Upskilling in a Struggling Economy

Employees who want to improve their skills and match industry demands must upskill. As the economy evolves, unemployment fluctuates, and new professional opportunities emerge. Therefore, you must be prepared for any career turn.

Every day, new software applications and technological advances create new jobs. It's critical to be ready for these possibilities to easily transition into new professions.

Workforce automation brought by technological transformation impacts vary by career and sector (see interactive above). Activities like running machines and making fast meals are especially susceptible to automation. Data collection and processing are two other jobs that machines are getting better at. This might eliminate jobs in mortgage origination, paralegal work, bookkeeping, and back-office transaction processing, for example. However, it is crucial to recognise that even when some functions are automated, workers may perform new tasks.

Jobs requiring people management, skills, and social contact will be less affected by automation because robots cannot yet match human performance (Manyika, et al (2017, November 28). The fluctuations in net occupational growth or decline suggest that many people may need to change jobs and gain new skills in the coming years.

It's more crucial than ever for employees to be career-ready. Upskilling today can help you in the future.

So, what is upskilling??

Upskilling is the process of continuously improving employees' knowledge and abilities. Classes, conferences, workshops, books, software, and others can all help. Employers may sponsor training programmes to assist employees in maintaining their abilities. They will use online courses like LinkedIn Learning, Coursera, Udemy, Skillshare and others to train their personnel, or form collaborations with colleges as well as universities to provide tuition reimbursement and discounts. Sometimes, you have to take control of your own destiny by pursuing further education or training to improve your skillset in your resume.

How do I upskill during a slowdown?

Employee upskilling is a terrific choice, but how do you do it if you are not working for someone else?

Worrying about the economy can make you hesitant to spend money or effort upskilling. In reality, there is no better moment to upskill than now. Even if you are worried about the economy, there are various ways to upskill.

Making a plan is the first step.?

Draw a plan to get where you want to go. Maybe you have a desire to advance in your current job.Perhaps, you desire a more recession-proof career. It's critical to write down your upskilling goals.

After deciding on your goal, establish a plan to achieve it.?

Find out what skills you'll need for your new career. Or develop a list of valuable and intriguing abilities. This will help you decide what abilities to develop. Better management, or learning Python or Adobe Premiere. Making a list and a strategy can help you identify your career goals and the best upskilling strategies to achieve them.

It's important to network and connect with people to upskill.?

If you wish to change careers, talk to someone in that profession. Discuss upskilling with your boss or coworkers. Connect with old college pals to learn how to upskill in your current job. Networking is a great way to prepare for upskilling.

In case you are already thinking about upskilling, here are several suggestions to help you "hit the road running".

How to upskill :-

Programming

Software can assist you in gaining technical skills for your resume. Learn new coding languages, Adobe applications, and more as you try to upskill. Many of these programmes offer certification, which is a valuable credential to add to your resume. Certification in Microsoft and Google programmes will greatly enhance your resume.

Watch videos

Video programmes can show you how to do something. For learning a new skill, video training is an excellent option for visual learners. You can watch videos of other people teaching you till you get it right. You may learn new talents by watching videos on YouTube. Many programmes also provide lesson videos to help you learn their subject matter expertise.

Play and read

Thousands of podcasts, articles, and books exist to help us improve. Soft skills can be learned from self-help books, while hard skills can be learned from podcasts and articles. There are thousands of professionals willing to share their knowledge with you. Find innovative ways to study in your spare time.

Attend conferences and seminars

Getting new skills in conferences and workshops. Many conferences and training programmes exist to assist you in improving your job. Teachers can learn new teaching methods from other teachers, and business executives can learn new sales and marketing approaches from peers. Your employer may send you to training sessions or conferences to assist you in developing new skills that will benefit the entire company.

Re-enter school?

Return to school to gain the skills and certifications you need for success. A degree adds to your experience, expertise, and resume. If you're apprehensive about spending time and money on a degree in a bad economy, there are alternatives. Allow yourself to upskill without quitting your employment. You can further your education while working full-time, earning money, and managing your responsibilities. With low tuition and grants, earning a degree doesn't have to be expensive.

