What is upskilling? Why is it important now?

Upskilling.

You would have heard this term everywhere; friends, the internet, your neighbour and from many other sources. What exactly is upskilling, and more importantly, what’s in it for you?

Read on.

Upskilling is improving and upgrading your existing skillsets to keep up with the current requirements of businesses and corporations. ?

When Covid struck the world, it paved the way for changes and measures that challenged the conventional methods of doing business which already existed for many years. ?

Now with these changes, companies started focusing on saving costs. The implementation of cost-saving initiatives resulted in a number of difficult choices and adjustments that the employees weren’t ready for and due to this, the past two years had been nothing but chaotic.?Companies started re-evaluating their business practices by looking more closely at the hires they made [JV1]?and their performances. They let go of people who were not up to the standards of their company and only retained the best-performing resources. ?

Difficult situations create tough people. ?

The ones who still had their jobs were doing something extraordinary; they were upskilling. Yes, that’s right. They made sure that they were up-to-date with the latest skills required to stay relevant and be invaluable to their employers. ?

How does upskilling benefit performance? We will note the main takeaways and see how we can benefit from it. ?

1. Relevance

Upskilling has a direct correlation with relevance. The effort that you put in to upskill yourself is proportional to how your company sees you as an asset or a liability. You will become an asset to the organization once you show how important and irreplaceable you are. In simpler words, the more you upskill yourself, the sooner you become an asset when the organization sees an increase in revenue and profitability.

2. Better appraisals

You finish your education, get a degree from a reputed educational institution, apply for work, and get hired. While this was the standard procedure earlier, post-covid, the rules & norms have changed. Fast forward to today, knowledge of technological advancements & skill upgrades are the key to moving up the ladder. Employers are always looking for the sharpest tools in the shed. So without upskilling, you’ll get paid the same salary even though you remain at the company for years, or you might even have to resign from the organization.

3. Lay-offs and skill-over-supply

Employers today want to ensure their employers are working at optimum levels. Employees today are expected to go the extra mile. While it might seem unfair, there will always be people who are willing to do it for a lesser cost. This is because there is an excess of supply factor than skills. So for you to stand out from the sea of resources, upskilling is one of the best ways to showcase yourselves to the organization outside.

?4. Happy Customers and Clients

Upskilling has another benefit that is not only for the employees and individuals but also for the employers. An employee who delivers excellent service will keep your clients and customers happy. These employees become the face of your company. They represent your values, ethics, morals and much more. They can make or break the image and reputation of your company. So when an employee upskills himself, it benefits that individual and the company.

5. Fresh Talent acquisition

Indirectly, upskilling aids a company in finding fresh talent. When the workforce is not upskilled, work is completed in a sub-par manner rather than being efficient and result-oriented, leading to delays and unfavourable outcomes. It results in good relationships between employee and their managers. It also helps the managers establish a good relationship with the clients the organization deals with directly. So when the overall happiness quotient is high, the employees become strong brand ambassadors for the organization and will refer their friends and relatives to join the company.

Upskilling is now no longer a luxury and is a necessity. Individuals and companies must prioritize it for their growth, revenue generation and the overall growth and productivity of the employees.

Here’s how Walchand Plus can help organizations and individuals with upskilling. We offer a wide range of solutions and training programs for anyone to upskill and develop their skill sets. Head to our website to know more about our programs and how we can add value to your life and career.