Reskilling and Upskilling: The Cornerstones of a Future-Ready Workforce

Today’s digital workforce is changing at a breakneck rate. 92% of modern jobs require digital skills, and customers today expect a higher degree of digital personalization than ever before (National Skills Coalition). To fulfill critical roles in cybersecurity, cloud engineering, and other tech fields, IT professionals need one eye on their current responsibilities and the other eye on the future.

Employers today prioritize IT professionals who not only have hands-on technical skills but who are also agile and innovative in their thought processes. They must understand not only how to operate the latest software engineering and data analytics programs; they also need abilities in critical thinking, problem-solving, and project management.

The pace of new technology creates an important decision for virtually every company: to reskill/upskill existing employees or hire new employees. Upskilling your existing workforce offers several notable benefits, reducing HR costs and improving retention over time (HBR). Upskilling your employees can also improve internal performance, by nurturing and deploying a talented workforce that continually grows.

QuickStart’s QS Launch program gives organizations full control of their hiring and reskilling process. Our recruit-train-deploy model, as well as our reskilling and upskilling solutions options, gives incoming and current workforce talent the skills they need to succeed on day one of employment AND throughout their employment tenure.

What is Reskilling vs. Upskilling?

Reskilling refers to the process of training employees to take on entirely new roles within an organization while upskilling focuses on enhancing the current skill set of employees, making them more versatile and valuable within their current roles. Both approaches are important in helping employees keep up with technological advancements, evolving industry standards, and increasing job complexity.

To reskill employees helps companies respond to changing market demands, technological advancements, and organizational shifts. When a company identifies roles that are becoming obsolete or employees whose current skills no longer align with strategic goals, focused training allows these employees to transition into new, relevant positions.

These reskilling initiatives can include:

• Comprehensive training programs: Structured courses or bootcamps that provide in-depth knowledge in a new domain.
• Mentorship and coaching: Guidance from experienced professionals to help employees navigate their new responsibilities.
• On-the-job training: Practical, hands-on experience in a different role within the organization.

Reskilling aims to retain valuable talent by equipping them with the skills needed for new roles within the organization. This reduces the need for external hiring and fosters an internal culture of growth and adaptability.

On the other hand, upskilling often involves:

• Certifications: Achieving industry-recognized credentials that validate an employee’s expertise in a particular area.
• Skill enhancement courses: Specialized training that focuses on specific areas of improvement.
• Workshops and seminars: Short-term, intensive learning sessions aimed at skill improvement.

The primary goal of upskilling is to ensure that employees remain competent, competitive, and capable of contributing to the organization’s success. It also enhances employee satisfaction and engagement by providing growth opportunities and preventing skill stagnation.

The Business Case for Reskilling and Upskilling

Investing in continuous employee development is no longer a luxury for businesses — it’s a necessity. Reskilling your workforce can create additional opportunities for employee retention, cost savings, minimizing turnover, and improved productivity.

Enhanced Employee Retention

In today's competitive job market, retaining top talent is a top concern for organizations across virtually every industry. High turnover rates can significantly impact a company's bottom line, morale, and overall productivity. By focusing on enhanced employee retention strategies through reskilling and upskilling, companies can address these challenges before they become a bigger concern.

Career development is one of the biggest motivating factors in employee retention. 94% of employees say they would stay with their current employer longer, if that employer invested in their careers (LinkedIn). This makes employee upskilling one of the strongest, safest investments you can make in your own workforce.

Career training initiatives help IT professionals take logical steps toward even more fulfilling careers. For example, data specialists who upskill their abilities in data analytics and visualization can become data analysts, data scientists, and data managers. Cybersecurity specialists can assume manager and director-level positions with similar training.

Cost Savings

There’s no argument that upskilling and reskilling requires an up-front investment. You will need to invest in training programs, certifications, and curriculums that teach new skills to your current workforce. However, this early investment often saves companies from a much more costly investment when hiring new employees down the road.

