1. Bridging the Skills Gap; Upskilling and reskilling
The modern business environment is constantly changing. Automation, new advanced technologies, and evolving market demands call for an adaptable team of employees who can learn to ride the tides as and when they turn. No idea how or where to start? Let the HR- Odyssey guide you through this series of articles focusing on the emerging Learning and Development trends in Human Resource Management!
Why
learning and development?
One of the most common problems faced by mangers and employers is the declining efficiency of workforce. An employee who achieved the highest performance or the team that generated the highest profit ten years back may not be the best performing employee or the team generating the highest profit today. This may be caused by the fluctuations in the external environment. Technology affecting the business, and market demands of the industry today are vastly different from the technology and market demands that were present ten years back. The best performing employee and the team generating the most profit ten years back may have been well equipped with the skills and knowledge to handle the external factors that existed during that time. However, this does not necessarily mean that they have the skills and knowledge to handle the external factors affecting the business environment today. Further the job role performed by the employee ten years back would not be the same job role he is expected to perform today. Although he may have had the skills and knowledge to fulfil his previous job role successfully, that does not necessarily mean he would have the skills and knowledge to fulfil his present or future job roles.
Hence, the need to provide continuous learning and
development to the employees and equip them with the skills and knowledge to
perform present job roles using the most advanced recent technologies and to
prepare them for their future roles. This would lead to increased agility and adaptability of employees which in turn would create the ultimate competitive advantage for the company.
On the other hand, according to a report by the McKinsey
Global Institute, approximately 14% of the global workforce may need to switch
occupational categories by 2030 due to technological advancements (Illanes et
al., 2018). Accordingly, from an employee’s perspective also, it is important
that they learn how to adapt to the evolving technologies in order to retain
their competitive advantage over other employees.
Hence it has become imperative that the companies embrace upskilling and reskilling initiatives.
Upskilling
and reskilling
Upskilling is the process of enhancing the existing skills
and knowledge of the employees. It is a strategic approach to increase the
depth of knowledge or the level of skills which the employee already had to
begin with. It involves acquiring additional knowledge and capabilities that
enable employees to take on more complex tasks or responsibilities within their
current roles. Reskilling, on the other hand, involves learning entirely new
skills that are different from an individual's current skill set. These skills
are typically required in response to changing job requirements or the
introduction of new technologies.
Upskilling and reskilling facilitates continuous learning, which is the ongoing expansion of knowledge and skill sets. Continuous learning can be facilitated in several ways, such as skill development courses, certifications, lunch-and-learn sessions or mentorships. As upskilling would systematically prepare and equip the employees to take up and handle with efficiency the next role in their career path, this would greatly assist in succession planning of the company as well. Further, according to the University of Pennsylvania, not only does upskilling give the workforce a chance to build expertise and help them advance their personal and professional growth, it can also enhance employee engagement, satisfaction, and performance.
source: www.trivie.com.
What are
the skills that must be improved through upskilling and reskilling?
In 2020, The World Economic Forum introduced the "future-proof skills" framework (World Economic Forum, 2020). This identifies a core set of skills that will be critical for success in the future workplace. These include; Emotional Intelligence, Digital Literacy, creativity, Complex Problem-Solving and Critical Thinking. Certain leading global companies have already launched upskilling programmes targeting these future-proof skills. One such example is Amazon and its "Upskilling 2025" pledge, where the company decided to allocate a hefty budget to upskill their employees and to encourage them to move into more skilled roles (Amazon, 2023). Further, JPMorgan Chase & Co. announced a five-year global initiative for the development of demand-driven skills of its employees whereby they intend to create pathways to careers, and improve job prospects for their employees. (www.jpmorganchase.com, n.d.)
Strategies for Effective Upskilling and Reskilling
In today's rapidly evolving business world, upskilling and
reskilling are no longer discretionary but essential for both organizational
success and individual career advancement. There are well established
strategies that most companies use for upskilling and reskilling. One such
strategy is the 70:20:10 Model. This model offers a balanced approach,
incorporating formal learning (10%), informal learning (70%), and on-the-job
experiences (20%) (Champion, 1983). Another celebrated theory is the Social
Learning Theory where mentorship and fellowship enable knowledge-sharing
(Nehra, 2021).
One of the more recent theories is Microlearning which
advocates for Bite-sized learning modules being delivered to busy adult
learners.
In the upcoming article we at the HR-Odyssey will discuss
more about micro learning.
Until then, Smooth Sails!
References
1. Amazon (2023). Our Upskilling 2025 programs. [online] About Amazon. Available at: https://www.aboutamazon.com/news/workplace/our-upskilling-2025-programs.
