It comes as no surprise that this ever-changing economy calls for an unpredictable future. In 2020, we’re moving into a fast-paced world where digitization, automation and artificial intelligence could likely be a successful organization’s bread and butter. Technology is constantly transforming the way we work. Such circumstances require every organization (and its members) to be adaptable and to embrace change. One of the methods to be quick to keep up with such changes, is by developing new skills and improving existing ones.
Hence, the need to invest in learning and development solutions has never been larger.
55% of employers feel the skills shortage is causing an inability to innovate effectively, according to a recent PwC study.
But can upskilling its human resources provide organizations with a fully equipped lifejacket that is required to survive and succeed?
Yes, we believe that skill development solutions are not only good to have but also, must have opportunities.
Recent skill development initiatives
- After the commencement of the Goods and Services Tax (GST), Skill India partnered with the Institute of Company Secretaries to reskill 100,000 students. (Source: Skill-India 2017)
- Google partnered with Pluralsight and Udacity to train 130,000 developers in India. (Source: Google-Pluarlsight-Udacity-2017)
- Airtel collaborated with Coursera, an online MOOC provider, to prepare employees for future challenges by offering courses on topics like machine learning, data science and leadership development. (Source: Airtel-Coursera-2017)
- Directorate General of Training (DGT) partnered with companies like CISCO and Accenture with an aim to train 1.5 million students across all the it is in India. (Source: Skilling-2020)
- The World Economic Forum launched Reskilling Revolution, an initiative that aims to provide better jobs, education and skills to 1 billion people by 2030. (Source: Reskilling Revolution-2030)
How can upskilling initiatives pave the path to a brighter future for an organization?
Increased innovation and novel ideas
Along with improving every individual’s skills and competencies, skill development initiatives help foster brainstorming, group discussions and creative problem solving. Such initiatives serve as a platform for members, from all parts of the organization, to share and work on innovative ideas.
Collaborative and high performing teams
One of the most important skills that any individual must have is the ability to work in a team. Cross-departmental learning and development initiatives help increase collaboration within the organization. Some of the most successful organizations have made it to the top because of their ability to make high quality decisions with a team of diverse capabilities.
High quality business decisions
Management benefits from a clear vision into the organization’s skillsets. This allows for cross-functional project assignments, the commencement of fruitful business endeavors, flexibility and the ability to adapt to sudden human resource deficits.
A strong brand reputation
There is a strong sense of business awareness and unity among the members of the organization. This helps portray a well-founded brand image in the industry and helps attract top talent and great business opportunities.
Better employee satisfaction and reduced turnover costs
Workers with the skills required to adapt and keep up with the technological transformation are in steep demand. Employers are struggling to retain such top talent in their organizations. In 2018, turnover costs have been as high as $600 billion, where the top reason for employees to leave their job was the lack of career development opportunities. (Source: Turnover Costs-2018)