Why upskilling staff is key for companies even during pandemic
Despite initial costs, the benefits will be apparent soon
Businesses are looking at all available options to managing their risks as a result of the ongoing slowdown and chain of uncertainties. This is not enough as the need is move away from defensive postures to transformative leaps. This needs to be done to remain in resilient mode.
The business case of upskilling has to get its due priority. It was long overdue, and this is more so in the current context.
With job losses soaring, the case of upskilling and reskilling will need a strong push at every level. There are significant efforts required at the governmental level to intervene to review structural labour dynamics. The need is to do a deep dive into ways to reskill and upskill the labour force through reforms to address long-standing anomalies.
Helping workers to acquire skills needed in industries
An upskilling push can apply to all, and this is nothing short of an emerging necessity. From manufacturing to services to desk jobs, there are varying needs to meet objectives of productivity, tech advances, tool automation, as well as rising demand for technical skills across industries. The construction, building maintenance and logistics categories have long been demanding skills upgrade.
It wouldn’t be amiss to start doing so now, given that costcutting and productivity surges are ruling business agendas. Upskilling and reskilling are becoming critical tools to optimise costs.
Upskilling ensures the workforce has adopted new tech ways, leading to efficiencies and, of course, reduced headcount costs where needed. Post-Covid-19, this will be the differentiator for companies as the right mix of human resources and process automation efficiency will drive resilience. With the emergence of new communication needs, machine automation, upskilling is primed for take-off.
While this requires whatever investments can be diverted short-term, it will eventually ensure business continuity.
Reducing the number of employee retrenchments
Considering the current cash flow situation, such provisioning may be difficult. But how hard it may be, businesses have to get innovative on cost allocations and provide for this.
As an extension of corporate social responsibility, businesses have to minimise job redundancies wherever possible through reskilling across its workforce. Companies opting for layoffs have to be mindful of the “true” cost of staff cuts. While it may not serve the purpose of overall cost reduction, it can be handy to avoid higher layoffs.
Companies have to fasttrack upskilling through oneto three-month programmes that emphasise self-learning and online support, which would also reduce the cost of engaging a third-party. It has to backed by sweeping changes to internal culture, with the leadership actively involved in making that transformation.
Why staff need to be engaged in the process
Employees need to be engage in upskilling as the next step towards their professional development and not just as a means to ensuring job security. There are multiple ways to connect upskilling costs to a return on investments as well as mapping direct financial benefits to employees. Companies that can implement a complete upskill program stand to benefit longterm.