Technology is reshaping consumer expectations and business capabilities. The skills employees need are also changing, which means that the upskilling and reskilling cycle must go faster than ever. According to Deloitte, on average, around 40% of employees globally will require reskilling every six months or more frequently.
A positive upskilling and reskilling cycle provides several benefits:
- Attract and engage employees
Providing training opportunities enhances employee retention and engagement while also attracting top performers.
- Improve company performance
Elevated employee engagement translates to heightened productivity, and skilled workers perform their roles more efficiently, ultimately improving company performance.
- Fill skill gaps
Upskilling and reskilling initiatives bridge the gap between current workforce skills and future skill requirements, reducing the need for costly recruitment and onboarding processes.
- Quickly adapt to changing business needs
As technology and business strategies evolve, upskilling and reskilling enable the workforce to adapt by acquiring new skills, particularly in response to changing roles and the growing importance of soft skills.
- Create a culture of continuous learning to drive growth
Embracing ongoing upskilling and reskilling fosters a culture of continuous learning, enhancing the competency of Learning and Development efforts and cultivating a more adaptable and resilient workforce.
More real-life examples of how organizations leverage digital credentials to achieve dynamic business outcomes.
Power a Training Life Cycle with Positive Momentum
Organizations can leverage a successful upskilling and reskilling strategy to establish an upward cycle of improvement, driving continuous growth and development. Here's how:
Phase 1: Goal Setting
- Set a clear objective that provides a roadmap for achieving business goals, fosters motivation and accountability, and allows for efficient budget allocation.
- Using a framework such as SMART (Specific, Measurable, Achievable, Relevant, Time-bound) can help create meaningful goals.
- Establishing goals and objectives enhances learning design and makes calculating ROI simpler.
Phase 2: Skill Verification
- Standardize language for skills, promoting clarity and consistency across the organization.
- Gain deeper insights into workforce skills using analytics tools integrated with the digital platform.
- Enable employees to easily share digital badges internally and on social media, providing tangible skills validation.
- Enhance employee retention through visible recognition of skills attained through training.
Phase 3: Harness Data Analytics
- Enable skill gap analysis and foster a deeper understanding of employee capabilities through data analytics.
- Empower L&D managers to make data-driven decisions regarding who to upskill and reskill.
- Provide leaders with insights into how strategic skill development contributes to ROI.
Phase 4: Establish a Feedback Loop for Continuous Improvement
- Drive continuous improvement in L&D strategies through data-backed decisions.
- Strengthen learning programs by incorporating feedback from employees.
- Utilize learning analytics to gain insights into training effectiveness.
- Target key trends and emerging skills by leveraging industry data.
Phase 5: Utilize Data for Business Case Justification
- Simplify ROI measurement and determine budget allocation using data and feedback.
- Justify investment through performance metrics such as engagement, training completion rate, and employee productivity.
- Support employee training plans with data demonstrating adaptation to changing business needs.
Phase 6: Foster Continuous Upskilling & Reskilling
- Cultivate a culture of continuous learning to boost employee retention and foster innovation.
- Ensure every employee embarks on a meaningful professional development journey.
- Strengthen organizational capacity to deliver high-impact workplace training through experience gained in upskilling and reskilling initiatives.
Maximize Your L&D Strategy with Innovative Solutions
An upskilling and reskilling strategy that harnesses the power of positive momentum hinges on precise data for decision-making and proving ROI. Platforms such as Credly are pivotal in this process. Explore the transformative potential of verified digital credentials to future-proof your workforce in our whitepaper 'Strategies for Overcoming Challenges in Employee Upskilling and Reskilling'. Complete the form to download.