When you are running an organization, skills serve to be vital commodities. In the given scenario, upskilling is known to present a lucrative opportunity for your organization that helps in engaging as well as retaining employees while boosting the overall bottom line. There is no denying the fact that all valuable employees wish to adapt to any challenge or situation that they have to face in the future. Upskilling serves to be a vital offering that modern organizations should consider as a way of bridging gaps related to employee engagement as well as retention.
Modern organizations are known to offer their employees a way to harness and develop the existing skills that are most likely to succeed, especially with respect to the overall speed of the technological advancements. This is forcing organizations to move forward. In India, almost half of the executives believe that the existing workforce is not receiving ample training that is needed for businesses to succeed in the right direction. As per a study report by the World Economic Forum, the management of essential skills in the modern, digital age would require the organizations to leverage the technology enabling them to make use of the data-driven approach to ensure smart upskilling and lifelong learning.
The Overall Cost of Replacing an Employee
Upskilling is a major tool that aims at encouraging effective employee engagement as well as retention, presenting proper benefits to not only the bottom line of your organization, but also to the overall well-being of the workforce –especially in relation to the performance of your company.
Each time an organization would replace a salaried employee, the cost of replacing the employee can equal to around 9-month salary of the employees. Therefore, if someone is leaving your organization, you can expect additional costs in the recruitment as well as training costs to replace the same. Research reveals that replacing an employee tends to cost higher. The workforce requires essential tools to go above & beyond when it comes to upskilling and boosting business performance. Doing so implies that you should facilitate upskilling through a series of high-end online courses. You can come across a wide number of relevant upGrad’s online courses to be assured of the right results.
How to Upskill Effectively with the Help of Online Courses
Let us say that you are required to fill up a new position in your organization. If you are wondering if there is anyone in your organization whose skills remain closely aligned to the open positions out there. AI (Artificial Intelligence) in collaboration with leading online courses aims at finding employees whose skills as well as proficiency levels, fit a specific role. With valuable insight, you can equip the learners with the necessary skills they would require for themselves as well as the organization to succeed.
As technology keeps creating ample opportunities, employers start filling new jobs with the candidates possessing specialized skill sets. When you upskill the current employees in your organization, you can look forward to filling the vacant positions while retaining the current workforce through the creation of lucrative learning opportunities. Here are some of the potential advantages of upskilling to both the employees as well as the employer.
To the Employers
- Employee Retention: With the modern job market booming, employers should look forward to making every effort towards preventing employees from job-hopping and finding their way up to the corporate ladder. This is because job-hopping of the existing employees only forces the companies to backfill the vacant positions while costing thousands in the recruitment expenses along with lost productivity.
As the organizations would invest in lucrative online courses for educating the current employees along with skills training, employers would not only increase the overall value to the company but would also send across the message that employees are worth the investment and have a specific place in the future of the company.
- Succession Planning: Every company should ensure that it can continue operating successfully if one of the major employees would depart. Towards ensuring the same, the companies should consider upskilling the current employees through lucrative online courses. The online courses not only enlighten the knowledge base, but also provides them the required training as well as experience to step into the respective leadership roles in case the need arises. If the company fails to do so, it can jeopardize the overall operations of the organization in case some leader would leave his or her post unexpectedly without leaving behind a qualified successor.
- Talent Attraction: In a recent report by Gallup, it was reported that 87 percent of the millennials gave priority to the professional as well as career growth & development in a job. As upskilling becomes ingrained in the culture of the modern corporate company, it would naturally attract job seekers valuing ample learning opportunities. In addition to this, brand ambassadors within the organization are likelier to refer friends as well as colleagues to open positions upon knowing that the company will make a future investment.
For the Employees
- Preserving Tenure: As the stigma of job hopping is disappearing quickly, most of the individuals out there believe that employees should keep changing their jobs every 2-3 years towards ensuring continuous learning as well as engagement. However, in case an employer would provide the workers an opportunity for ample growth as well as learning through upskilling online courses, and employees tend to remain engaged with their work, the time that the employees spend will be focused on opportunities that are provided to them while doing the job that they love.
- Discovering New Talents: Only a few individuals out there are able to predict the entire career path. For most of them, the career growth & development turns out to be a long, winding road filled with surprises and hopefully, positive rather than negative. With the task of upskilling the employees, they are able to gain in-depth knowledge in the modern arena in which they might excel. This can lead to undiscovered talents as well as passions being unveiled. Eventually, it leads to even more lucrative job opportunities.
- Future Investments: Even when an employee would love his or her job, the future can never be guaranteed. As industries keep changing, the employees are compelled to downsize with the jobs getting replaced by Artificial Intelligence. The best way in which the employees can look forward to securing the future is by increasing the existing value as an employee to the organization by expanding the knowledge and skill set.
If you wish to engage as well as retain employees in your organization, upskilling seems to be an ideal choice. It can be achieved easily by educating the employees about essential skills they need to possess to be in their organization for long. By this knowledge they can make the most of the online courses for upskilling the current workforce.
Read Full Article Here – Why enterprises Should Upskill Their Talent Forces in New-Age Technologies & Business Processes