Importance of Skill Development in Making your Workforce Future Ready

Over the past two years, since the spread of the pandemic, it has been observed that companies across the globe have drastically altered their mainstream methods of operations to adopt a unique and lean approach that better suits the current circumstances. Apart from the pandemic, multiple factors such as geopolitical risks and the vociferous gas prices have further compelled organisations to realise that change is constant. This has encouraged individuals and organisations alike, to make reskilling and upskilling a regular practice. Furthermore, the shift from onsite to online learning, the abundance of study material available on the internet, and the options to study part-time, over the weekends or attend evening classes has taught the masses that learning can be quick and easy.

 

McKinsey Global Survey 2021 stressed on reskilling and upskilling employees a matter of urgency to try and reduce the skill gaps across industries. In the same survey, most respondents stated that skill building has become even more crucial than hiring, contracting, and redeploying employees, with 69% of organizations doing more skill building now than before the COVID-19 crisis. LinkedIn’s Workplace Learning Report 2022 confirmed that 46% of Learning and Development leaders mentioned that upskilling and reskilling has been their top-most priority this year. (2022 Workplace Learning Report | LinkedIn Learning, 2022).

According to the definition provided by Forbes, Upskilling is a go-to strategy where critical skills are discussed in a more straightforward manner in deciding how to approach progress. Such as organizations looking at their own employees that were provided training by the organization itself versus the talent that has recently been hired and what they bring to the table. (Odom, 2022)

Reskilling, on the other hand, is when your talent moves to a new job. Reason could be plentiful, such as a career growth or organizational changes resulting in the move. Reskilling programs requires a greater level of investment as it starts with assessment and different requirements for different people. Organizational skill-building through reskilling is a progression that is an important metric in terms of the impact of a particular skills learning. (Odom, 2022)

Harvard Business Review research has indicated that 65% of the tasks that a manager is currently in charge of will be automated by 2025. (11 Trends that Will Shape Work in 2022 and Beyond, 2022) This means, that if a manager needs to affirm their position, then one must fit into the new definition of what it means to be a manager or have themselves at the unease of losing a job. This is just one example of the alarming changes that are coming at the workplace and the impact of automation.

 

Topics like these have become an on-going discussion for many senior leaders to up their game in the industry. Discussions on assessing the skills of their current workforce and how can an impactful performance be delivered with solutions that build onto their skills in their current role is a constant conversation and a struggle.

Although this survey done by McKinsey dates to 2017, the statistical estimation done here is much more digestible now than ever. Approximately 50% of the jobs according to this survey can be automated, and this is not limited to a selected number of jobs, but across industries globally implying substantial workplace transformations and changes and changes for all. The solution of which can only be understood by creating an urgency on reskilling and upskilling employees.

Countries like India that ace in manpower strength have realized that 60% of the HR executives reported that CEOs were on the lookout for the employees who possessed a skillset for the future jobs, and for India to have an economic growth and to receive a heavy influx of global investments, a nationwide rigorous upskilling of working professionals is crucial. (Adapting to Industry Demands: Upskilling as the Way Forward in 2022, 2022)

 

According to the World Economic Forum’s ‘The Future of Job’s Report’ 40% of the employees in companies will need to reskill for 6 months, and 94% of the leaders expect their employees to upskill while on the job to keep up with the changing needs. (Adapting to Industry Demands: Upskilling as the Way Forward in 2022, 2022)

This constant evolvement of skills is also bringing a paradigm shift in the education industry, as well. It is estimated that the online education market in India alone will grow by USD 2.28 billion through 2021 – 2025 and executive education programs are excellent avenues for upskilling and reskilling employees.

“As India consolidates its presence as a global powerhouse of economic growth and tech-driven innovation, its workforce will need continuous upskilling and reskilling to keep pace with the changing contours of the industry. Executive education presents the opportunity to prepare India’s massive workforce for the future, and educational technologies will allow for greater accessibility, customization, engagement, and democratization”. (Adapting to Industry Demands: Upskilling as the Way Forward in 2022, 2022)

This is for India alone, however, the requirement for upskilling and reskilling is now a global phenomenon. Adoption of this practice has become crucial for growth and stability of companies and their employees. It has become equally mandatory for educational institutions to cater to this demand. DeMont offers professionals an opportunity to upskill and advance into their careers in the fields of Project Management, HR, Supply Chain Management, Sales and Marketing, and Healthcare Management. It also offers courses such as Certified Manager and Certified Team Leaders that support individuals who are looking forward to or have already acquired leadership roles at their workplace.