Reskilling and its role in HR processes
The business world is changing rapidly, and as a result, professionals need to be prepared for new conditions and challenges. It is also important to work efficiently and get quality results. One of the ways to achieve this and at the same time remain competitive in the market is through reskilling, or "retraining".
Reskilling is the process of learning a new profession or skill to adapt to changes in the labor market and gain new career opportunities.
Reskilling is typically used when employees face downsizing, automation, or other changes in their professions that make their current skills inadequate. Through reskilling, they can acquire knowledge in new areas of demand and thus remain competitive in the labor market.
Company executives support the view that human potential development is one of the priorities for business growth. With new professional skills, employees become more proactive and ready for change. Deloitte reports that, according to its own research, only 5% of respondents agree that their HR department has excellent HR programs.
Also, 50% of respondents rate their companies as "weak" when it comes to innovative solutions and programs.
That is why reskilling is important for companies, as the latest technologies, such as AI, are developing rapidly and, accordingly, the way and process of doing business is changing. And this requires employees to be very adaptive and improve their professional skills. This is especially important for HR, who implement changes in companies.
What are the 3 main advantages of Reskilling?
- More employee engagement and cost optimization
If you, as an employer, take care of new training for your colleagues, they will certainly appreciate it. This is not only the company's contribution to the development of its employees, but also a way to build loyalty. In addition, it helps to retain specialists and reduce staff turnover. How does it optimize costs? A business spends less of its own resources and time on the training process than it does on finding and hiring new staff.
- Compliance with new requirements
The LinkedIn professional community emphasizes that the skills required for work will change by 65% by 2030. This means that rapid adaptability is a priority. Not only is your job changing, but you are changing at work.
- Career development
Acquiring new skills and a new position is a good career development. It also shows how valuable a specialist is to the company. In 2020, the Talent LMS platform conducted its own study on how the pandemic affected employee training. 80% of respondents said that retraining had increased job confidence. Of course, the realities of the times have changed, but the trends persist.
Why is reskilling a professional trend in 2023-2024?
The Future of Jobs 2023 report confirms that the past year has seen many rapid changes and innovations in technology. We have entered an era of active work with artificial intelligence. And, in fact, the surveyed companies noted that 9% of their reskilling efforts will be invested in this area.
Another confirmation of the importance of reskilling is a PwC study that indicates that by 2025, 74% of employees will be ready to change jobs if their company does not provide them with opportunities for development.
Thus, the above facts confirm that reskilling is not just a trend or a buzzword, but an important component that will become part of the HR strategy for the coming years. The intensity of changes will only increase its importance. Therefore, companies that actively engage in the retraining of their employees will definitely be in a winning position in the market.
