{"id":16018,"date":"2021-09-13T11:39:15","date_gmt":"2021-09-13T11:39:15","guid":{"rendered":"https:\/\/www.orangemantra.com\/blog\/?p=16018"},"modified":"2023-03-17T05:39:58","modified_gmt":"2023-03-17T05:39:58","slug":"how-upskilled-workforce-is-empowering-businesses-to-grow-ambitiously","status":"publish","type":"post","link":"https:\/\/www.orangemantra.com\/blog\/how-upskilled-workforce-is-empowering-businesses-to-grow-ambitiously","title":{"rendered":"How Upskilled Workforce is Empowering Businesses to Grow Ambitiously\u202f"},"content":{"rendered":"

No one could have ever imagined a crisis like the Covid-19 pandemic. On a whim, it forced many companies to change the way they work overnight. With the virus shutting down markets, businesses worldwide saw a drastic transformation of their day-to-day operations, turning them partially or fully digital.\u202f<\/span>\u00a0<\/span><\/p>\n

It incited initial pressure in the minds of the workforce. The pressure was about how to adapt to the new way of working remotely. But this was the blueprint for long term growth for many companies that invested much in upskilling the employees about new ways of working.\u202f<\/span>\u00a0<\/span><\/p>\n

To understand it better, let\u2019s take an example of one pharma company that experienced 10,000 sales reps before the pandemic. After the emergency crisis, the company switched 100% to the remote model. And when the containment phase gradually lifted, the company scaled back its remote-work model partially. Now, the pharma company is planning to go hybrid with 30% online and 70% offline by leveraging the freshly developed skills of the workforce.<\/span><\/p>\n

(<\/span><\/span>Source:<\/span><\/span><\/strong>https:\/\/www.mckinsey.com\/business-functions\/organization\/our-insights\/to-emerge-stronger-from-the-covid-19-crisis-companies-should-start-reskilling-their-workforces-now<\/span><\/span><\/a><\/em>)<\/span><\/span>\u00a0<\/span><\/p>\n

Thus, changing technologies and new ways of working are not something of forced decision. Instead, it’s a necessity to fill the skill gaps, adapting technically advanced attributes and rapidly changing to conditions.\u202f<\/span>\u00a0<\/span><\/p>\n

Moreover, the coronavirus pandemic has made this thing necessary for enterprises to upskill and reskill the workforce to new roles and\u00a0activities. It is more about being dynamic, working in a hybrid operational mode, or even learning the virtues of AI<\/a> and IoT.\u202f<\/span>\u00a0<\/span><\/p>\n

Upskilling employees will strengthen enterprises for having a futuristic, disruptive workforce and adapt to change.\u202f<\/span>\u00a0<\/span><\/p>\n

What is Upskilling?<\/span><\/b>\u00a0<\/span><\/h2>\n

Upskilling means enhancing the skills of your current workforce to learn new things, technologies, ways of working, and more. It is the process of training and developing employees to expand their skillsets, becoming more competent, adapting to the changes, and creating a significant competitive advantage. Most importantly, emerge strongly in rapidly changing working conditions and advancement in technologies enterprises by upskilling the workforce.\u202f<\/span><\/p>\n

Why Do You Need Upskilling?<\/span><\/b>\u00a0<\/span><\/h2>\n

The need to upskill the workforce of your organization is necessary in two ways. Firstly, due to the uncertainty of the pandemic, learning leaders have to keep the workforce ready for any situation and equip them with the skills of tomorrow.<\/span>\u00a0<\/span><\/p>\n

Secondly, \u201cthinking machines\u201d continue to take over the responsibilities of humans. Many are worried about automation replacing the manual workforce and putting many jobs at risk. In fact, it has been predicted that by 2025, automation and a new division of\u00a0labor\u00a0will disrupt 85 million jobs annually. However, 97 million new jobs will be created with that advanced skill set. Therefore, attaining a competitive advantage ahead demands the right skill set of employees.\u202f<\/span>\u00a0<\/span><\/p>\n

How Upskilling Employees Benefit Your Organization<\/span><\/b>\u00a0<\/span><\/h3>\n

If skills are valuable commodities, then upskilling is here to meet the challenges of the constantly changing business ecosystem. All\u00a0these helps\u00a0make the current workforce a valuable asset to the company. Thus, enterprises can hire a new skilled workforce but investing time, effort, and energy into the current one evolves over time.\u202f<\/span>\u00a0<\/span><\/p>\n

Now, let\u2019s take a look at the benefits of upskilling.<\/span>\u00a0<\/span><\/p>\n

    \n
  1. Reduce Attrition Rates<\/span><\/b><\/li>\n<\/ol>\n

    Changing job roles frequently is the reason for increasing the skills gap among professionals. As per the study, several HR professionals believe that there is a significant gap of 56% of the skill set of the existing employees.\u00a0And\u00a0the gap would increase from moderate to severe.\u202f<\/span>\u00a0<\/span><\/p>\n

    It emphasizes the need of bestowing new learning and development opportunities for employees to remain employable. It is also necessary to keep up to date with high-demanding skill sets with changing times. Because today\u2019s skills will become obsolete in the next 4-5 years.\u202f<\/span>\u00a0<\/span><\/p>\n

    Thus, by investing in upskilling the existing employees, organizations can:<\/span>\u00a0<\/span><\/p>\n