According to the World Economic Forum’s Future of Jobs 2025 report, 63% of employers cite skills gaps as a major concern. Analytical thinking, resilience, flexibility and agility, and leadership and social influence are some of the core skills that will be required in the workplace.
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. Investing in training to upskill and reskill your existing employees can reduce the need to hire new talent. Upskilling existing employees means employees who already know how your organisation operates can implement the new skills they learn to be more productive and effective in their role. Compared to recruiting new staff, this saves on recruitment and onboarding costs.
Retain top talent and improve employee retention
Retaining top talent and improving employee retention is key to reducing employee turnover, as well as ensuring that you have a skilled and productive workforce. Upskilling your workforce to help with their professional and career development can be a major motivation for employees to remain with your organisation. Having upskilling and reskilling programmes in place can therefore help you retain your top talent.
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 a 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 future changes
Over the past ten years, businesses have had to navigate through numerous changes, including AI, 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. Employees will have the confidence to navigate any future industry changes while having the knowledge to utilise new tools and technologies.
Reskill your workforce with ICAEW
Reskilling and upskilling your workforce ensures that they have the skills and knowledge to deliver results. ICAEW’s business, finance and accountancy qualification – the ACA – enables you to develop chartered accountants with the skills your organisation needs now and in the future.
Develop future-ready talent
Last updated: June 2026