If you’re considering introducing upskilling as a tactic within your business but aren’t quite sure if it’s worth the investment, we’re not here to just tell you why it is — we want to show you.

Come along as we explore the fundamentals of upskilling, the myriad benefits it offers to both employees and businesses, and actionable upskilling tricks designed to maximize employee performance.  

Understanding Upskilling in the Workplace

Upskilling is the process of training employees on new knowledge, skills, or competencies.

Usually, upskilling focuses on learning and development strategies that improve specific job-related proficiencies. The goal is to enhance worker capabilities, which build their expertise, effectiveness, and flexibility — which makes it a powerful tool for staying abreast of industry trends, and adapting to evolving technologies and market demands.

That said, let’s dive deeper into more of the benefits of this training tactic.

Why Bother with Upskilling?

We mentioned how upskilling is critical for growing the flexibility of your team, which matters as consumer demands, economic developments, groundbreaking technologies, and other changes transform the business landscape practically weekly.  

In addition, there are some other big business benefits of prioritizing upskilling for your employees:

Improve Employee Retention (And Save)

A 2023 Deloitte study found that workers who feel stagnant at their current employer are 2.5x more likely to quit within the year. However, those who see a path for growth are 3.3x more likely to stay. That’s cold, hard proof that investing in the upskilling that creates upward mobility in the workplace has a huge impact on keeping employees around.

And you do want to keep them around — if nothing else, because replacing employees can get pricey!

‍

Read full article here