2. Illanes, P., Lund, S., Mourshed, M.,
Rutherford, S. and Tyreman, M. (2018). Retraining and reskilling workers in the
age of automation. [online] McKinsey & Company. Available at:
https://www.mckinsey.com/featured-insights/future-of-work/retraining-and-reskilling-workers-in-the-age-of-automation.
3. Nehra, M. (2021). The Science Behind The
Effectiveness Of Microlearning. [online] eLearning Industry. Available at:
https://elearningindustry.com/science-behind-the-effectiveness-of-microlearning.
4. Sawant, R., Thomas, B. and Kadlag, S.
(2022). Reskilling and Upskilling : To Stay Relevant in Today’s Industry.
International Review of Business and Economics, [online] 7(1). Available at:
https://digitalcommons.du.edu/irbe/vol7/iss1/4/.
6. World Economic
Forum (2020). The Future of Jobs Report 2020. [online] World Economic Forum.
Available at:
https://www.weforum.org/publications/the-future-of-jobs-report-2020/.
7. www.jpmorganchase.com. (n.d.). JPMorgan Chase Makes $350 Million Global Investment in the Future of Work. [online] Available at: https://www.jpmorganchase.com/news-stories/jpmorgan-chase-global-investment-in-the-future-of-work.
All things considered, this essay offers insightful information about how HR is changing and emphasizes the necessity for HR professionals to set out on a lifelong journey of learning and adaptation. I'm interested in reading more intelligent essays on this subject.
ReplyDeleteThank you for your kind comments. If there is any particular area you would like to discuss further, I am more than willing to take up your suggestions!
DeleteIt is understandable that in the world of changing L&D plays a huge role in an organization.
ReplyDeleteTrue. But in the Sri Lankan context when it comes to employees belonging to the older generation, training and development targeting technological advancement (like AI related skills) is not always well received. I have specially seen this in the Public sector. Hoping to address this in a future post. Your input and opinions regarding this is most welcome!
DeleteI love the layout of your blog – it’s brilliant, very stylish, and catchy! You have made a clear definition between upskilling and reskilling and their impacts on the work environment. Very well researched and written. Anticipating your next article on micro learning. Cheers!
ReplyDeleteThank you so much for your input as well as your interest in microlearning. The Second Article in the series is now published. Do check it out when possible!
DeleteI would say this is an excellent article which is very clear in terms of presentation and readability. You have researched a lot. In many organization learning and development plays a pivotal role.
ReplyDeleteThank you for your kind comments. You are absolutely correct in saying that learning and development (L&D) plays a crucial role in the majority of organisations. Businesses may gain a lot by investing in the development of their employees, including increased productivity and performance from employees Increased creativity and aptitude at addressing problems and enhanced employee satisfaction and retention.
DeleteA very good topic "Reskillng vs Upskilling", also by continuous learning and adaptability, individuals and organizations can thrive in an ever-changing world.
ReplyDeleteAgreed. Staying ahead of the curve requires the capacity for ongoing learning and adaptation on the part of both individuals and companies!
DeleteGreat Article Dishani. In the long run Upskilling and Reskilling will be able to improve employee retention, captivate the new talent & will be able to improve cooperation between the departments. Considering the remote work environment that the employees faced during the pandemic, performance enablement was a critical tool, for employee upskilling & reskilling. (Forbes, 2020)
ReplyDeleteAgreed. I believe due to the pandemic almost all organizations were compelled to up their learning and development initiatives. Even public bodies who are reputed in Sri Lanka as not being very tech savy had to adopt remote working methods based largely on online platforms. And there were institutions like the Land Registries and Registrar General's Department where certain procedures were much more efficiently done through these online platforms during the pandemic. And the fact is that these government entities were able to adopt such methods with minimum training being given to their employees. Makes it seem like it was the lack of initiative from the employer's (in this case the government) part to come up with a proper upskilling strategy that had caused the inefficiency in the first place.
DeleteAbsolutely, you've done a great job of capturing the idea of reskilling and upskilling! While reskilling entails learning completely new abilities to keep up with changing job needs and technology improvements, upskilling concentrates on honing and expanding current talents, enabling employees to delve deeper into their knowledge. In the fast-paced workplace of today, these are essential tactics for both organizational resilience and personal development.
ReplyDeleteAppreciate your valuable insight on this Neashara! Upskilling and reskilling are crucial for both organizational resilience and personal development. A workforce prepared for the future with the newest skills enables businesses to adopt new technology, adjust to shifting markets, and maintain their competitiveness while at the same time lifelong learning makes you more marketable in your industry, creates opportunities for professional progress, and gives you a sense of achievement.
