people also have to up their tech game simply to do their jobs at all. Remote collaboration requires a mastery of technology that simply wasn't necessary when you could grab ten minutes in a conference room face to face with colleagues.
It's vital to have a highly skilled workforce now in order to compete in the marketplace of the future. When and if we can all return to our workplaces, nobody will be doing their jobs in the same, old ways. Artificial intelligence and data analytics trends aren't going away. In fact, AI is a major part of the future of work, with companies needing to be as efficient as possible in their processes and procedures. And it's not about the bots replacing people. It's about having skilled people on staff to work with this technology and use it to its fullest.
From a manager's perspective, investing in employee training and upskilling is a wise strategy. Here's are a few more reasons why:
1) In a recent PwC survey, 79% of CEOs said the lack of key skills was one of their top three concerns.
2) Your workplace will become more productive and efficient.
3) Millennials and Gen Z are demanding upskilling and career pathing as must-have benefits. Without it, hiring the best and brightest will be a challenge.
4) Retention rates increase with upskilling, and as any manager knows, it can cost up to half of an employee's annual salary to replace him or her. Low retention rates are a huge drain on productivity and profitability.
5) Instead of going through the expense of hiring a new employee with more robust skills, retraining and upskilling current employees is not only good for general workplace morale, but it's good for your bottom line, too. There's no downtime while a new employee gets up to speed, no onboarding costs, and no time lost for managers and coworkers in training the new person.
It's easier for you to see who is committed and engaged, and who isn't. When you're looking for people to send up the ladder, you can see at a glance who has taken the initiative to earn digital credentials.
At Credly, we're committed to helping businesses thrive by upskilling their employees with digital credentials. We so strongly believe in this mission that Credly, along with organizations like Adobe, Glassdoor, and Autodesk, and dozens more, have petitioned Speaker Pelosi, Leader McConnell, Leader McCarthy, and Leader Schumer to consider adapting workforce training to help rebuild the American economy post-COVID. This call to Congress includes actively requesting government investment which is needed, now more than ever, to prepare the workforce for the economy of the future.
If you're interested in learning more about how Credly can help your organization surface and recognize achievements, fill out the form below and we'll be in touch shortly.