Why Upskilling Could Be Your Best Investment in 2024

• May 21, 2024

If you’ve tried hiring lately, you know that… well, it’s a jungle out there. We’ve got more job openings than applicants, and sometimes, it’s a real stretch to find employees who are ready to give it their all. A big reason why WorkBetterNow is booming is because our culture is rooted in finding solutions, and I’m going to share with you how we’re handling this.

Waiting around for the perfect candidate to show up can feel like waiting for a bus in a rainstorm. To combat this, savvy business owners are adopting a fresh take on hiring and promotions. Instead of holding out for the unicorn candidate who checks every box, they’re focusing on those with great attitudes, solid foundational skills, and a cultural fit. And then? Add the magic ingredient: upskilling and reskilling.

What is Upskilling?

Imagine you’ve got a team member, or maybe you’re eyeing someone to hire. They’ve got the basics down for what you need in your company, but in terms of experience and learned skills, they’re not quite the full package yet. That’s where upskilling comes into play. Upskilling means that you’re turbocharging your current or incoming employees’ skills so they can handle more advanced stuff in their current gigs.

Upskilling is a killer strategy in recruitment, too. Got a great candidate who’s a bit green in CRM automations? A targeted training program can get them up to speed and be productive faster than you might think.

Our client Aberdeen Advisors is a great example of how upskilling new hires can change roles to make an impact in your business:

"Bianca joined Aberdeen Advisors just this year, and she's already been promoted to Operations Manager. With no prior investment banking experience, Bianca dove into every aspect of our Firm and has committed herself to learning the industry. She has proven to be a very valuable team member and is a genuine team favorite!”

- Emery Ellinger, Founder of Aberdeen Advisors

What is Reskilling?

Reskilling is like hitting the reset button—teaching your team new skills that prep an individual for a completely different role within your company. It’s a proactive way to make the most of what you’ve got and steer your crew to fill the gaps.

Take Estefania’s story at Dropoff, for example. Starting as an Admin Assistant, she became the Regional Operations Assistant after 18 months, taking on new and more significant responsibilities, like managing tickets and addressing client needs on a broader scale. Dropoff’s commitment to developing current employees like Estefania through company-specific training enhances employee retention and boosts productivity. These employees become highly effective as they are already well-versed in the company’s operations.

Turning Challenges into Opportunities

As a business leader, you know how quickly technology and market demands can evolve. For example, digital marketing isn’t what it was a year ago, and neither are the skills needed to excel in it. That’s where upskilling and reskilling come into play. Instead of playing a wild goose chase in the job market, business owners are turning to their incoming employees from WBN, opting to train these new team members to become the AI experts of tomorrow. This approach not only meets the immediate needs of the business but also prepares everyone for future challenges.

A Triple Win Situation

We’re fortunate to live during a time where businesses can tap into talent from all over the globe. Upskilling and reskilling remote workers have become key strategies for companies to gain new capabilities and keep up with changing market demands.

This is, without a doubt, the way to go for businesses these days. Not only can you hire more quickly (because otherwise, it would take so long to get someone who “checks ALL of the boxes”), but you might also pay less for the role. In addition, you are giving the incoming employees something they want – learning a new skill.

Boosting Employee Engagement and Retention

Employees today are looking for more than just a paycheck; they want opportunities for personal growth and career advancement. Especially the younger workforce today – they see professional development as part of the deal. By pouring in to your team’s continual development, you’re not just fulfilling their wishes—you’re also gearing your business up to meet and exceed evolving customer expectations and technological shifts.

Plus, upskilling and reskilling initiatives show your workforce that you’re invested in their future. This not only enhances job satisfaction but also significantly boosts employee retention rates.

Creating a More Flexible Workforce

A well-rounded, skill-diverse workforce is more adaptable and can pivot more easily in response to sudden shifts in business strategy or market demand. Reskilling employees to take on different roles or manage new responsibilities can create a more agile business structure. This flexibility is particularly valuable in unpredictable economic climates, where the ability to quickly reallocate resources and personnel can be critical to a company’s survival and growth.

Pablo’s journey at Trig showcases how WBN talent can evolve into pivotal roles under effective leadership. In just over eighteen months, he advanced to a project manager for a high-profile project within Ty Hagler’s organization. This promotion reflects Trig’s dedication to talent development, highlighting their commitment to self-paced learning and continuous improvement under Ty’s guidance, fostering an environment where talents like Pablo can thrive.

So, if you’re pondering over how to tackle today’s business hurdles, think about making upskilling and reskilling a cornerstone of your strategy. It worked for us and I’m confident it will work for you too.

Interested in transforming potential into performance? Schedule a call to find out how WBN talent can evolve with your company.