From Learning to Earning: India Inc's Focus on Upskilling for Career Progression

Businesses across many industries have taken drastic measures in response to Covid-19 - such as layoffs, furloughs, and hiring freezes - that have kept operations running. The worst-hit industries include hospitality, oil & gas, airlines, transportation, and manufacturing.

Due to the ever-shifting regulations on people's movements and business operations, we are in an era of great uncertainty. While it's impossible to forecast what will occur next accurately, you can try your best to anticipate what could potentially unfold and start strategizing strategically for your next move.

Cloud computing has seen an exponential surge in popularity and demand during the pandemic. Businesses have recognized the benefits of moving to a cloud-based model for increased agility, cost optimization, and scalability; however, one major limiting factor has been a lack of skills. There has never been a better time to start upskilling and preparing for all the digital transformation and cloud computing benefits that companies and individuals alike will reap over the coming years.

What Is Upskilling?

Upskilling is the training that enables an individual to improve their current job. Through upskilling, employees gain new abilities that make them adaptable forces that can adjust to any industry changes that arise.

Companies often invest in upskilling to increase productivity and guarantee their employees remain abreast of industry developments and advancements. Through upskilling, employees may fill skill gaps or take on managerial responsibilities within the company when given an opportunity.

By upskilling employees during these trying times, employees will gain a deeper understanding of the industry and modern market demands. This allows employers to utilize their talents and steer their organizations through murky waters with greater ease.

Benefits of Upskilling

Upskilling offers numerous advantages, particularly in 2023. These include:

Upskilling Builds Confidence:

In order to survive the COVID-19 pandemic, organizations around the world need confident teams. Experts say upskilling is one of the best ways to boost employees' self-worth. But this doesn't mean employers should invest in training simply for employees' self-worth; creating confident teams allows staff members to share ideas without fear of judgment from colleagues or managers. Upskilled personnel tend to be proactive rather than reactive; they may identify solutions before issues escalate into crises.

Upskilling to increase confidence is especially essential for employees who may feel unseen. For instance, hiring an experienced professional to offer training to your IT team will enable these individuals who may feel unseen to gain more assurance and use their creative minds to contribute to business growth.

Upskilling Promotes Productivity:

With companies having to create remote teams due to the pandemic, productivity has become a major concern. Employers can boost productivity among these work-from-home teams through upskilling. Upskilling encourages employees to develop innovative ideas and solutions, take on more challenging tasks, and do more in less time.

Studies show that eight out of ten employees are more productive due to upskilling. With every staff member contributing more towards the team's successes in 2023 and beyond, higher productivity will mean better results with happier and more engaged teams.

Upskilling Makes Easier to Manage:

The COVID-19 pandemic has demonstrated that unexpected events can disrupt workplace peace. While no one can predict these shifts, employers can prepare and adjust accordingly. Upskilling is one of the best methods for anticipating change and guaranteeing employees adjust quickly.

Upskilling Leads to Greater Customer Satisfaction:

Your customers are the foundation of your business. To guarantee customer happiness, organizations must prioritize the well-being of their employees. By offering learning and development opportunities for staff members, organizations can foster engagement and motivation within their roles - leading them to provide superior services for clients.

Upskilling during this new normal will keep your team informed on industry trends, advice, and insights - ultimately providing maximum value to customer experience. With a highly skilled and well-rounded team, everyone will better understand who your customers are and how best to serve them.

Upskilling Fosters a Culture of Learning:

If your business supports training and development during these trying times, it will likely foster an atmosphere of active learning even after the pandemic. Employees will seek opportunities for advancement on their own initiative, leading to continuous education instead of annual seminars. Ultimately, your company will become more adaptable and prepared for today's ever-evolving employment landscape.

Pitfalls of Upskilling

Organizations must recognize that training programs and other opportunities may be costly when creating an upskilling strategy. Furthermore, there are several risks to be mindful of when designing this approach, such as:

Offering outdated training:

Ineffective traditional methods -- like in-person presentations and lectures -- may not be effective anymore. Employees today expect training that's relevant, convenient, and engaging. A learning management system (LMS) gives organizations the power to select from various content delivery models, assessment features, and analytics which measure training success. Furthermore, mobile learning compatibility makes committing to training easier and more accessible. Moreover, an LMS helps companies track employee completion rates and performance analytics, which then guide improvements in future training for improved results.

One-time training is not enough:

Upskilling employees requires continuous effort, not just once or twice. New skills take time and practice to understand, while employees also need to continuously develop their competencies to stay current and master evolving job requirements. Continuous learning can be promoted through frequent releases of job aids like process infographics, mentorship programs, and checklists that facilitate continuous learning.

Key Trends

According to Inc India study, sustainability strategies and goals are a top priority for Indian executives. Over one-third of employees said their company's brand reputation, equal career progression opportunities, and equal pay policies were their second-best reasons for joining their current employer (after job security).

Furthermore, employees desire to work for organizations that share their values. 91% of employees expect their employer to pursue a sustainability agenda that balances financial success with social issues, equity/diversity concerns, and environmental impact.

Further, 82% of HR professionals anticipate higher than usual turnover this year - especially among younger workers and those in digital technology. "Relatable organizations understand the value in 'partnering' over 'leading' as evidenced by evolving return-to-work' strategies," according to the survey results.

Additionally, 74% of employees said they would only join a company if it offered remote or hybrid working options. Over half of HR leaders believe flexibility is essential for recruiting, retaining, and developing diverse talent pools. A similar majority felt they could build cultures and practices adaptable by design to accommodate this model.

Final Thoughts

Upskilling has been gaining ground long before the pandemic. Businesses should focus on providing learning and development opportunities to stay ahead in this highly competitive world. Furthermore, now is an opportune moment to take advantage of flexible working hours created by the pandemic and give your staff a chance to enhance their skill sets; doing so will enable your business to excel both now and in the future.

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