Reskilling and Upskilling: Adapting to Changing Skill Demands Strategically

New industries specializing in technology such as big data and artificial intelligence are emerging behind the digital revolution at a rate that the job market is not able to keep pace with. To bridge this gap, organizations offer training for employees in order to maximize their performance (upskilling), or to recycle them for another job (reskilling). Let’s look at the advantages of these trends.

Upskilling vs Reskilling

Upskilling vs Reskilling are concepts related to new skills learning. However, you need to know the important difference between the two.

Upskilling involves learning new abilities that are useful to complement and augment current skills. Meanwhile, reskilling is learning new abilities in order to replace current skills since they are no longer relevant for the job of today or tomorrow. 

Using career pathing to close the skills gap

Reskilling and upskilling tactics are both possible through the creation of a career management program in your firm. Career patching means an employee’s process of drawing a course on the growth of a personal career.

A competence-based strategy leads to successful career pathing strategies. This enables your firm to analyze and review the exact abilities needed for every single function and to identify the skills needed to develop new workers.

A professional path is distinct to every employee and helps them break the steps required to reach their long-term career objectives and advance their career laterally and by promoting them. It involves an awareness of the relevant information, skills and personal characteristics and helps to identify the specialist skills and extra training required to meet the needs.

The benefits of reskilling and upskilling

The advantages of employing retraining or upgrading strategies at work are widespread. Some of the more important ones are:

Reducing cost of recruitment

Reskilling and upskilling are both internal talent investments to meet company objectives. This considerably simplifies hiring processes and in turn the associated expenses and times of adjustment.

Keeping your top employees

Reskilling means that you don’t only need to terminate good staff elsewhere. Qualified staff are not always simple to locate, and your business is far better than having their skills go to another firm. Brilliant individuals aren’t always simple to locate, and keeping them in your firm is far better than getting their talents to another organization. 

Great tool for internal mobility

The good news is that reskilling will not only help you retain your top employees, but it will also help you attract the next generation of dedicated employees. These new employees will want to work for a company that values its current employees and demonstrates that by assisting them in expanding their skills and roles within the organization. People are much more likely to stay with a company that shows an interest in expanding the roles of current employees.

In Vietnam, as Talentnet’s top consultant in human resources, it employs the latest technology with a high standard of protection, a comprehensive understanding of labor legislation and applicable HR solutions. For further information, please contact us.

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