Prioritizing Reskilling in a Changing Workplace

If we are honest, the workplace changes we are seeing now were taking place on a much smaller scale long before the COVID-19 pandemic made them headlines. Businesses were on their way to adapting to those changes when generative AI's arrival to the workplace turned things upside down again. This time of great workplace disruption provides an opportunity for companies to assess whether the way they have traditionally done things is still a best practice.

In a recent survey, 76% of employees reported that they are more likely to stay with a company that offers continuous training. This could be upskilling or reskilling. Upskilling involves giving employees opportunities to improve existing skills. Reskilling involves teaching employees an entirely new set of skills. Your company should have both on its list of best practices, but reskilling will position the company for future success and help you retain loyal employees.

Two people working in skilled trade shop with equipment
Reasons to reskill

Here are some additional reasons why you should reskill your employees:

The average half-life of skills is estimated at less than five years.
A recent poll found that 75% of 6- to 17-year-olds would rather be YouTubers than traditional workers.
The World Economic Forum estimates that, owing to new technologies, 50% of the global population needs new skills, and that figure may grow to as high as 90% by 2030.
Because the change is so rapid and so profound, even top schools and universities may not be properly preparing their students.

Steps to take

To implement reskilling, start with these initiatives.

1. Review current job descriptions and assess how each might change in the future.

2. Imagine how employees in those positions can be reskilled to meet the needs of the revised job descriptions.

3. As part of this assessment, consider any gaps in talent and focus on hiring the people who will help move the business forward.

4. Set aside a budget specifically for the purpose of reskilling employees.

5. Understand that this budget is not "one and done." With the pace of change expected to continue, the company will need to think about reskilling as an investment rather than an expense. Include it as a budget line for the foreseeable future.

6. Announce that the company is investing in its employees by dedicating a budget line to reskilling. Explicitly announcing this will let employees know they are valued.

7. Make reskilling part of company leaders' jobs. This includes the C-suite as well as HR personnel, managers and supervisors.

8. Encourage input from all stakeholders as reskilling programs are designed. Remember that people learn in different ways and at different speeds. The learning modules should accommodate that.

9. Measure results in novel ways, such as awards won, higher performance reviews and lower turnover.

Recognize that the company does not have to go it alone. Assistance may be available through government agencies, universities and so on. Specific skills may be taught more efficiently by outside trainers. Do the research needed to find the best partners for your business.

Interested in learning more? Chat with a Connectify HR expert today.