Upskilling is when organizations invest in training programs that help employees develop new abilities and minimize troublesome skills gaps.
Many employers have questions surrounding upskilling; whether it’s worth it, could it land the business in financial difficulty, why is it so important for their employees?
We’ve listed the biggest reasons for upskilling – and how it will increase your bottom line:
Employees expect training opportunities
Professional development is incredibly important to Generation Z – with 91% citing professional training as an important factor when choosing an employer. Therefore, failure to provide for this could result in staff losses, recruitment costs and a detrimental effect on your bottom line. Studies suggest that losing an employee could cost as much as $25,000.
Motivation breeds production
Giving back to your staff by increasing their skills offering and investing in their future, gives them a sense of accountability to the business that’s treating them so well. What you give out is what you get back. Motivated employees creates hardworking employees, resulting in better sales and an increasing bottom line.
Look at the ROI
In this climate, you need highly skilled and technology-wise workers. So, what do you want to do about it? Employ more staff and risk high recruitment costs, more wage pay outs and advertising bills? In terms of ROI, investing more heavily in existing staff is a much more cost effective way to get the results that you want, with a much lower expenditure.
Think like a customer
If you were buying from you, would you want to support a company that values its staff? Buyers are more conscious than ever before. From cruelty-free approval, to avoiding companies with a gender pay-gap – we are conscientious consumers.
Fast track your business plans
If everyone in your company has high levels of digital literacy and technical skills, then everyone is on the same page. When your executive team pass down decisions, a skilled workforce can put them into action with speed and accuracy. If you have a vision for the future of your business, investing in the employees that’ll take it there will fast-track the entire process.
Bring it in
How much do you spend on outsourcing particular tasks? Why do you outsource them? It’s probably because none of your employees are capable or confidence enough to carry out that particular role. So, why not train them up? By pulling as much as possible ‘in-house’, you’ll be massaging that bottom line by decreasing your expenses.
If you’re concerned about upskilling and whether your staff will take to it, you can track their progress and provide feedback. It’s very motivational for employees to be able to ‘measure’ their own success. With our team of mentors and regular labs and test preparation, employees feel accountable and in control of their own learning – but not abandoned to take on all this new information without support. As their employer, you can also keep an eye on their assignments, work-output and increase in productivity. This allows you to prove to yourself that upskilling your workforce is the right thing for your bottom line.
If employee and customer satisfaction weren’t enough, then ROI and cost-efficiency makes upskilling make sense. Across the board, there are a variety of skills to equip your staff with, depending on their department and natural flair for a particular task.
Start today and look into your upskilling options.