Whether it’s due to a Great Resignation or recession, when companies are unable to find and acquire new talent, reskilling and upskilling current employees may be the best talent acquisition strategy.
Reskilling (helping employees build a different set of skills to perform a new or changed role) and upskilling (helping employees improve skills to do their existing jobs) are both useful ways to meet the skills gaps that come with the evolving workplace.
Disruptions like new technology, industry innovations, an evolving workplace environment, and new client demands call for an updated set of skills in order for companies to be successful. And, in the midst of talent shortages or hiring freezes, reskilling and upskilling employees can help retain top talent and build the skills required to meet these new challenges and demands. They also help to prevent the loss of invaluable company knowledge and lead to a more resilient workforce overall.
World Economic Forum says within the next 5 years, up to 50% of employees will need some type of reskilling to perform effectively. 87% of executives are already experiencing skills gaps in their workplace (or expect them within the next few years), and 73% of employers said reskilling was a main priority for them. 77% of respondents to Deloitte’s Global Human Capital Trends survey are leaning towards training existing employees instead of accessing new talent.
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