Reskilling: What Is It, Benefits, Challenges
In today’s highly competitive business environment, technology, office needs, and economic requirements are changing at an unprecedented rate. The advancements in enterprise software, driven by continuous digital transformation, are driving higher demand for new skills and competencies.
An organization must have the right workforce to remain competitive. They need to be innovative and productive. A learning and Development initiative centered on employee reskilling can help ensure that your workforce is well-equipped to succeed and grow your business.
What is Reskilling?
Reskilling allows employees to learn new skills in order to be able to take on a new job role to be used within an organization or to meet new requirements for a role. This happens when the employee’s prior tasks or responsibilities are no longer relevant, usually due to technological advancements or skill gaps.
Why is Reskilling So Important Right Now?
While skill development is important at every age, COVID-19 has raised the stakes. It greatly accelerated digitization. Companies that had been reluctant to move from legacy systems to cloud-based platforms were forced to change because of the pandemic.
Every leader must embrace digital transformation and integrate new technology into their business practices, regardless of industry or job function.
The digital transformation has led to an increase in the development and use of software and systems, which have reduced the shelf-life for current technical skills and created a demand.
As digital transformation drives productivity, automates processes, and executes complex computations quickly, there is a greater demand for digital skills like machine learning and AI. To adapt to changing circumstances, organizations must invest in their employees’ reskilling. They risk losing market share and falling behind their competitors.
To keep organizations competitive and deliver net-positive results, it is important to prioritize employee training programs. And just as significantly, Building industry-relevant skills will allow employees to stay current on the latest trends in their fields.
Reskilling vs Upskilling
Employers can use reskilling or upskilling to address the skills gap in their workforce. Each term has its advantages and uses. But when should you use upskilling and when should reskilling be attempted?
Originally published on The Tech Trend
