The future of work will require two types of changes across the workforce: upskilling, in which staff obtain new skills to help in their current roles, and reskilling, in which staff obtain new abilities which can prepare them to steer their career in a different direction. In a report by McKinsey, they stated that by 2055 more than half of the job roles that exist today will be obsolete and that depending on various circumstances, this could occur 20 years earlier.
It is imperative for organizations, top management, and learning & development professionals to begin training their workforce with future-proof skills, upskilling, and reskilling them to ensure the success of their company. Also, it may be necessary to provide employees with essential benefits and perks to increase their retention. An employee can, for example, be provided with a life insurance plan (similar to primerica term life insurance), which could serve as a savings plan for their relatives in case of unexpected death. As examples of employee benefits, stocks, ESOPs, and retirement funds can also be used.
Even though employee benefits have a big role in retention, skills often comes first in the line. This comes with a set of challenges, as discussed in Brandon Hall Group’s blog “Upskilling, Reskilling and Employee Retention“. With increased levels of uncertainty in the workforce, many employers are unaware of what skills are needed now – nor what skills will be needed in the future.
One proposed solution is for companies to build out a strong foundational set of skills that will create a learning environment that allows for flexibility that will meet the rapidly changing demands of a business. L&D professionals and top management must prioritize employee growth as an integral part of the business strategy.
According to Brandon Hall Group’s 2021 State of Learning Practices Study, companies can utilize learning tools to develop new skills such as coaching and mentoring, on-the-job exercises, peer-to-peer learning, and microlearning for their talent. These tools can encourage and inspire your workforce to learn and enable them to acquire new skills faster and better.
By investing in the upskilling and reskilling of their talent, companies are reinforcing to their workforce that their development is top priority. Not only does a commitment to career development attract today’s workforce, but it also increases motivation and retention levels among employees that will benefit the business for years to come.