Upskilling & Reskilling

Upskilling & Reskilling: Two techniques leading the change in employee selection & development processes

In this article you will find Tips & Techniques to improve your Upskilling an Reskilling.

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It is a reality that the current situation has generated a state of constant uncertainty where the global economy and the labor market is out of our control.

The best thing any of us can do is to start anticipating what is to come and strategically plan our next move.

Therefore, it is critical to take this moment to familiarize yourself with the importance of upskilling and reskilling for you and your employees.

In this article, you will find the definitions for the following terms:

Reskilling

Reskilling is defined as developing additional skills to help us move into a new role, while upskilling is defined as training that allows someone to improve in a job they already do.

It is important to understand where the need for improvement comes from, the importance of this and how we will do it.

As a result, employees will have a greater wealth of knowledge and become accustomed to reacting faster to what their industry and the market demands.

This allows them to leverage their skills to help the organization get through critical times.

Retraining

Learn the importance of retraining your employees and how to approach these techniques within the company.

It is a reality that the current situation has generated a state of constant uncertainty where the global economy and the labor market is out of our control.

The best thing any of us can do is to start anticipating what is to come and strategically plan our next move.

Therefore, it is critical to take this moment to familiarize yourself with the importance of upskilling and reskilling for you and your employees.

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Difference between upskilling & reskilling

Reskilling is defined as developing additional skills to help us move into a new role.

While upskilling is defined as training that allows someone to improve in a job they already do.

Furthermore, it is important to understand where the need for improvement comes from, the importance of this and how we will do it.

As a result, employees will have a greater wealth of knowledge and become accustomed to reacting faster to what their industry and the market demands.

This allows them to leverage their skills to help the organization get through critical times.

We must have a continuous learning attitude to react faster to changes in your market or sector.

Crisitna Herrera, Advisor & Managing Partner, IKIGAI Talent Group

How do you address the upskilling and reskilling of your employees?

Most industries have taken drastic hits from this global pandemic which has resulted in Coronavirus layoffs, hiring freezes and furloughs.

Some of the major industries affected include, but are not limited to, transportation, hospitality, restaurants, oil and gas, etc.

The New York Times predicts that unemployment in the United States stands at approximately 13%, which means it is higher now than it has been since the Great Depression.

There are more than a million sick people worldwide.

Approximately 6.6 million Americans filed for unemployment in March, marking the worst week of unemployment since 1982.

Right now, we are walking personally and professionally on unfamiliar ground.

Our new normal seems to change every day, and all the new information we receive can sometimes make it more overwhelming to try to create practical plans.

The best thing we can do during this crisis is to try to optimize our workforce as best we can and set ourselves up for success when everything picks up.

The importance of upgrading and retraining your employees.

If you’ve ever been anxious to take action on what you’ve always wanted, now is the time.

To sum up, one of the most diligent ways to gain seniority or job security in a company is to actively seek out new skills and opportunities to add value to the business.

If you recently had to put a hiring freeze in place to avoid layoffs, how can you continue to pursue success?

One way is to retrain your employees so that their teams can maximize their potential in their current position or take on new tasks where the company needs support.

The skill sets needed for the job competencies for which they have not yet been hired probably already live in your organization, or simply need some professional development to get there.

Ideally, employees are required to be able to take on other responsibilities if necessary.

For example, if you’re putting a hiring freeze in place but still need business development reps, why not assign a person from the HR department to develop business functions for the time being?

It requires a bit of reskilling and upskilling, but you’ll be able to assign talent to fit the needs of the business.

Companies survive times like these only with a workforce that is flexible, agile and ready to learn.

The latest LinkedIn study reports that this year, 51% of global companies plan to implement an upskilling program within their organizations; 47% will do the same with a reskilling program.

The Boston Consulting Group reports that 86% of the workforce in Latin America is interested in reskilling for a new job.

Undoubtedly, this opens the door to great changes within Human Resources departments.

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And that’s all for this article!

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Thanks for reading & learning about the Upskilling & Reskilling.

If you want to discover the roles & salaries for Executive, Technology & Digital departments, you can download our Salary Guide for 2023!