Upskilling and Reskilling. None of us could predict or even imagine that the global pandemic would change our lives so drastically. Not only the organizations have been affected but also each and every individual’s day-to-day life. However, an individual can adapt to a certain extent. It is the organization that will face difficulty due to the macro environment. That is why Upskilling and Reskilling are being used by organizations more frequently.
What is Upskilling and Reskilling?
Upskilling refers to the process of learning a new skill for the employees to improve their current position. Reskilling refers to the process of learning an entirely new skill set that leads to a different career position.
The Economic Impact of Covid – 19
Due to Covid – 19, many industries have either slowed down or discontinued to stand still in the outbreak. Over 2.5 million people are unemployed, and more than half a billion people work with a meager amount of income. Industries like transportation, tourism, malls, restaurants, and hotels are still functioning but with limitations.
The rate of the economy has affected the businesses, nation’s GDP as well as individuals. 116 million people have spent all their savings to pay off the hospital bills as they were infected by the virus. Currently, every individual is walking on the fine edge of a mountain.
Even though the global pandemic will vanish, the effect on the world’s economy will still have an impact for years. As a result, a preventive measure of upskilling and reskilling should be implied immediately. This will help stop the increase in the unemployment rate and help in the world’s economy.
Significance of Upskilling and Reskilling
Mercer’s 2020 Global Talent Trends Report states, “Globally, reskilling is seen as the top talent activity and most capable of delivering ROI in the eyes of executives.” The implication of the concept is beneficial for the company to lessen the expenditure and the employee to earn some income. The process of hiring someone and then training can be complex. Why search for someone already present in the company but just needs a little brush up for the required position?
When the employer assigns the employee a task, it is believed that the employer believes in the employee. As a result, the employee’s self-esteem is boosted and gives an even better outcome for the task. Motivating the employee is mandatory to achieve desired goals of the company.
Sometimes, the employee can not perform the current position well, but the result is the opposite when reskilled. With this, the employers can get the talent audit of their employees effectively for the company’s future plans.
The current employees have complete knowledge about their company’s clients, products, future plans, etc., in detail for which they know how to handle it without causing any losses. This saves up time of educating the new employee about the company’s features. The new employee might as well take some time to get settled down.
The company doesn’t have to risk disclosing its confidential matters to someone they barely know.
Fourth Industrial Revolution
The current era of technology is known to be the fourth industrial revolution. It represents the changes in our everyday lives – from the way we live to how we connect with one another, from the way we work to the way we function. Every minute new technological advance are being adapted. This opens the gate of opportunities for every human being.
Since most of the companies are working remotely, mobile learning has become important for the employees. The company should make e-learning easily accessible to the employees to learn at their comfort as traditional methods of training are not possible during the Covid – 19 times.
The concept of Upskilling and Reskilling will benefit the company post-pandemic. It will be easier and faster for the company to get back on track. The company should focus on the concept, and the employees with their upskilled and reskilled talent will be able to achieve small term goals of the company with minimal profit.