A workforce with the highest quality skill set will distinguish you from the competition. After all, when employees are able to do their work efficiently, they keep your clients satisfied with your products and services. However, Fortune reports that there has been a recent shortage in skilled employees that 71% of CEOs fear may disrupt business this year.
Fortunately, you do not have to hire new talent to fill the skills gap in your company — you just need to upskill your current workforce! But if you need more reasons to upskill your employees, below are some of them:
It leads to a rise in engagement
When employees know that their professional growth is considered by their employer, they feel valued and respected. Employees nowadays look for programs that will aid in their career development, as mentioned in our post Why Do Millennials Keep Job Hopping. It builds a culture of trust within the company, which encourages them to contribute towards achieving the company’s goals.
It keeps the company competitive
In an ever-changing world, industries can expect new trends, knowledge, and technology to appear every year. With employees who are equipped with great skills, your company remains competitive. You are able to keep up with competitors to ensure your company is in a good spot in the industry.
It will boost retention rates
People leave a company when they feel they are no longer learning or improving. According to a CNBC article, 94% of employees confirmed they would stay in their companies if it helped them learn and develop. Investing in the upskilling of your employees will show them that you provide opportunities for growth, consequently reducing employee turnover.
It will increase work efficiency
When employees improve their ability to perform their tasks it reduces the chance of errors occurring. As such, they can move on to the next task quickly without sacrificing quality. This allows more work to be completed in less time, therefore increasing efficiency. Skilled workers will also have an easier time solving and overcoming issues that may come their way. They have the knowledge and confidence to create solutions and the skills to get the work done, which will benefit your company in the long run.
It will save you money
With high employee retention rates and efficiency, you will not need to hire more people. The hiring process can cost up to $4,000. When employees choose to stay and are equipped with the right skills for their roles, you won’t need to spend on the hiring process as often.
It makes employees more adaptable
A flexible and adaptable workforce means they are ready to take on more tasks and problems using their skill set. To add, LHH’s post on career mobility notes how individuals who are not motivated to learn new skills will affect internal mobility. If you promote an employee to a higher position, it will be beneficial for them and for you if they already have the skills needed to take on a new role. They can also accomplish tasks with better insight, leading to higher-quality work.
It makes employees confident
Knowing that they are equipped with the necessary skills for their position increases an employee’s confidence. A study published in Frontiers in Psychology concluded that opportunities for skill use enhance employee well-being, thus improving organizational effectiveness as well.
It improves the company’s reputation
Having a workforce that is talented and highly skilled makes your company stand out to your clients. When they know that you provide great quality products and services, it keeps your business’ reputation in a good state. This will improve client and customer loyalty to your company.
It decreases the need to outsource talent
With highly-skilled members in the company, you will not have to rely on external assistance to get jobs done. You will be able to assign projects to employees that you trust, eliminating the need to outsource someone else for certain tasks. This saves a lot of time, money, and resource.
It promotes positive work relationships
Workplace relations will improve collaboration within your company. Drew Schuetz writing for LinkedIn outlined how upskilling activities encourage employees to work together and interact. As an employee upskills they will have access to a greater number of departments and be able to communicate with more members of the workforce. If employees feel they are moving forward together, this will create a positive working environment.
Upskilling your workforce will bring multiple benefits to you as an employer, to them as employees, and to your company as a whole. Investing in your employees’ skillset will make them more reliable, adaptable, and efficient. It will also save you money through reduced hiring while keeping the company at par with its rivals because you have a highly competitive workforce. It will improve the way your company does its business, thus leading to further success and development.