Upskilling is important

Upskilling can help you improve your current work, prepare for a career transition, or even change your professional path. Whatever your job goals are, upskilling can help you achieve them. Upskilling can teach you a new management software application that will help you organise and manage tasks, preparing you for a promotion. Or upskilling can help you gain new coding abilities to prepare for a new career. Upskilling can help you achieve your goals. Regardless, upskilling implies employees are constantly seeking expertise to improve their jobs.

In case you're still sitting on the fence about upskilling for your future, let's consider again.

Should I upgrade?

So why is employee upskilling vital? About 60% of US firms have job opportunities that remain unfilled for 12 weeks or more (CareerBuilder, 2017 ; Hoek, 2013). Upskilling provides various advantages for you if you are employed or on your own :

• A chance to move up. Employees can upskill to receive a promotion, raise, or prepare for a career transition via upskilling. A broader skill set are more likely to help you get promoted or hired.
• Job safety. In an unpredictable economy, having additional talents increases your value to a business.
• A chance for a new job. Upskilling is vital if you want to change careers. You'll need more education and experience to start a new career.
• Improve your CV. The lack of experience on your résumé is impressive. Upskilling will increase your employability.

Why do employers care?

Upskilling employees has distinct benefits for employers, including:

• Time and money saved! Employers can save money and time by upskilling their own employees. They can promote from within and help people develop the skills required for success. Onboarding processes and adjustments are reduced when existing employees can be upskilled.
• It retains and motivates employees. When employers care about upskilling, employees feel heard. The company invests in them, so they will invest back into their company. Workers are more inclined to stay with a company if they feel valued. Employees will be pleased if they see opportunities to grow in value and skill. People are more attached to their teams and managers when they perceive their value with trust in theri superiors to improve the organization together.
• Aids the company's relevancy. Companies that help their personnel upskill can boost their relevance in the industry and market. They can stay on top of changes by educating and advancing their workers. This is a tremendous benefit to businesses, especially those in competitive industries wanting to improve sustainable performance.
• Employers who want to help their employees grow are increasingly turning to upskilling.

If you want to transform your life, consider upskilling. Upskilling is an excellent way to get new skills and experience to advance your career. Upskilling is an excellent method to prepare for the future, especially in uncertain economic times.

Reference

CareerBuilder. (2017). The Skills Gap is Costing Companies Nearly $1 Million Annually, According to New CareerBuilder Survey. Retrieved January 2021, from Press Room | Career Builder website: https://press.careerbuilder.com/2017-04-13-The-Skills-Gap-is-Costing-Companies-Nearly-1-Million-Annually-According-to-New-CareerBuilder-Survey

Hoek, M. (2013). The Trillion Dollar Shift. Retrieved February 2021, from Google Books website: https://books.google.com.my/books?id=W-1GDwAAQBAJ&pg=PA322&lpg=PA322&dq=About+60%25+of+US+firms+have+job+opportunities+that+remain+unfilled+for+12+weeks+or+more&source=bl&ots=IhDPDOxtG_&sig=ACfU3U338o-lKsXIjgtqeOITyrt9ybVLAQ&hl=en&sa=X&ved=2ahUKEwi0-NaQ0Z32AhXwyzgGHeE4A0EQ6AF6BAg_EAM#v=onepage&q=About%2060%25%20of%20US%20firms%20have%20job%20opportunities%20that%20remain%20unfilled%20for%2012%20weeks%20or%20more&f=false

Manyika, J., e t al? (2017, November 28). Jobs lost, jobs gained: What the future of work will mean for jobs, skills, and wages. Retrieved February 2021, from McKinsey & Company website: https://www.mckinsey.com/featured-insights/future-of-work/jobs-lost-jobs-gained-what-the-future-of-work-will-mean-for-jobs-skills-and-wages

ABOUT THE AUTHOR:?

Wong Siong Lai?

HRD Consultant, Trainer, and Writer/Author?

My professional insights on EXCEL-HRD?comes from my work with leaders and organisation in HRD solutions to meet the bottom line.?

I hope to offer anecdotal discussions sprinkled with research undertones about people development based on personal discoveries and occurrences I read as well as heard about.

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