Upskilling in the workplace has come to the forefront in recent years, but it’s value should not be underestimated. Without upskilling, companies put themselves at a disadvantage compared to their competitors, and also risk losing top talent.
According to a report by Gallup, the cost of replacing a single employee can cost up to one and a half or two times an employee’s annual salary.
Taking the time to upskill employees can not only save companies money, but also ensures they have a highly-trained, productive and engaged workforce.
But this will require organizations to have a Learning and Development (L&D) program in place. Using this process, companies can help employees at all levels improve and expand their work knowledge.
For instance, ensuring that employees are up-to-date with the digital know-how will be crucial. Since technology is constantly evolving, companies should invest into e-learning platforms or sponsor a certification program that helps employees expand upon their current digital skills.
Another method of upskilling can be the use of seminars or webinars. Employees attending these events have the opportunity to be exposed to the most current trends in their business, while also network with those within the industry.