Why is Upskilling / Reskilling the need of the hour?

Upskilling and reskilling have become more than the learning and development axiom. It's now playing the integral part in an organization's success.

Businesses across the globe are forced to reevaluate the way they function due to the recent developments. Utilizing the existing resources to quickly adapt to the evolving industry is the key to ensure business continuity. Companies need to set the stage for continuous learning for their employees to remain competitive and agile.Today most of the companies focuses on training their exiting workforce rather than hiring new talent.

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What is Upskilling and Reskilling?

Although the terms sound similar, there is a clear distinction between "upskilling" and "reskilling". It's a win-win situation for both employees and organizations. Learning skills are not limited to technologies, but also, soft skills such as communication, presentation skills, managing relationships etc. to be agile in the modern workplace.

Upskilling: Training employees a new skill that is required for their current role/position. It's all about expanding current skill sets. For example, a conventional marketer learning digital marketing to engage with their audience on a digital platform. By expanding their knowledge, employees are better positioned to advance in their career.

Reskilling: The process of learning an entirely new set of skills so that an employee can take up a different role. This typically occurs when the current role/responsibility has become obsolete due to advances in technology. For instance, employees who use Microsoft Excel could be trained on Robotic process automation as it's more effective and the latest technology available.

Which one is more important, Upskilling or Reskilling?

It's ultimately one's choice and depends on company's current need. The demand for talent will continue to grow. The skills gap expand as technology advancements disrupts the status quo. Upskilling is more about improving your current knowledge, so that you can gain expertise and move up the professional ladder. On the hand, when you reskill you have the opportunity to make transitions between jobs. Reskilling can increase your chance of employability.

Why upskilling and reskilling are important for organizations?

The coronavirus pandemic has resulted in a rise in demand for upskilling, through online and e-learning platforms. It's impact on the economy has made upskilling and reskilling more important than ever. We've already realized it's good to have multiple skill sets to make our job secure and be future ready. Companies constantly need to implement training programs so that their employees remain updated and relevant.

Besides upgrading the competencies and skills, reskilling and upskilling also boosts employee engagement. myTectra offers special curated employee engagement training which helps the workforce to connect, collaborate and advance. Training programs on Leadership, Teamwork, Emotional Intelligence, Communication, Career transition, Working from home productively, Managing relationship training etc. help members of an organisation to give of their best each day, committed to their organisation’s goals and values.

The sudden unexpected turn has made employers understand that in order to sustain their employees must possess top-notch skills. With more skilled employees, organizations can meet their changing requirements. They can even freeze the hiring process and lower hiring costs.

Investing in your current workforce through upskilling is one of the best ways to cut costs. Reskilling is considered as the top talend activity to deliver a good ROI. When organizations make it a priority to invest in learning and development, the result is shown in employee satisfaction, productivity and less costs.

Top technologies to upskill your workforce in 2020

Technology world is rapidly evolving and we have seen a rise of Artificial intelligence, cloud computing , Big data and "Reality" technologies(AR/VR).

Here are top 10 technologies which can continue to make an impact in 2020 and in future.