It’s no secret that the world of business has undergone drastic changes in the last several years, and it doesn’t appear to be slowing down anytime soon.
With increasing advancements in AI tools, Big Data, and digital platforms, some have begun to suggest that we’ve already moved out of the fourth industrial revolution and are entering the fifth.
While this is exciting, it might also leave you wondering how to make sure your business doesn’t fall behind.
Employee reskilling is one of the best tactics you can use to ensure your business remains adaptable, alert, and ready to embrace the new business world ahead.
What is Employee Reskilling?
Employee reskilling is the process of training employees to move into new positions within their current company.
Traditionally speaking, when technological or industry advancements created the need for a new skill set, businesses would look to hire new employees to fill those roles.
However, as businesses continue to adopt new technology to automate and streamline their processes, many current jobs are becoming obsolete.
In fact, according to the World Economic Forum, more than one billion people in today’s workforce will need to be reskilled by 2030 in order to adapt. Positions that require interpersonal and creative skills are expected to be in particularly high demand.
The Benefits of Employee Reskilling
Now that you know what employee reskilling is and how vital it will be to individuals in the coming years, what are the advantages that employee reskilling can bring to an organization?
Employee Reskilling Can Help Business Stay Current
Implementing a limber employee reskilling program can help ensure that your business evolves with the rest of the world rather than scrambling to adjust after the fact.
Training employees in areas like AI and data, interpersonal skills, specialized human resources, and engineering and cloud computing can help your business stay ahead of the curve.
To get started, Forbes also recommends focusing on core skills that cannot be performed by a computer, like critical thinking and problem solving skills, and looking for current skill gaps in your workforce.
Employee Reskilling Can Have a Dramatic Impact on Retention
Along with staying current on industry-wide trends and advancements, it’s also more vital than ever for businesses to keep up with shifting employee expectations and desires.
In many cases, this means investing in the long-term career development of your employees.
A LinkedIn study from 2018 found that 94% of employees would remain at a company longer if that company would invest in helping them learn new skills to advance their careers. Since 2020 and the Great Resignation, this number may be even higher.
Providing employees with the education they need to adapt and flourish will go a long way towards creating and maintaining a healthy and talented workforce.
Employee Reskilling Keeps Your Business Forward Focused
Finally, giving your employees the tools they need to build new skill sets will be a major contributor to keeping your business focused on the future.
Soon, it may no longer be enough to “keep up” with technological advancements—your organization will need to have the tools and expertise to stay ahead of the trends.
Reskilling employees now means investing in a workforce that is capable of that level of intuition and foresight.
What Role Does HR Play in Reskilling?
The human resources function will play a pivotal role in implementing and maintaining employee reskilling programs in organizations of every size.
Cura HR is a team of well-rounded human resources experts with decades of combined experience across all industries. We strive to bring you comprehensive HR solutions tailored to your business needs.
Reach out today to learn more about what we can do to help your organization stay current and future-ready.