Upskilling and reskilling help save on nearly every cost associated with new employees, from recruitment through hiring and onboarding. Onboarding a single new employee can cost as much as $4,700 (Business News Daily), and the cost is even higher when an employer elects to replace one employee with another. For example, replacing a single technical employee can cost between 100% and 150% of the original employee’s salary (G&A Partners). Indirect costs like knowledge gaps, reduced productivity, decreased morale, and team disruption can further add to that price tag.

Redeploying existing talent, with new skills, is 20% more cost-effective than the “hiring and firing” approach to talent (McKinsey). This makes reskilling your workforce the more affordable option when considering how to add talent, through educational options that also improve employee satisfaction and retention rates.

Improved Performance and Productivity

Enhancing your team’s skills can also improve their overall productivity and the quality of their work. This means the same team, with new skills, can operate faster and with fewer errors. Research from the Annual PWC Global CEO Survey indicates that 93% of CEOs see increased productivity, improvements in talent acquisition and retention, and a more resilient workforce after introducing upskilling programs (Inkling).

Engaged employees are emotionally invested in their work. They take pride in their work, are committed to achieving their goals, and are driven to contribute to your organization's success. 

This heightened motivation translates into increased efficiency, as engaged employees are more focused, proactive, and willing to go above and beyond their job descriptions to solve problems and drive results.

Future-Proofing Your Organization

Providing your employees with new skills is also a great way to future-proof your workforce. This means ensuring your company has the capabilities to adapt to technological changes, whether that means different hardware or software, internal technology workflows, or revisions to the way the business handles IT compliance.

Today’s pace of change makes skill adaptation a never-ending process. In fact, updating employee skillsets is now more important than ever. The Harvard Business Review estimates that the average half-life of a skill is now less than five years. In some technology fields, that half-life is as low as two-and-a-half years. 

This rapid rate of skill decay means that more than ever before, your organization must be proactive in identifying opportunities to reskill certain roles. Companies that fail to address this rate of change will quickly find themselves falling behind other businesses in their space that have updated these strategies. 

Enhanced Employer Brand

Your brand’s reputation is one of its most important assets. This reputation does more than sell products or services among consumers; it also helps to attract and retain top talent to your organization. 

A strong employer brand conveys a positive image of the company as a great place to work, reflecting its values, culture, and commitment to employee development. This, in turn, helps build a solid reputation in the industry and attracts high-caliber professionals who are seeking growth and development opportunities.

One of the best ways to enhance this employer brand is through regular reskilling and upskilling initiatives.

Companies that are known for treating their employees well and providing ample opportunities for growth and development are often regarded as leaders in their field. These organizations with a good reputation for employee experience also enjoy higher levels of trust and loyalty from customers, who may view the company as ethical and socially responsible.

Implementing Reskilling and Upskilling Programs

Installing and maintaining a productive reskilling or upskilling program isn’t an overnight task. Instead, integrating a high-quality skills-focused development program for employees takes time and effort — though the payoff is entirely worth the investment.

Before companies greenlight an internal reskilling or upskilling program, it’s important to assess current skills gaps, leverage the right technology, and develop customized training programs that can help employees improve in the identified areas of weakness.

Assess Skill Gaps and Future Needs

The first step in implementing a reskilling or upskilling program is auditing internal skills gaps. This means identifying current gaps within the organization, where a lack of skills might be leading to slowdowns, errors, or other challenges that impede efficiency. These same gaps might create frustration between employees with and without certain skills.

Evaluating a skills gap requires certain steps. These can include:

• Skills inventory: Create a detailed inventory of the skills possessed by each employee. This can be done through self-assessments, peer reviews, and manager evaluations.
• Performance metrics: Analyze performance data to identify areas where employees may be lacking in essential skills or where additional training could enhance productivity.
• Feedback mechanisms: Implement regular feedback mechanisms such as surveys, one-on-one meetings, and performance reviews to gather insights on skill gaps and development needs.
• Competency frameworks: Develop competency frameworks that outline the skills and behaviors required for success in each role. This helps in identifying gaps between current capabilities and desired competencies.

