In light of the worsening labor shortage, upskilling your current employees might be the key to survival. When you can’t find a candidate with just the right skillset, you may end up wasting precious time and money trying to fill a single position. Upskilling provides a cost-effective solution to fulfilling client demand while maximizing cost efficiency.
Training current employees and investing in less-experienced hires allows you to create cohesive teams with enhanced potential. Instead of finding that single perfect candidate amid hundreds – one that may require extremely specific skills- you can nourish and grow new assets and talent from within the workforce you already have.
The Many Benefits of Upskilling
Upskilling not only helps you guarantee that your workers are amply trained and prepared- it boosts morale by showing your employees that you’re invested in helping them advance. Employees who receive training and development opportunities from their employer are happier in their roles and have a brighter outlook on their future with the company.
Upskilling benefits to consider:
- It is a smaller investment than hiring and training a new worker from scratch.
- As you reskill your employees, you create a more well-rounded, cross-trained workforce, which increases workforce effectiveness, unity, and retention.
- You have more influence in guiding your workforce to gain the skills and training you need, while also managing cost, something necessary to keep your operation financially stable during labor shortages.
- Upskilling keeps your workforce up on the latest industry trends, giving your business a competitive edge. That positively influences both your clients and employees, creating strong advocates for your business.
One small investment into the education of your workforce can mean the difference between rising above competition or drowning under unmet client demands.
Tips for Upskilling Your Workforce
Upskilling may seem straightforward, but you can run into a variety of roadblocks if you don’t take the necessary steps to prepare. Here are some of the best ways to develop an effective upskilling program:
- Create a complete guide for all skills required of your current and future positions. Once you have a full catalogue of what is required for each role, you can identify how to upskill different roles, which roles can be fulfilled internally, and how to stay ahead of competition and industry demands- especially in terms of the labor shortage.
- Make training and development opportunities readily available to all members of your workforce. While you may have individuals in mind for taking certain positions or growing specific skills, allowing equal access to those opportunities will create motivation and trust between you and employees. You might be surprised who takes advantage of your offerings.
- Accommodate different learning styles. While some employees might do best in a more traditional arrangement with an instructor, others prefer online courses or supplemental materials. You may want to consider 15-minute videos that cover topics in small increments to create convenience for your employees as well.
- If encouraging employees to seek outside educational programs, make sure it’s affordable by offering tuition reimbursement programs.
- Utilize a Learning Management System. Such online software offers easy access and management over different learning programs, various content, and reporting. It also helps hold your employees accountable as they take on greater responsibilities.
Depending on whether or not you want to certify employees by stage, formal registration, or title change, having your plan well-developed beforehand will help ensure consistency and a positive experience for all.
Educate with EPAY Systems
Offering your employees training opportunities can help you beat the labor shortage and improve retention. EPAY’s Learning Management System allows your HR team to upload training videos, track employees’ progress, and access classes provided by you, while taking advantage of content developed by our HR consulting experts.