Implement an employee skills development strategy to encourage individual and business growth
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Your company’s ability to adapt to changing market conditions can help it weather challenging times and set the stage for future growth. That ability hinges on a highly skilled workforce with up-to-date knowledge, and your investment in an employee skills development strategy is an investment in your business’ success.
Supporting Technical Skills
In all industries, technology will play an increasingly important role in determining an organization’s success, but investment in new technology won’t mean much without people trained to maximize its functionality.
Harvard Business Review reported on a study by McKinsey & Co. that pointed to technology and disruption as one of the biggest drivers for business success:
“So what does it take to successfully digitize? It comes down to talent. Any business can invest in advanced technologies, but creating a workforce that’s ready to use them is much harder. It requires workers who can understand data, serve customers across virtual and physical interaction points, and keep up with fast-changing software languages.”
Running a business during the COVID-19 pandemic might have brought this issue into sharp focus for you as an executive or manager. While online tools and cloud computing have enabled staff to work from home, you likely have also identified some gaps in your technology usage and strategy.
Now is the time to start filling in those gaps by bringing employees up to speed on key technical skills. Remote learning platforms can help your staff make the most of their time as they update their skillset.
Upskilling and Reskilling
Rapid changes in global business practices have prompted a surge in employers’ need to provide upskilling and reskilling programs to the workforce.
Upskilling provides employees with new skills to apply to their current positions. Software training, for example, can help an employee maximize the technology tools for the company and identify ways to streamline their work. That newfound efficiency can free up some of their time to work on bigger-picture, strategic projects. Upskilling helps each employee transform their role within the organization with a focus on performance improvement.
Reskilling allows workers to train for entirely new positions within the company. As HBR notes:
“For fields in which the supply of talent doesn’t meet the demand, reskilling is an attractive option. If deployed well, this strategy can be a significant cost savings, when compared with the price of severance, recruiting and onboarding new employees.”
In both cases, investing in existing human capital allows your company to build upon the institutional knowledge that already exists within your workforce.
Employees need to stay current on technology tools and changes, to be sure, but they also need support in developing the soft skills that drive business relationships. Training programs should provide a mix of both hard and soft skills that people need to approach their work in 2020 and beyond.
Remote Learning
Some businesses have been thrust into the world of remote work a bit unwillingly in 2020, but this new reality presents a unique opportunity to reach your workforce. In fact, most workers report that they prefer online learning to in-person classes or conferences. According to BCG:
“When people need to learn new job skills, they choose self-directed methods such as studying on their own (63%), on-the-job training (61%) and online training, such as taking courses through online platforms and using mobile apps (a combined 54%). All of these are preferred over learning through traditional avenues including conferences (36%), educational institutions (34%) and government-sponsored programs (7%).”
View this time as an opportunity to deliver timely training to your workforce. Helping your people bridge skills gaps now will help your entire organization shift and plan strategically for future needs.
Not sure where to begin with an employee training program? Schedule a free consultation today to learn how investing in employee skills development can positively impact your business in 2020 and beyond.