Learn more about the benefits of reskilling and upskilling your workforce to attract and retain talent in your organisation.
Retaining your employees is essential in a constantly evolving world, particularly when navigating major technological and industry changes. Reskilling and upskilling are not just nice-to-haves but can bring numerous advantages for both employers and employees.
According to the World Economic Forum’s Future of Jobs 2023 report, employers estimate that 44% of employees’ skills will be disrupted in the next five years. Cognitive skills, creative thinking and technology literacy are the three main core skills that will be required in the workplace by employees.
So, how can you benefit from upskilling and reskilling your workforce?
Reskilling and upskilling can remove the need to hire new talent, allowing you to invest more in developing and training your existing employees. It means that you will have a more well-rounded workforce that caters to the needs of your company. Having ongoing training and development programmes means that your workforce has the skills to complete tasks effectively and efficiently.
Employee engagement, collaboration and productivity will increase with employee upskilling and reskilling programmes in place.
According to a study from Remote, 92% of UK employers have struggled to fill job roles in the last year. The report also highlighted that 17% of UK employers have struggled to hire for finance positions. It is more important than ever in your organisation that you provide the resources and infrastructure to help your workforce grow both professionally and personally.
By having upskilling and reskilling programmes in place, you will be able to retain your top talent, as well as keep them away from your competitors. Learn more in our blog about how employers can avoid losing staff.
If you are planning to hire new employees, having that culture of continuous development will strengthen your company’s brand and reputation. Employees who currently work at your company and who have experienced the benefits of going through the training programmes will advocate to prospective candidates who may want to work for you.
Putting the infrastructure in place for reskilling and upskilling means that you can identify and fill future skills gaps more quickly. Employees will be able to adapt and develop new skills, which in turn will help your business to continue delivering results. They will have the confidence to navigate any future industry changes while having the knowledge to utilise new tools and technologies.
According to the World Economic Forum’s Future of Jobs 2023 report, employers estimate that 44% of employees’ skills will be disrupted in the next five years. Cognitive skills, creative thinking and technology literacy are the three main core skills that will be required in the workplace by employees.
So, how can you benefit from upskilling and reskilling your workforce?
Increase productivity and reduce costs
Replacing current employees with new talent can be both expensive and time-consuming.Reskilling and upskilling can remove the need to hire new talent, allowing you to invest more in developing and training your existing employees. It means that you will have a more well-rounded workforce that caters to the needs of your company. Having ongoing training and development programmes means that your workforce has the skills to complete tasks effectively and efficiently.
Employee engagement, collaboration and productivity will increase with employee upskilling and reskilling programmes in place.
Retain top talent and improve employee retention
As an employer, retaining top talent and improving employee retention is key to reducing employee turnover, as well as ensuring that you have a skilled, productive workforce.According to a study from Remote, 92% of UK employers have struggled to fill job roles in the last year. The report also highlighted that 17% of UK employers have struggled to hire for finance positions. It is more important than ever in your organisation that you provide the resources and infrastructure to help your workforce grow both professionally and personally.
By having upskilling and reskilling programmes in place, you will be able to retain your top talent, as well as keep them away from your competitors. Learn more in our blog about how employers can avoid losing staff.
Attract new employees
It is important that your employees feel as if they are learning new skills, as well as being part of the entire organisation.If you are planning to hire new employees, having that culture of continuous development will strengthen your company’s brand and reputation. Employees who currently work at your company and who have experienced the benefits of going through the training programmes will advocate to prospective candidates who may want to work for you.
Futureproof your business for any future changes
Over the past couple of years, businesses have had to navigate through several changes, particularly with the pandemic and the changing nature of work.Putting the infrastructure in place for reskilling and upskilling means that you can identify and fill future skills gaps more quickly. Employees will be able to adapt and develop new skills, which in turn will help your business to continue delivering results. They will have the confidence to navigate any future industry changes while having the knowledge to utilise new tools and technologies.
Reskill the workforce for the future with ICAEW
Ensuring that your employees feel as if they are continually developing and progressing in their careers is key for any organisation. Reskilling and upskilling your workforce ensures that they have the skillsets and knowledge required to continue delivering results for you.