Identifying skill gaps is not only about recognizing areas of improvement, but it’s also important to uncover opportunities for growth and development. By understanding employees’ needs, organizations can tailor their training and development programs to address these gaps effectively.

Develop Customized Training Programs

Each training program must fill a specific requirement within an organization. This maximizes the benefit for each employee and prevents any frustration with a training program that teaches skills an employee already understands.

Here are a few training formats to consider:

• Blended learning: Combining multiple formats, such as e-learning and classroom training, creates a comprehensive learning experience. Blended learning leverages the strengths of different methods to enhance overall effectiveness.
• Classroom training: Traditional instructor-led training sessions provide a structured learning environment where employees can interact directly with trainers and peers. This format is beneficial for hands-on practice and immediate feedback.\
• Mentorship and coaching: Pairing employees with mentors or coaches provides personalized guidance and support. This one-on-one format helps in addressing individual challenges and fostering professional growth.
• Online learning: Online courses and modules offer flexibility and convenience, allowing employees to learn at their own pace and on their own schedule. E-learning is ideal for remote or dispersed teams and can be easily scaled.
• On-the-job training: Practical, hands-on training that occurs in the workplace enables employees to learn by doing. This format is particularly effective for technical skills and real-world applications.
• Simulation and virtual labs: Using simulations and virtual labs allows employees to practice skills in a controlled, risk-free environment. This format is useful for technical training and complex problem-solving scenarios.
• Workshops and seminars: Interactive workshops and seminars provide opportunities for in-depth exploration of specific topics. These sessions encourage active participation and collaborative learning.

Tailored training programs demonstrate the organization’s commitment to employee growth and development, fostering a culture of continuous learning and improvement. Employees who see that their specific needs are being addressed are more likely to engage with the training and apply their new skills effectively.

Measure and Adjust

To ensure the success and continual improvement of training programs, it's important to measure their effectiveness regularly. Of course, many organizations measure performance with key performance indicators (KPIs) to evaluate training programs, for a clear, objective way to assess their effectiveness.

Here are a few ways companies should use those KPIs to further improve their upskilling and training programs:

• Identify gaps and weaknesses - Analyze the data to identify any gaps or weaknesses in the training programs. Determine which areas are not meeting expectations and require improvement.
• Revise training content -  Based on the feedback and performance data, update and revise training content to make it more relevant, engaging, and effective. This might involve incorporating new information, refining existing materials, or adopting different training methods.
• Enhance delivery methods - Assess the effectiveness of the training delivery methods and consider alternative approaches if necessary. For example, if traditional classroom training is not engaging enough, explore interactive formats such as e-learning, simulations, or blended learning.
• Provide additional support - If employees are struggling to apply new skills, consider offering additional support through follow-up training sessions, mentoring, or on-the-job coaching. This can help reinforce learning and improve skill application.
• Set new goals and KPIs - As training programs evolve, set new goals and KPIs to measure their ongoing effectiveness. This ensures that the evaluation process remains relevant and aligned with organizational objectives.
• Foster a feedback loop - Establish a continuous feedback loop where employees feel comfortable providing ongoing feedback about their training experiences. This real-time feedback can help make timely adjustments and improvements.

By regularly evaluating training programs with KPIs and adjusting strategies based on the findings, organizations can create a cycle of continuous improvement.

Upskilling or Reskill Your Workforce for IT Today

Upskilling and reskilling help to keep a workforce continually relevant, even as hardware, software, and compliance seemingly change on a daily basis. Employee education can help drastically improve satisfaction and retention rates while creating a workforce that’s ready to work today, tomorrow, and into the future.

By partnering with us at QuickStart, we can help you reskill your workforce by unlocking the hidden potential through our technical training programs so you can increase retention, cut costs, and improve employee satisfaction and loyalty.

Our program functions as an extension of your organization, through training tailored to your internal tools, technologies, and needs. You provide the workforce, and we’ll provide the instructor-led training for a flexible engagement model. 

Partner with us today to reskill and upskill your workforce in record time.