In today’s fast-paced job market, the skills that were once in high demand are quickly becoming obsolete. Automation, AI, and evolving technologies have completely transformed how businesses operate. According to the World Economic Forum, 50% of all employees will need reskilling by 2025 to meet the demands of the evolving workforce. This shift doesn’t just affect employees but also businesses that risk falling behind if they don’t invest in continuous learning. This is where upskilling comes in—a vital investment for companies wanting to stay competitive, while ensuring their teams are equipped for the future of work.
Why it’s a Win-Win for Companies and Employees
Investing in upskilling benefits both the employer and the employee. For employees, it opens doors to career advancement and ensures their skills remain relevant in an ever-changing market. On the company side, upskilling programs help boost productivity and innovation. Companies like Amazon and Google are already leading the way by offering their employees tailored upskilling programs.
In a recent case study by PwC, they implemented a digital upskilling program called “New World, New Skills” to help employees navigate digital tools and increase their technological fluency. As a result, PwC reported a 20% increase in employee productivity and reduced turnover by 15%. This illustrates how investing in employee growth directly impacts company performance by making workers feel valued and engaged.
Offering these learning opportunities isn’t just a perk anymore—it’s a necessity. The demand for skills like data analysis, project management, and digital marketing is growing, and those who invest in upskilling their teams will be better positioned for future success.
Where Should Companies Focus?
With a wide array of emerging technologies, there’s no shortage of areas in which companies can focus their upskilling efforts. Let’s explore some of the top domains for upskilling in 2024:
- Digital Literacy & Data Science
With more companies relying on data to drive decision-making, the need for employees who understand data analysis and data-driven strategies is crucial. The demand for data scientists is projected to grow by 36% over the next decade. For companies, investing in data literacy programs is essential for employees at all levels, as it allows them to interpret trends, make data-backed decisions, and improve business outcomes. - Artificial Intelligence & Machine Learning
AI is transforming industries, from healthcare to finance, and is expected to add trillions of dollars to the global economy by 2030. Offering AI and machine learning training is one way companies can future-proof their teams. Employees with these skills are better prepared to innovate and streamline processes. - Leadership & Communication
Soft skills are also in high demand. Leadership, emotional intelligence, and communication remain at the top of the list, especially as companies adopt more flexible work environments. A report by LinkedIn found that 92% of hiring managers value soft skills just as much as technical skills, emphasizing the importance of holistic development. - Cybersecurity
With the rise in remote work and digital transformations, cybersecurity threats have increased. Upskilling in cybersecurity helps companies protect their data and infrastructure, ensuring compliance with regulations and preventing costly data breaches.
Companies need to prioritize training in both technical and soft skills to keep up with the competition. If they don’t, they risk falling behind in innovation and employee retention.
Creating a Culture of Continuous Learning
Building an upskilling program starts with creating a culture that values continuous learning. Here’s how companies can begin:
- Offer Flexible Learning Options: One size doesn’t fit all. Employees have different learning preferences, so companies should offer a variety of learning formats. These could include online courses, webinars, in-person workshops, and mentorship programs. Platforms like Coursera, LinkedIn Learning, and edX make it easy for companies to offer scalable learning solutions.Incentivize Learning: Encourage employees to take ownership of their growth by offering incentives. This could be anything from career advancement opportunities to bonuses for completing certifications. By showing that learning directly impacts career progression, companies can foster a more engaged workforce.
- Tailor Training to Roles: Not all employees need the same skills, so companies should tailor training programs to fit specific job roles. For example, marketing teams may benefit from upskilling in digital advertising, while IT teams could focus on the latest in cloud computing or cybersecurity.
- Encourage Cross-Departmental Learning: Allow employees to learn new skills from different departments. This breaks down silos and fosters collaboration. It also prepares employees to take on new challenges within the company, enhancing internal mobility.
Creating a robust upskilling program not only improves employee satisfaction but also equips businesses with a workforce ready to tackle future challenges.
How Upskilling Pays Off in the Long Run
Investing in upskilling is not just about developing employees but ensuring long-term business success. According to a study by Deloitte, companies with comprehensive upskilling programs see a 218% return on investment, thanks to higher productivity and innovation. Here’s how companies can measure the impact of their upskilling programs:
- Retention Rates: Employees are more likely to stay with a company that invests in their growth. In fact, 94% of employees say they would stay longer with a company that offers learning opportunities, according to LinkedIn’s 2023 Workplace Learning Report.
- Employee Satisfaction: Regularly surveying employees about their learning experience can provide valuable insights into whether the program is successful. Happy employees are typically more engaged, productive, and loyal.
- Performance Improvements: Measuring employee performance before and after training can give companies a clear picture of the impact of upskilling on job efficiency and effectiveness.
- Innovation & Creativity: A well-trained workforce is often more innovative. Employees are more likely to bring new ideas to the table when they feel empowered and confident in their skill set.
By continually evaluating the impact of upskilling programs, companies can ensure they’re making the right investment for both their employees and their future success.
Investing in Growth Today for Tomorrow’s Success
Upskilling is no longer just a buzzword; it’s a necessity. As the workforce continues to evolve, companies that prioritize upskilling will see stronger teams, increased innovation, and higher retention rates. Investing in employee growth is investing in the future of your business. So, whether it’s through certifications, mentorship, or cross-departmental learning, start building an upskilling program that keeps your workforce ahead of the curve.
About the Author
Simon Chou is the Vice President of Operations and Growth at BCjobs.ca. Over the course of his career, he carved a niche in brand development, marketing strategy, and online presence for startups. In Addition to BCJobs.ca, Simon is hosting unfiltered conversations with marketing experts in our podcast “Marketing On Mars”. Tune into our last episode to hear from Marketing Leaders how they approach work and how they grew in their careers.
