Why Upskilling and Reskilling Should be Top Priorities for L&D Professionals in 2024

April 14, 2023

Introduction  

The LinkedIn Learning Report found that upskilling and reskilling are the top goals for L&D professionals worldwide as there is a critical need for workers to either learn new skills to transition into a different job or learn new skills to fill a talent shortage in the field in which they are currently employed. 

Initiatives aimed at upskilling and reskilling employees are almost always undertaken as a response to changes imposed from the outside. For your organization to maintain its position as a market leader, it must address a perceived deficiency in skills and an emerging requirement. The capacity of a company to respond to these factors determines whether or not it will survive. The next step is to devise a training program to equip your staff members to take on more duties or switch positions.  

The vast majority of employment available now was not around in 1940, and 85 per cent of the jobs available in the recent ten years did not already exist.   

During the COVID-19 pandemic, advancements in automation contributed to the acceleration of this shift. By 2025, it is anticipated that 85 million existing employments will be eliminated while 97 million new jobs will be created.   

The implications are already being felt within organizations, with nine out of ten executives and managers indicating that their companies are currently dealing with a skills gap or anticipate that one will emerge over the next five years.  

You can help your staff prepare for the future and help your organization overcome a skills gap by upskilling and reskilling your workforce. This will allow you to fulfil the objectives you have set for your company.  

 

3 Reasons Why Upskilling & Reskilling Should be at the Forefront of L&D in 2024  

1.Advancement of technologies, tools and processes  

The rapid pace of technological change drives the need for upskilling and reskilling in the workforce. With new technologies constantly emerging, employees need to be able to adapt to new tools and processes to stay competitive in the job market. The rise of automation and artificial intelligence (AI), for example, is changing the way many jobs are performed, and employees need to be able to work alongside these technologies to remain productive and relevant in their roles.  

Upskilling and reskilling can also help employees stay ahead of the curve in the ever-evolving job market. According to a survey by Upwork, 63% of businesses were planning to invest in upskilling their employees shortly 

Furthermore, a study by Deloitte found that the top three areas companies were prioritizing for reskilling were new technologies (such as AI and automation), digital skills, and leadership development. These skills are in high demand. Employees will be more likely to find fulfilling and well-paying jobs by investing in them.  

  

2.Improved Job performance and productivity  

Upskilling and reskilling can improve job performance and career advancement for employees. Employees can take on new responsibilities and advance in their careers by learning new skills and staying current with new technologies. This can lead to increased job satisfaction and motivation and better job security. Additionally, upskilling and reskilling can open up new employment opportunities, such as transitioning into different roles or industries.  

Moreover, the benefits of upskilling and reskilling aren’t limited to employees. Companies that invest in developing their workforce are likely to see productivity and efficiency improvements. By having a more skilled and adaptable workforce, companies are better equipped to take on new challenges and opportunities, leading to increased competitiveness and success in the marketplace.  

  

3.Tech companies to Stay competitive in marketplace  

In today’s fast-paced business environment, staying competitive is essential for tech companies to survive and thrive. With new technologies and business models emerging at a rapid pace, tech companies need to be able to adapt and evolve to remain successful. One way to do this is by investing in the development of their employees through upskilling and reskilling programs.  

Upskilling and reskilling can help tech companies stay current with new technologies and industry trends, which can be vital for staying ahead of the competition. Tech companies can remain productive and efficient by ensuring that their employees have the skills and knowledge they need to take on new challenges and opportunities. In addition, upskilling and reskilling can help companies attract and retain top talent by providing opportunities for employees to advance in their careers and learn new skills.  

Furthermore, upskilling and reskilling can help tech companies to innovate and improve their products and services. By having a knowledgeable workforce in the latest technologies and trends, companies are better equipped to develop new and improved products and services that meet the needs of their customers.  

  

The Final Word  

In conclusion, upskilling and reskilling are essential for the workforce and L&D in 2024. With new technologies and the constantly evolving job market, employees must stay current with new skills and knowledge to remain competitive and productive in their roles. By investing in employee development, companies can also stay competitive in the marketplace and, in turn, gain benefits like increased productivity, job satisfaction, and career advancement. Companies and employees should take these changes seriously and take the necessary steps to adapt, evolve and thrive in the new era of work. 

We, at IIHT’s Techademy, follow CURE – Cross-skilling, Up-skilling, Reskilling, and Expertise skilling to help enterprises improve their talent with with upskilling and reskilling strategies. Ask for a demo today! 

About The Author

About Techademy

The accelerated pace at which businesses are rushing toward digitization has primarily established that digital skills are an enabler. It has also established the ever-changing nature of digital skills, and created a need for continuous digital upskilling and reskilling to protect the workforce from becoming obsolete.

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