Investing in Upskilling and Reskilling to Retain Talent

Upskilling and reskilling are cost-effective strategies to fill skill gaps and retain current employees in lieu of hiring new ones. In this three-part blog series, we’ll discuss upskilling and reskilling, and their many benefits to businesses.  

Hiring new employees might seem like the most efficient way to fill necessary skill gaps. However, as the market for quality candidates remains tight, finding candidates for skilled positions is becoming increasingly difficult.  

What is upskilling? 

Upskilling refers to the process of individuals learning new skills. In learning and development (L&D), it’s the act of training existing employees in new skills to upgrade their current job skills. Upskilling may be necessary for employees to move into higher-level positions or take on new tasks within their current roles.  

What is reskilling? 

Reskilling involves training employees to adapt to different positions within the company. Reskilling is for those whose positions have been merged, eliminated, or otherwise displaced but want to be kept on as employees by their company.  

When should I upskill my employees? 

Upskilling is a great option for many circumstances, including when employees need to be trained in new or updated technologies, when you need an employee to move into a supervisory role, or in other similar circumstances when new skills are required for an employee to do their job. Upskilling is designed to improve employees’ skills and knowledge for the betterment of the company and for the professional development of the employees. For this reason, candidates appreciate it when businesses invest in upskilling because it is a good indication that developing employees is important to the company. 

When should I reskill my employees?  

As automation, machine learning, and artificial intelligence continue to gain momentum, taking on these types of technological innovations often means existing employees are displaced. In these circumstances, you can opt to reskill these employees to fill other positions in your company. When a company opts to reskill displaced employees, they tend to have lower turnover and greater employee satisfaction because employees feel valued by the company. 

Is investing in upskilling/reskilling employees worth it?  

As the number of candidates dwindles compared to the number of open positions, candidates are increasingly concerned with company culture and long-term possibilities within a company rather than money and other benefits. Demonstrating that your company supports and invests in employee growth could be a differentiator that convinces a candidate your company is the right place for them.  

Upskilling and reskilling are also beneficial to your company because tenured employees understand the expectations and culture far more than a new employee would. Furthermore, hiring new employees is costly and time-consuming – especially in the current climate where employees are in demand and hard to attract and hire if you aren’t moving quickly and differentiating yourself positively.  

Can Judge upskill and reskill my employees for me? 

As a leading provider of corporate learning services for companies of all sizes and industries, Judge Learning Solutions, a division of The Judge Group, can help upskill and reskill your current employees through a variety of custom learning solutions such as bootcamps, leadership development, and IT training resources. With a track record of proven learning outcomes, we can enable your business to improve your employees’ skills and knowledge, helping your business to scale more efficiently without you needing to develop teams to manage the L&D process. 

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Click here to read our next blog in this series where we discuss the ROI of upskilling and reskilling employees.