Supporting Career Growth in a Competitive Market with Upskilling

The current job market is continually evolving, given the advancements in technology, AI and changing business needs. This proves the importance and need for professionals to continuously learn new skills and better themselves, in order to maintain competitiveness and progress in their careers. Ultimately, organizations who prioritize and invest in the professional development of their employees will reap the benefits of a more engaged, future-focused and productive workforce.

In this blog, we’ll discuss the importance of upskilling in the current job market as well as explore common areas that often require upskilling, along with strategies to effectively upskill employees.

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Why Upskilling is Important in the Current Job Market

The job market has become increasingly competitive in recent years, due to the impact that increased automation, AI and digital technologies are having on professional roles. With advanced technology and AI becoming the norm, a lot of manual work, that previously relied on people to perform, has been reduced or eliminated in its entirety. This has the potential to leave a significant number of people without work, hence the importance of continual upskilling. In addition to this, upskilling is important irrespective of whether the job market is competitive or not. It is important for employees to continuously gain new skills and address potential gaps, which benefits both the employee and the organization. When employees feel that they are being invested in through upskilling, it provides them with a sense of job security, ultimately leading to a more loyal and engaged workforce.

The Business Case for Upskilling Employees

While upskilling benefits the employee and their career progression, it is also proven to offer many benefits at an organizational level. Here are a few ways upskilling benefits an organization:

Increased retention and job satisfaction
In a recent report by Deloitte, it was found that organizations who invest in their employees, by means of upskilling, have up to 30-50% higher retention rates compared to those who don’t. When employees feel that they are worth investing in, they in turn feel satisfied and become more likely to remain with the organization.

Enhanced innovation and productivity
By continually upskilling employees, organizations create a workforce that is adaptable to change and ready to face future trends and ways of doing business. This ensures that the business remains at the forefront of innovation and that employees will be productive when new trends or changes are introduced.

Attracting top talent
When organizations market that they are a company that value their people and invests in their employees by offering professional development opportunities, prospective candidates are more likely to want to work for the organization, which benefits the organization by being able to choose from a pool of top talent.

Return on Investment of Upskilling Employees
Upskilling employees not only creates a workforce that is more knowledgeable, adaptable and future-ready, but it also creates a workforce that is engaged, productive and loyal - all of which contribute to the overall success and profitability of an organization. When employees know how to do their jobs to the best of their knowledge, they are more productive, which leads to lower costs, better resource allocation and increased revenue generation, impacting the success of the organization.

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Common Areas that Require Upskilling

Although it is best practice for employees to continuously improve all skills relating to their job, these are some of the most common areas that require frequent upskilling:

Soft skills
Soft skills are important no matter what role an employee plays in an organization. All employees should be regularly upskilled when it comes to leadership, emotional intelligence and communication in the workplace.

Role-specific knowledge
Some roles, like client service managers or sales representatives, require specific knowledge on their role within the organization as these processes can differ from company to company. It’s important that these professionals stay up to date with these processes through continuous upskilling.

Technical Skills
In today's workforce, almost all roles demand some knowledge of technology and it’s therefore important that employees understand the technical skills required to work at their organization or in their roles. With the rise of AI, it is now even more important that employees are equipped with the necessary technical skills to perform their jobs.

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Strategies to Effectively Upskill Employees

When it comes to effectively upskilling employees, it is important to keep in mind a few best practices. To start, upskilling shouldn’t be a single event in an employee’s lifecycle, but rather a continuous learning cycle that is embedded within the entire organizational culture. In addition, there are so many learning platforms that are available today, such as Qualee, that allow you to create personalized learning journeys, which are key to keeping employees engaged and to ensuring that the knowledge shared resonates and is registered by employees.  Lastly, upskilling doesn’t only take the form of individual learning, but it is also encouraged to implement leadership or coaching programs to allow senior leaders to share their insights with others. This also gives employees an opportunity to ask questions and gain clarification around certain topics, ensuring that they are continuously learning but also supported.

How Leadership plays a Role in Career Growth

Leadership plays a crucial role in employee career development, which can be done in the process of upskilling. Leaders should ensure that any upskilling efforts they focus on, align with the greater objectives of the organization. This will ensure that both the employee and organization benefit from the result of the upskilling process. In addition, leaders are always encouraged to provide feedback to employees when they have learnt a new skill. This helps them identify where they may be going wrong, but also allows them to be recognized or rewarded when they have executed a skill or process well.

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Conclusion

In conclusion, with the current job market being so competitive, it is crucial for organizations and employees to prioritize learning new skills to remain competitive. Upskilling employees doesn’t only have an impact on the professional development of employees, but also benefits the organization by increasing employee retention and satisfaction, being more innovative and technologically advanced as well as attracting top talent. To effectively upskill employees, organizations should focus on common areas that often require upskilling, such as soft skills, technical skills and role-specific knowledge. Most importantly, organizations should prioritize a culture of continuous learning to ensure employees remain engaged and productive, resulting in a mutually beneficial result.

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