Only 41% employees find that their companies provide sufficient upskilling to implement high-priority strategic initiatives. This is unfortunate because even the most solid and well-defined of strategies can fail when it comes to execution if your workforce does not have the skills to deliver on it. Here’s 3 reasons why:
1. It enables employees to deliver on the strategy
This one is self-explanatory; the strategy cannot be executed unless employees have what it takes to complete its initiatives. And upskilling/reskilling employees as per the strategy is a lot more cost effective than hiring new people to do that - it can cost up to 30% of a job’s salary.
Upskilling also mitigates risks, because skilled employees are better equipped to identify potential issues or roadblocks, and come up with solutions to overcome them. This minimizes the risk of setbacks or delays ultimately increasing the chances of success.
2. It increases organizational agility:
The business environment is constantly changing, and requires organizations to stay agile. Recently, we have seen rapid changes in the state of the global economy because of global inflation, and in the tech powering workforces, we witnessed the sensational rise of ChatGPT. Ensuring employees have the knowledge and capabilities to embrace and navigate this dynamic business landscape enables them to meet ever changing market needs.
3. It improves employee motivation:
When employees have the skills they need to succeed, they're more engaged and motivated to deliver on the strategy. They're confident in their abilities and feel empowered to take ownership of their work, resulting in higher productivity and job satisfaction. As a matter of fact, 94% of employees would stay at a company longer if it invested in their upskilling.
We developed a template to help you identify the skills your workforce needs to deliver on your strategy, and come to know where you need to upskill or/and reskill your employees. Download it here.