The modern workforce is evolving at an unprecedented pace. Technological advancements, economic shifts, and global events are constantly reshaping the skills required for success in the job market. As a result, it’s become increasingly crucial for business owners to provide resources to their employees to develop new skills and enhance existing ones. Investing in skills development can help you stay competitive and adapt to the changing needs of the workforce. Continue reading to understand the importance of skills development and learn tips on how you can effectively upskill and reskill to meet the demands of today’s job market.
What The Workforce Currently Looks Like
Currently, the workforce is experiencing a significant skills gap, which refers to the mismatch between the skills that employers need and the skills that job seekers possess. This gap has been exacerbated by the rapid pace of technological change and the increasing complexity of many industries. The World Economic Forum found that around half of all employees will require significant reskilling and upskilling by 2025. The future of workforce needs found that 44% of respondents stated their organizations will face skills gaps by 2025. Another 43% reported already having existing skills gaps.
The most in-demand skills include digital skills that include the following:
- Data analysis
- Coding
- Artificial intelligence (AI)
In addition, the following soft skills are needed:
- Creativity
- Critical thinking
- Adaptability
With that being said, many job seekers and employees lack these skills, leaving them at a disadvantage in the job market.
What Can We Do To Meet The Demand Of The Job Market
To meet the demands of today’s job market, you must take specific steps to support skills development for your business and employees. Consider investing in training programs and providing learning opportunities focusing on the skills in high demand. This could include technical and soft skills training such as coding boot camps, data analysis courses, leadership development programs, and communication workshops. Employees who are learning new skills often want to stay with their employers. Have you considered upskilling, reskilling, and cross-skilling your employees? Reskilling, upskilling, and cross-skilling existing employees is a fundamental part of a successful workforce. A study found that 41% of global executives noted that developing their workforce through upskilling, reskilling, and mobility is one of their most important priorities.
Upskilling
Upskilling is when an employee undertakes learning to expand their existing skill set. These additional skills enhance the worker’s performance in their current role, potentially advancing their career path. While technology creates new opportunities and job positions, it becomes essential for companies to fill these new roles with candidates who possess relevant and specialized skill sets. Upskilling allows businesses to close the digital talent gap and fill these open positions while maintaining their current workforce and creating employee strengthening and learning opportunities.
The following are great tools to utilize for upskilling:
- Virtual or online courses
- Mentoring and shadowing
- Microlearning
Reskilling
Employee reskilling involves learning new skills outside of the worker’s existing skillset. These skills are often closely adjacent to their current function but may sometimes be geared toward an entirely different path. It’s an essential strategy for organizations to meet their staffing needs and succeed in this changing world.
Cross-skilling
Cross-skilling is building out skills that span a variety of roles, functions, or job roles. Increasing the number of employees with operational knowledge and understanding of multiple tasks within their division prepares businesses for unplanned absences and labor shortages.
GMS’ Training and Development Coordinator Alyse Kimble emphasized, “Empowering your employees through upskilling, reskilling, and cross-skilling is key to keeping them engaged and motivated and ultimately retaining them in your company. By providing opportunities for growth and development, you demonstrate your commitment to their success, which in turn fosters loyalty and a sense of purpose within your workforce."
The Benefits Of These Techniques
While the workforce is constantly changing, this constant evolution requires a workforce that’s more agile than it’s ever been before. Upskilling, reskilling, and cross-skilling your workforce are excellent techniques you should consider. The following are the benefits of implementing these techniques within your business:
- Improve employability: By acquiring new skills or enhancing existing ones, individuals can increase their employability and competitiveness in the job market, making them more attractive to potential employers.
- Career advancement: Developing new skills can open up new opportunities for career advancement within an organization or in a different industry.
- Increased job satisfaction: Allowing your employees to learn new skills and take on new challenges can increase job satisfaction and engagement, leading to greater happiness and fulfillment in the workplace.
- Enhanced creativity and innovation: Acquiring new skills can help individuals approach problems and challenges in new ways, leading to greater creativity and innovation in the workplace.
- Improved flexibility and adaptability: Developing a broad range of skills through cross-skilling can make individuals more adaptable to changes in the job market and within their organization, increasing their resilience and ability to pivot when necessary
- Improved productivity: Employees with new or enhanced skills can often work more efficiently and effectively, leading to improved productivity and better business outcomes.
How A PEO Can Help Implement These Techniques
While these techniques may seem like a perfect way to meet the demands of today’s job market, they may be challenging to implement on your own. Fortunately, when you partner with a professional employer organization (PEO) such as GMS, they help you implement them within your business so you can focus on what you do best – growing your business. GMS’ HR experts help companies to design and implement customized training programs that focus on the specific skills and competencies required for their industry or organization. You gain access to our learning management system (LMS), which provides employees easy access to online courses. In addition, we provide you with resources where you can track employee progress and provide regular reporting on the effectiveness of the training programs. There’s no reason you should be tackling this task on your own. Partner with GMS, where you’ll join a partnership where we tackle HR tasks together. Contact us today to learn more.