Re-skilling and Up-skilling and Talent Management

 

Re-skilling and Up-skilling and Talent Management


Image courtesy of betterup.com

“According to 2020 World Economic Forum (WEF), more than one billion workers worldwide will have to be reskilled by 2030.” The future of skills is changing.

It has become important that HRM need to act on rapid growth technology, automation and changing of job nature led to skill gap issue and talents development issue. HRM need to implement reskilling and upskilling program as Learning and Development Strategy for current workforce to fulfil skill gap and key talents need. By Implementing these programs, Organization can adapt and navigate future talent development, benefit employee retention and engagement.

Reskilling is focused on training and preparing of employee for new position, Upskilling is developing employee existing skills., Organization will benefit the best potential Employees skills by Implementing and leveraging both programs.

HRM can implement reskilling and upskilling training programs, mentorship and coaching, and creating a culture support ongoing learning and development.

Benefits of Reskilling and Upskilling

Adaptivity

These Programs will upgrade the skills of employee to adapt to changing job nature. It allowed Organization to prepare for future skills that need for advance in technology and shifts to the digital market economy.

 

Reduce Cost and Save Time

These Program allow job relocating to different position utilizing existing employee. It saves cost and save time for HRM and Organization from recruiting, onboarding and training of new hires.

 

Employee Retention

By preparing for employee future job requirement, it will create employee retention and culture of lifelong learning in Organization. It also creates a good employer brand and attract existing and future talents.

 

Implementing and Adoption of Reskilling program

According to McKinsey Survey, Organization that adopt and implement reskilling program has reported improvement in employee satisfaction and customer satisfaction. Respondents from survey mentioned that reskilling has provided with necessary skills for future disruption in talents.

 

Graph Courtesy of McKinsey & Company



Common reskilling programs that All employee needs to undertake for workforce adaptability in future skills Survey by McKinsey.

Most common reskilling learning Programs are Critical Thinking and Decision Making, and Leadership and Managing others.



Graph Courtesy of McKinsey & Company

 

Conclusion

Both Reskilling and Upskilling are important learning and Development strategy for training and supporting to existing employee skill for fulfilling future need of Organization and market requirement. It enables organization to remain competitive, adapt to changing needs in future of work. HRM need to be proactive in identifying emerging skills and inviting employee to involve in developing continuous learning strategy. As learning and Development strategy implement, employee will stay for their future career development.

References:

Hall, J. (n.d.). Why Upskilling And Reskilling Are Essential In 2023. [online] Forbes. Available at: https://www.forbes.com/sites/johnhall/2023/02/24/why-upskilling-and-reskilling-are-essential-in-2023/?sh=255e9b194088 [Accessed 14 Dec. 2023].

‌

McKinsey (2020). How companies are reskilling to address skill gaps | McKinsey. [online] www.mckinsey.com. Available at: https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/beyond-hiring-how-companies-are-reskilling-to-address-talent-gaps.[Accessed 14 Dec. 2023].

‌

Training Industry. (n.d.). Talent Development’s Answer to Upskilling and Reskilling for the Future. [online] Available at: https://trainingindustry.com/magazine/may-jun-2020/talent-developments-answer-to-upskilling-and-reskilling-for-the-future-cptm/.[Accessed 14 Dec. 2023].

 

Waddill, D. (2021). 4 Strategies for Upskilling and Reskilling Your Workforce - SPONSOR CONTENT FROM SHRM. [online] Harvard Business Review. Available at: https://hbr.org/sponsored/2021/12/4-strategies-for-upskilling-and-reskilling-your-workforce.[Accessed 14 Dec. 2023].

‌www.betterup.com. (n.d.). Reskilling vs. Upskilling: What is the Difference and 5 Ways to Start. [online] Available at: https://www.betterup.com/blog/reskilling#:~:text=While%20reskilling%20involves%20teaching%20current%20employees%20new%20skills [Accessed 14 Dec. 2023].

‌

 

Comments

Post a Comment

Popular posts from this blog

Talent Management

Image
  Talent Management Image Courtesy of Forbes.com (Forbes Advisory)   Definition According CIPD, Talent management is putting in place processes to: attract, identify, develop, engage, keep and deploy individuals valuable to an organization. To be effective, it needs to align with strategic business objectives. Strategic talent management has several benefits: it builds a high-performance workplace; it fosters a learning climate; it adds value to the employer brand, and it improves diversity. (CIPD, 2022) Talent Management is Strategy to developing and planning of workforce, attracting talent pool through Employer Brand, implement Employer Value Proposition plan for employee retention and Engagement, execute selecting and recruiting process, in order to achieve Organization goals with dynamic Performance Workforce. Talent Management Process   Planning Stage In this stage, HRM need to assess talents requirement and create recruitment plan, job ...
Read more

Employer Brand and Talent Management

Image
  Employer Brand and Talent Management Image Courtesy of HRM Handbook.com Employer Brand (EB) is a process of promoting of Organization Value and Culture and utilizing Organization reputation as competitive advantages for targeting and recruiting the right candidate for talent management.  According to 2022 GreatplacetoWork.com Survey, “Millennials who say they work at a great workplace are five times more likely to endorse their company and two times more likely to stay with their organization. They are four times more likely to endorse their company when they are proud to tell others they work there, and nearly four times more likely to recommend their employer if they intend to work at their company a long time.” The Survey Stated that Millennials who are aged 28 and 43 as of 2024, are proud workers and keen to continue to work for Great Organization with good images. They are more likely to opinioned about Organization images which they work for. Millennials are more likel...
Read more