How Upskilling and Reskilling Can Improve Profitability and Innovation

A McKinsey report found that by 2030, as many as 375 million workers (that’s 14% of the global workforce) may need to switch occupations for which they are currently not trained. A separate survey by the organization of roughly 300 executives found 66% of them see “addressing potential skills gaps related to automation/digitization” within their workforces as at least a “top-ten priority.” So, how can organizations deal with the skills gaps that are becoming increasingly apparent while maintaining productivity and innovation? Additionally, how can leaders ensure their teams are preparing employees with skills to collaborate and connect in a digital-first, work-from-anywhere post-pandemic environment?

So, how can organizations deal with the skills gaps that are becoming increasingly apparent while maintaining productivity and innovation? Additionally, how can leaders ensure their teams are preparing employees with skills to collaborate and connect in a digital-first, work-from-anywhere post-pandemic environment?

A recent study found one immediate way to bridge the skills gap is through upskilling and reskilling employees. In the study, they found 42% of employees have pursued training on their own since the pandemic, and 68% of companies are investing in reskilling and upskilling training to handle changes within the organization -- another 65% plan to train employees on new technologies. But what about upskilling and reskilling a company’s extended workforce? It’s projected that by 2023, more than half (52%) of the U.S. workforce will be gig economy workers, so how can companies ensure they are being adequately trained and set up for success in a hybrid work environment?

At eTeam, we’ve recognized the market shifts coming and created a proprietary talent enrichment program for upskilling and reskilling employees. This allows our clients the ability to build and cultivate skills specific to their unique hiring needs, providing a seamless transition into an organization.

• We also provide free access to training and development of digital skills, analytics skills, collaboration, and organizational transformation skills, so talent is well-rounded and able to step into any project and contribute to its success.
• We educate our talent on upskilling and reskilling courses available in their current or desired industries that can provide further development opportunities.
• We pair prospective talent coming into our pipeline with subject matter experts in our database who can determine where gaps exist and provide advice on career pathing.
• We also work closely with our clients that are looking at upskilling and reskilling employees in a given area -- particularly emerging technologies like Java, cybersecurity, Cloud, .NET, and Platform-as-a-Service -- and provide consultants that can come in and deliver upskilling and reskilling training to their full-time employee base.

When it comes to equal opportunity in learning and development, one LinkedIn study found the challenges that Black employees face are significant. In the study, they found that one in four Black professionals feel they have been “overlooked for career advancement opportunities because of their skin color, and a third feel they have missed out on career advancement opportunities due to a lack of internal mentorship and sponsorship programs.”

Organizations are beginning to recognize DE&I needs to be intertwined with learning and upskilling and reskilling programs to create the equity and inclusion they seek. This will build trust with their workforce and provide an environment where everyone can be successful.

We mentioned in our last article, “Diversity…,” the importance of self-reporting EEOC information to ensure companies are tracking towards their diversity goals. We track and report on our candidate’s EEOC information (with permission and only after they are accepted to a role), so our clients can see how they are doing against these goals and adjust their talent strategies as needed. One way we encourage this is by providing additional free training when a candidate self-reports, which targets our diverse candidates and ensures they are receiving adequate skills training/retraining.

If HR leaders want to change the landscape of their organizations, they need to recognize the need for reskilling and upskilling in all parts of the organization, and this includes its extended workforce. Supporting talent strategies that provide diverse candidates, have programs that allow those candidates to be reskilled and upskilled, and provide continuous engagement and communication around our client’s culture, brand, and commitment to development opportunities is critical. They also must be diligent about preparing their organizations for a hybrid work environment, including communication and collaboration tools and education on how teams can be effective in a remote work environment.

We’ve built long-term relationships and formed trusted partnerships with many Fortune 1000 companies, MSP organizations, and global world-class talent. We pride ourselves on providing them with the requisite skills they need to be successful. We are committed to finding continuous learning, development, and reskilling and upskilling programs that are a fit for our clients and allow our candidates to be successful.

Investing in your workforce, both now and for the future of work, will not only set you apart from your competition, it ensures you have the right skillsets for tomorrow. We’ve had the fortune of working with companies that are getting it right, and we’d love to talk to you about strategies that have worked, are scalable, and will create improved profitability and innovation for your organization. Get in touch now: