Companies are finding that staying competitive and keeping up with changes in the marketplace is more challenging now than ever before, partly because it is more difficult to find qualified talent to fill critical job roles. In fact, there is such an acute talent shortage that it is said a skills shortage would be the most significant business challenge this year. Industry experts have identified upskilling and reskilling as key to redeveloping and retooling the workforce.
Upskilling and reskilling may appear to be analogous but they are different skill acquiring processes. According to the Cambridge dictionary Upskilling is the process of learning new skills or of teaching workers new skills whereas reskilling is the process of learning new skills so you can do a different job, or of training people to do a different job. Both are effective strategies for employers to combat what is expected to become a perennial skills shortage.
Reskilling means looking for people with ‘adjacent skills’, that are close to the new skills a company requires. It provides a lateral learning experience that can help with the vast amount of reskilling required of employees in the modern workforce. A culture of upskilling, on the other hand, means teaching existing employees new, advanced skills to close talent gaps. It involves keeping team members involved in continuous education and helps them advance along their current career path. These employees may have worked for an organization for several years and possess an in-depth understanding of both the company culture and the customers.
With the advances in technology and continuous digital transformation along with a shift in the division of labor between machines and humans there is a transformation happening in the work force dynamics now and it is expected to continue in the coming years. As demand for new capabilities gathers pace, reskilling and upskilling can enable organization to develop the skills needed to remain competitive.
Upskilling and reskilling can be beneficial to both employers and employees. For the employers it can be a way to beat the talent shortage. There is a labor shortage in almost every industry, and this is unlikely to improve soon. Organizations find it difficult to hire the talent they need, so the best solution is to develop the talent they already have. It will also avoid future workforce disruptions.
The world of work has changed, and if organizations want to stay competitive, they must invest in their biggest asset: their employees. This is a win-win situation for employees and employers. Workers acquire new, more marketable skills, and companies create a talent pool of workers who will help them quickly adapt to marketplace changes. Businesses can also reduce turnover. Research shows that when companies invest in employee growth and development, they are less likely to seek new opportunities.
High-quality candidates want to work for organizations that are committed to developing and supporting them. So, businesses that want to attract the best candidates must implement a plan to reskill and upskill their employees. One of the best ways to prepare your organization for the future of work is to incorporate skills development into your corporate strategy. This means upskilling and reskilling will be essential to creating a flexible workforce that can quickly adapt to current and future needs. Organizations that do not act quickly will be left behind.
Finance is one of the industry that has evolved in the past year with technological innovation as well as incorporation into various other industry. The professionals already part of the finance industry as well as newcomers to the field will require major upskilling and reskilling to give the best of their ability. International certification like CMA and CPA will help you overcome this challenge. At FINSPIRE Academy, our team of transformation catalysts provides you with the finest tools and advice for clearing the US CMA and CPA exams. With more than 30 years of aggregate expertise in coaching and mentoring and its exceptional online interactive lessons, we assure to inspire you to achieve success. For more details contact us at info@finspireacademy.com.
