What Are The Benefits Of Upskilling Your Workforce?
Training staff is an expensive process which is why many organizations feel reluctant to upskill employees unless there's a clear skills gap that must be immediately addressed. When organizations neglect to train their employees routinely, they risk being left behind when their industry evolves, and their team doesn't have the appropriate skills to adapt.
Plus, they miss out on fantastic benefits such as improved productivity and better employee retention. Here are four benefits of upskilling your workforce that might encourage you to make training a priority.
Greater Versatility
87% of companies either already have a skills gap in their workforce or expect that they will have one in the near future. Upskilling can help your workforce to avoid facing a skills gap and become more versatile so that it can do more with fewer employees. Rather than hiring new team members with the skills and experience your team is missing, you can upskill existing employees and create a well-rounded team that can turn its hand to a wider range of duties.
For organizations in industries that are evolving quickly, such as those in technology, a highly skilled, versatile team can respond more efficiently to industry changes. This means your organization can take advantage of new opportunities and avoid falling behind the competition.
Increased Productivity
By equipping employees with new skills, you help them become more competent in their duties which can improve their productivity overall. Higher rates of competence can also boost employee confidence, with 51% of workers believing that training gives them more self-confidence. When employees are confident in their capabilities they're more likely to complete their duties quicker and with less support from their superiors. This can lead to a more streamlined and productive workforce, as well as better team morale.
Reduced Employee Turnover
It costs time and money to recruit, hire and train new employees, which is why it pays for organizations to invest in methods to reduce employee turnover rates. By offering opportunities to learn new skills and progress, you can motivate employees to remain loyal to your organisation.
As reported in this guide to upskilling remote and hybrid teams, 52% of people think about quitting their job each month due to a lack of obvious career progression. 94% would stay at an organization longer if upskilling was an integral part of their experience at work. Development and progression are obviously important to the workforce, and by investing in upskilling you can keep staff turnover rates low and save money in the long term.
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Higher Rates Of Innovation
When you provide ongoing opportunities to train and upskill, you foster a culture of learning throughout your organization which can have a positive impact on employee attitudes and motivation. When staff members are encouraged to learn and develop their knowledge, they're more likely to have the necessary expertise and incentive to innovate.
If you want your organization to be at the cutting edge of your industry, it's important that your workforce is skilled, creative and motivated to help you build an industry-leading business.
Upskill employees for a capable, dedicated workforce
When you make upskilling a priority in your organisation, you incentivise employees to stay with you and give you their very best work. A committed, passionate workforce is guaranteed to help your organisation to thrive.
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Meet The Writer!
Chris Beale has gained vast experience as a life coach since graduating from university in London and is now looking to share his expertise by creating informative blogs that inspire his readers.
