The increasing adoption of new technologies helps keep companies competitive. According to The Future of Jobs Report 2023 by the World Economic Forum, over 85% of companies surveyed identified increased adoption of new technologies and broadening digital access as the trends likely to drive transformation within their organization. These activities require employee upskilling.
Most jobs will be impacted by artificial intelligence (AI) and automation as companies implement new technologies. As a result, employees require new skills to add more value to the organization.
Upskilling Helps Fill Skills Gaps
According to the report, employers estimate that 44% of employees’ skills will be disrupted by 2028. Therefore, employees must begin developing new skills to continue contributing to organizations. Offering education and training programs helps employees fill skills gaps and positively impact the company.
Upskilling Elevates Employee Retention
The report found that although respondents were confident about developing their existing workforce, they were less optimistic about the talent availability outlook for the next five years. Therefore, upskilling was especially important for employee retention. As a result, 48% of companies identified improving talent progression and promotion processes as a key business practice.
According to LinkedIn’s Workplace Learning Report 2024, 94% of employees say they would stay with a company longer if it invested in their future. Upskilling opportunities are an effective way to show employees they are valued and respected. These activities encourage company loyalty.
Strengthening employee retention rates reduces hiring, onboarding, and training costs. Therefore, upskilling your team should be worth the investment.
Upskilling Strengthens the Bottom Line
Offering opportunities for skill development increases employee engagement, collaboration, and productivity. These factors strengthen job satisfaction, employee attraction and retention, and the bottom line. As a result, you should invest in ongoing training and development opportunities.
Upskilling Future-Proofs Your Company
Since change is inevitable, you must begin preparing your workforce today to maintain your company’s competitive edge. Fostering a culture of continuous learning helps your employees add to their skill sets and adapt to organizational changes. Safeguarding against uncertainty prepares your workforce for future demands.
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Partner with Element Staffing to add qualified members to your team. Contact us to start the process today.
