Corporate executives understand that employee turnover is costly. When a company invests in its employees, it is investing in much more than just their salaries. They also invest in hiring, training, and development. This is where upskilling programs can actually be cost-effective.
A 2016 Huffington Post article titled “High Turnover Costs Way More Than You Think” estimated that losing one millennial could cost an organization up to $25,000 in lost productivity. However, the same organization will have to spend more money to interview, hire, and train a replacement employee.
These costs can add up over time and have an impact on the corporate base. Upskilling programs can be used instead of hiring new employees.
What Does Upskilling Mean?
Upskilling is the process of teaching current employees new skills.
By investing in tenured employees and retaining them, wise organizations can ease some of these financial burdens. Spectacular employees, those with high morale and productivity, can be difficult to find, and companies understand the importance of finding ways to keep these people.
To help retain current employees, businesses can invest in a process known as upskilling training. Teaching current workers employees new skills are known as upskilling. Employees will be able to advance into better positions within the company as a result. Investing in employee upskilling programs pays off eventually because the company saves money on hiring new associates while also increasing the morale of tenured employees.
Why Should Upskilling Training Be Your Focus?
Training your employees and assisting them in moving up the corporate ladder may appear to be a noble idea, but it is more than that. Designing and putting into practice a program for employee upskilling will give you the following specific advantages:
- Employee Retention:
Employees who are given opportunities to progress are typically the happiest in their organizations. If your company works to retain personnel, it will demonstrate that it is making a significant investment in its people, which will enhance morale and productivity. When you challenge employees to grow outside their responsibilities, they often become excited about what is ahead for them.
- Customer Satisfaction:
Customers are significantly more likely to be satisfied if your personnel are happy. Employees who are satisfied with their jobs are more likely to promote the company’s brand both within the organization and to customers. In addition, pleased customers are more likely to be loyal customers.
A strategic plan is required to develop a successful upskilling training program in your company. Having a strategy can help you gain support from both the organization’s leadership and the employees themselves.
- Create and implement personal development plans
Encourage associates to create a Personal Development Plan that includes skills they want to learn and skills they want to develop. Giving your staff the freedom to create their own plans is critical to the success of any upskilling programs. Employees can identify new skills and competences that interest them rather than being told what they must acquire.
- Schedule time during the workday
Make time for upskilling during the workday after your staff have created their personal development plans. Allow them to depart early for class or provide time and a quiet location for them to complete the course online.
- Provide job-specific upskilling and credentialing programs.
Provide your employees with job-specific upskilling programs to help them improve their present abilities. For instance, you may have specialized software that is only used by a small portion of your firm. Consider providing upskilling training on the software to personnel who are interested in learning more about it.
Consider offering credentialing programs, which are training programs that result in a professional certificate. These programs also rewards employees with digital badges created by online badge makers. You may have instructional designers on your team, for example, who may benefit from enrolling in an intense eLearning Certificate program.
How Can You Implement Upskilling Programs?
- Classroom training:
Trainers can provide upskilling training in a class environment. Companies, for example, may discover negative production patterns and use the training department to upskill personnel in a group environment, thereby correcting poor behavior and increasing production.
Trainers can offer new ideas, encourage brainstorming and sharing of ideas, utilize training software, and swiftly bring participants up to speed.
- Virtual classroom training:
Companies with a worldwide workforce may not be able to provide classroom training because their personnel are distributed around the globe. If your firm has multiple locations, consider investing in a Learning and Talent Development platform that can serve as a virtual classroom solution.
Investing in virtual classroom programs helps you upskill employees no matter where they are. Employees simply check in at the appointed time, and the instructor can cover several upskilling training topics.
Creating web-based microlearning units is another efficient technique to upskill personnel. In other words, 5-10 minute web-based training modules that cover a topic. For example, a company may see a drop in customer satisfaction surveys.
The training team may develop soft skills microlearning program that teaches employees how to connect pleasantly with consumers. Employees could improve their skills by taking microlearning units that interest them during short daily breaks.
Participate in a mentorship or SME program with some of your brightest employees. Encourage your top producers to improve their leadership abilities by mentoring others or serving as SMEs in training. Experts can answer questions and clarify complicated processes from a practical standpoint, making them incredibly beneficial in all types of upskilling training programs.
SMEs can also be used to help create eLearning content for comprehensive microlearning programs. If your training team collaborates with SMEs during the development process, they will have piece of mind knowing that their information is up to date and correct.
The Path To Upskilling Your Employees Will Lead To Success
Upskilling training provides numerous benefits, ranging from increased employee engagement to cost savings for the firm. And it doesn’t have to be expensive. Begin by identifying knowledge gaps among your present personnel.
Allow them to design their own career path, and then provide the time and resources to assist them in reaching their objectives. You can provide upskilling training almost anywhere, from a physical classroom to a virtual classroom or even on your trainees’ smartphones. Business education is a great opportunity for your employees.
Take the time to invest in employee upskilling so that they will stay with you and help your firm develop and succeed.