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What is reskilling and why is it important?

The world economic forum estimates that over half of all employees (54%) will require ‘significant’ reskilling by 2022. And according to a global survey by PWC, 74% of CEO’s are worried about their employees’ lack of skills, highlighting the need for reskilling professionals. In a recent McKinsey Global Survey, 87% of executives were either experiencing Skill Gaps or were expecting them in the upcoming years. However, less than half of them were clear about what actions to take to overcome the problem. This is where Reskilling in particular can play a significant role.

Many people think Reskilling and Upskilling are the same activity, but there are a few important differences we must acknowledge. For example; Upskilling refers to teaching vital skills to new recruits and freshers and reskilling refers to upskilling of existing employees for new roles and responsibilities. Reskilling helps an organization retain talent, and cuts out the long and tiring procedure new recruitment.

Not only does it save time, energy and money, it also ensures the growth of an individual which in turn leads to happier employees with increased productivity. Hiring new recruits is a long, time consuming and costly affair, and there is always a chance of it not working out. With reskilling there’s a higher chance of things working out smoothly and effectively.

Your current employees already know how the company works, and what their roles entail. This is valuable information that can take months or years to obtain, and when an employee leaves, you lose that company’s knowledge and experience. Reskilling allows you to keep these knowledgeable employees, so they can pass it on to less experienced employees.

Through reskilling, employees feel validated and valued at work. It is a great tool for internal mobility. People are much more likely to stay in a company that shows they’re interested in expanding current employees’ roles.

Another benefit of reskilling is that it attracts the next round of dedicated employees. These new employees will want to work for an organization that values its current employees by expanding their skill sets and roles within a company.

All in all, reskilling is the key to growth and overall success of a company. A company is only as good as its employees want it to be. Reskilling unfurls your employees’ wings to help them achieve new heights of success and blossom into amazing assets.

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