Indian Budget 2024: Key Highlights and Benefits for Salaried Employees
- Industry News
In a world where change is the only constant, undoubtedly, the challenge confronting businesses across the globe is ensuring that your workforce adapts to changing technologies and business demands. From altering traditional jobs with automation and hybrid work models to revising the basic premise of teams, 2024's workforce needs to be readied for an unpredictable tomorrow and sure for today. No debate about the need to upskill or reskill, but rather, how best to do so.
Upskilling is training or improving already acquired employee skills to improve their performance in their assigned roles or advance to higher-level positions. Reskilling involves employees engaging in new roles established by changes in the industry they are preparing for. Such strategies form the bedrock of organizational growth and contribute significantly to employee satisfaction and retention.
Upskilling teaches employees new skills within their current roles to help them advance or improve their performance.
Reskilling is the training of employees to take on new roles, often due to shifting business needs or technology advancements.
Change is happening at the speed of history in 2024 and is motivated by technological breakthroughs, pressures from a new wave of global competition, and changes in workplace culture. Upskilling and reskilling are no longer choices but imperatives for organizations to stay relevant and competitive. Let’s go ahead to understand the reasons for performing the upskilling and reskilling.
The speedy implementation of automation, artificial intelligence, and machine learning within industries characterizes the Fourth Industrial Revolution. Technologies such as generative AI, IoT, and blockchain demand specialized skills, while some traditionally sought skills become outdated.
For example, retail has grown to increasingly require data scientists who can study customer behavior, while autonomous vehicles create needs for engineers with AI systems skills.
Hybrid model work, where work from home and work from office blend seamlessly, places significant demands on digital collaboration tools and cyber security. Employees must prepare themselves for managing virtual teams and setting up infrastructures to ensure productivity without direct supervision while maintaining seamless communication across geographies.
Modern employees seek organizations that invest in their professional development. A LinkedIn report found that companies providing robust learning opportunities see 53% higher employee engagement and retention rates.
Employees want clear career paths, opportunities for growth, and skill development, making upskilling a key driver for talent acquisition and retention.
In light of global economic volatility, the business world has changed radically. Be it disruption to a company's supply chain or new data privacy regulations, today's organizations need teams that can quickly pivot between these tasks.
For example, large numbers of data privacy officers and cybersecurity experts are sought after as compliance requirements become more stringent.
Global talent markets have resulted in businesses that now face the best of the global world instead of competing at the local level. Upskilling the employee pool in language, cross-cultural communication, and international regulations will allow companies to enter new markets.
HR can uniquely collaborate with organizational goals and employee needs to meet the challenges of upskilling and reskilling. This is how HR drives workforce resilience:
HR leverages data-driven approaches, such as:
For example, the HR department of a tech company might decide there is a rising need for cloud computing professionals and, on their initiative, design training programs.
HR ensures that training programs are not generic but tailored to individual and organizational needs:
HR integrates technology into learning initiatives:
HR plays various roles in fostering the development of a culture of continuous improvement, including,
To ensure the success of upskilling initiatives, HR measures:
Now, it’s high-time to explore the key strategies that plays an integral role in dealing with the effective upskilling and reskilling.
Microlearning delivers content in small, digestible chunks, ideal for busy employees. Examples include:
Data-driven decision-making ensures upskilling efforts are aligned with real needs:
For example, a retail company might use analytics to identify that its sales team needs training in CRM tools to improve customer retention rates.
Cross-functional training creates employees who are versatile and adaptable. For instance:
Offering flexibility ensures employees can learn without disrupting their work schedules. Examples include:
Collaborating with academic institutions, e-learning platforms, or industry experts can expand training offerings. For instance, a partnership with Udemy for Business or LinkedIn Learning can give employees access to diverse, industry-relevant courses.
An example is Google's "Career Certificates" program, which trains employees in IT, project management, or data analytics. Such efforts help them move into more in-demand careers and make Google better equipped with talent.
The reskilling program at Cleveland Clinic was undertaken mainly because of its requisition and utilization of remote care technologies for delivering telehealth services. It improved patient outcomes, and from this, Cleveland Clinic was able to roll out its services all over the world.
The Walmart started the "Live Better U" program, which covers college degree and professional certification fees for its employees. This has significantly increased the retention rate and employee satisfaction.
Siemens diversified its approach to preparing its workforce for Industry 4.0. In this direction, it trained its workforce in automation, data analysis, and robotics. Siemens thus implemented advanced technologies in manufacturing without a hitch.
JP Morgan Chase recently launched an upskilling program in data science and AI. Consequently, the bank will be able to endure the financial world redefined by a strong sense of technology.
In 2019, Amazon initiated its "Upskilling 2025" program, promising to invest $700 million in retraining 100,000 of its employees. The training topics vary from machine learning to software engineering, empowering the employees for their transition into other highly demanded job openings within the organization.
AT&T's $1 billion Future Ready is fast becoming a benchmark for major-scale reskilling. Thousands of employees learned new skills - data science, cybersecurity, and software development - which helped save 32% in product development cycle time and 50% faster market entry for new products.
The time has come to make it optional and necessary: create a future-ready workforce in today's fast-paced world. Through upskilling and reskilling, organizations are putting their teams in the best position to do something unique- innovate, be agile, and build long-term success. Hence, human resources remain at the heart of this transformation, with initiatives that align employees' aspirations with business goals.
Upskilling and reskilling strategies can be streamlined through HR HUB. Organizations will find comprehensive solutions for skills gap identification, designing the custom learning journey, and tracking progress all at one simple-to-use interface. These features of HR HUB provide a seamlessly integrated platform that easily interfaces with training tools and analytics to allow businesses to stay ahead of the curve while keeping employees motivated and engaged.
Equip your workforce for the challenges of tomorrow. Check out HR HUB to learn how it can help you foster growth, responsiveness, and innovation in your organization. Find out what HR HUB can offer to future-proof your team.