DeleteInformative piece on upskilling and reskilling, vital for ongoing learning and future job success. Impressed by initiatives like Amazon's 'Upskilling 2025' and JPMorgan Chase's global skills development program, reflecting a commitment to employee growth and career advancement
ReplyDeleteI'm happy you found this insightful Shan! Success in the modern workforce undoubtedly depends on reskilling and upskilling. Which is why it's good to follow up with programmes like JPMorgan Chase's worldwide skills development programme and Amazon's Upskilling 2025. These initiatives show a strong dedication to staff development, which has advantages for both the company and the person!
DeleteIn today's ever evolving corporate climate, this blog offers a clear summary of the significance of reskilling and upskilling. In order to keep up with changing market needs and technology breakthroughs, it successfully emphasizes the necessity of lifelong learning. Clear explanations of the benefits to employees and businesses are provided, along with the differences between reskilling and upskilling. The blog also provides real-world examples of how businesses like JPMorgan Chase and Amazon are utilizing upskilling programs to prepare their employees for the future. Effective upskilling and reskilling techniques like the 70:20:10 Model and Social Learning Theory are perceptive and applicable. All things considered, it's an in-depth guide for businesses and people trying to maintain their competitiveness in the always-changing labor market.
ReplyDeleteCouldn't have summarized this better myself Ruwan! Appreciate your time and effort.
DeleteGreat Article Dishani,
ReplyDeleteUpskilling and reskilling are critical in today's competitive business climate, assuring employees' adaptability and competitiveness in the face of technical changes and market demand.
Thank you for your kind comments Minosha! And you are right, employees must reskill and upskill in order to remain competitive and relevant in the fast-paced world of today. Employees that are committed to lifelong learning and skill development can adapt to technological advancements. They must be able to pick up and apply new technologies that are always being developed. Companies must be able to react to opportunities and difficulties presented by the market, and only the employees with the necessary skills can assist them in doing so!
DeleteFascinating read! This article beautifully outlines the crucial role of upskilling and reskilling in navigating the dynamic demands of today's business world. The emphasis on future-proof skills and the insightful examples from leading corporations underscore the importance of continuous learning for both organizational resilience and personal growth. Thank you for sharing such valuable insights and practical strategies. Looking forward to more enlightening discussions in the HR-Odyssey series!
ReplyDeleteAppreciate your comments and support Ruchira! Your response effectively sums up the main points of the article rather well: in today's dynamic business environment, upskilling and reskilling are essential for success. By giving ourselves (and our teams) the tools necessary for the future, we can guarantee organisational stability while also enabling people to advance their careers over the long term. Also the fact that you anticipate additional conversations in the HR-Odyssey series makes me very happy!
DeleteFascinating read! This article beautifully outlines the crucial role of upskilling and reskilling in navigating the dynamic demands of today's business world. The emphasis on future-proof skills and the insightful examples from leading corporations underscore the importance of continuous learning for both organizational resilience and personal growth. Thank you for sharing such valuable insights and practical strategies. Looking forward to more enlightening discussions in the HR-Odyssey series!
ReplyDeleteYour post on bridging the skills gap through upskilling and reskilling is insightful, highlighting the imperative for continuous learning in today's fast-evolving job market. Your focus on how this approach benefits both organizations and employees by fostering adaptability and competitiveness is especially compelling. A must-read for anyone looking to understand the importance of lifelong learning in career development.
ReplyDeleteI appreciate your insightful comments Thashitharan! I'm happy the post was helpful to you and that it struck a chord. As you correctly said both people and organisations must engage in continuous learning. Everyone gains when firms and workers embrace reskilling and upskilling! Gaining a staff that is more talented and flexible will help organisations become more innovative, productive, and competitive in general.
DeleteAn insightful, interesting piece of work, Dishani. Learning and Development plays a major role in developing the employees and fostering an upskilled and reskilled workforce. Well established strategies that most companies use have been explored well. Thank you for sharing this great article.
ReplyDeleteI appreciate your kind feedback Judith. You're 100% correct in saying that promoting learning and development (L&D) is essential to developing a workforce that is knowledgeable and flexible. Employing tried-and-true tactics like reskilling and upskilling allows organisations to close the skills gap by ensuring that staff members has the knowledge and abilities needed to stay up to date with changing market needs and technology breakthroughs!
DeleteNice article, Former General Electric CEO Jack Welch states Learning and applying knowledge is an organization's greatest competitive advantage. So most of Powerful People in Current World Says About it,,, Keep it up
ReplyDeleteAppreciate your feedback Dilshad! You're right—Jack Welch's statement captures the significance of ongoing learning for companies rather well. Many of today's most successful leaders agree with this as well. I believe the rest of his quote also said something along the lines of learning involving both the acquisition of information and its effective application!
DeleteNice article, Former General Electric CEO Jack Welch states Learning and applying knowledge is an organization's greatest competitive advantage. So most of Powerful People in Current World Says About it,,, Keep it up
ReplyDelete