Upskilling and Reskilling – Why are they important?

The times have changed and so did the business world. One of the significant angles which contributed to the stupendous success of businesses dotted across the globe is the advancement in technology as a whole. Technology has definitely reached new heights but that is not enough for businesses to redefine success. There has to be a productive workforce in order to deliver customer-oriented results. In today’s work scape, it is imperative that an employee needs to update his skills and learn new skills in order to stand up to the expectations of the organization. But whether they should reskill or upskill is an important

What is Reskilling?

Reskilling contributes to infusing innovative skills in an employee so that s/he gets the added potential to shoulder the responsibilities of a new job. In order to re-skill an employee, the employee must be sent to a college or institution in order to earn a degree or certification in a different field. After the completion of the degree, the particular employee will once again become employable for a new job role, be it in the same organization or in a different one.

Let us dig out more reasons why is Reskilling important.

We just cannot ignore the fact that global business conditions affect the local business scenarios in almost no time. This makes the corporate environment extremely dynamic. Stemming from this, the term ‘job security’ has been replaced by the term ‘employee value creation’. To adapt to the new business models, to pace up with the dynamic technology and to keep oneself updated with all these, reskilling is the need of the hour. Well, if one is not open to reskill, then surely, one must get ready to face the reality of being jobless.

Without any doubt, the technological transformation is a boon to all the industries.

But when it comes to human skills, it is a clear threat. This is because artificial intelligence is all set to agitate the global labour market, creating a wide and noticeable gap that will replace human effort with machine intelligence. Hence, reskilling is required.

What is Upskilling? What is its importance in today’s business world?

The process of learning new skills or teaching employees new skills is known as upskilling. There are several benefits of upskilling. Let us just go through them once in order to know the best that we ourselves as an employee can acquire or we can provide to our employees as a guide/manager.

When you upskill, you give a message to your employees that you care about their career welfare enough to polish their skills to help them become better professionals. Employee turnover is expensive. The amount of time and money spent on an employee in training him/her to become a better professional for the current organization will all go to waste if the employee will not feel supported by the organization. Eventually, the employee will quit and will want to be employed by a firm that cares enough for the employee to grow.  Upskilling is a smart step to train the employees to learn new skills for promotion under the same roof. 

How does upskilling help in the long run?

An employee becomes comfortable in an organization after being there for a while. H/she becomes a part of the organization and possesses much knowledge about the same. Upskilling makes an employee feel empowered with new skills. The place where the employee feels empowered, s/he stays for a longer duration. This makes the organization gain a loyal employee and the employee get an organization that is equally beneficial.

Hence, in this volatile marketplace, Executive Development Programmes are crucial. Different institutions across the globe have started conducting workshops that upskill and reskill the employee in several fresh ways. One of the institutes is FIIB – a 25-year-old premium institute advancing the prac. FIIB understands the requirements of the current global market. Hence it has come up with several Executive Development Programmes to provide individuals, employees, departments and organizations to achieve the best of times. For more details about the various EDPs and their benefits, please visit the link:https://www.fiib.edu.in/mdp-and-training/open-program.php