In today’s rapidly changing business world, upskilling is essential for both organisations and employees. For organisations, it can keep their workforce competitive and future-proof operations. For employees, it’s an opportunity to enhance career prospects and take on new challenges. In this blog, we’ll explore the benefits in more detail and how a Learning Management System (LMS) is the most effective way to upskill.
What is upskilling, what’s the difference with reskilling and why is it important?
Upskilling is a term that’s used a lot but what exactly does it mean?
Upskilling is a way of enhancing your skills and knowledge to improve your job or business’s performance. With technology advancing at lightning speed, upskilling is increasingly important to stay relevant and adaptable.
But what’s the difference between upskilling and reskilling? While upskilling builds on existing strengths and expertise, reskilling involves learning new skills that are different from your current job or career path. One isn’t more important than the other – they’re both important to stay competitive in a changing job market.
Many of the benefits of upskilling are interrelated as they build upon each other to create a virtuous cycle. For instance, when employees are upskilled, they become more productive and efficient, which can lead to cost savings for the company. These cost savings, in turn, can be reinvested in further upskilling efforts, which can lead to even greater productivity gains and savings. Ultimately, the interrelated benefits of upskilling can create a self-sustaining cycle of growth and success for both individuals and organisations.
Six benefits to upskilling
1. Improved productivity
Upskilling can significantly improve your business’s productivity. By providing employees with the necessary skills and knowledge, they can perform their jobs with greater efficiency and effectiveness, resulting in higher-quality work, faster turnaround times, and a better bottom line.
2. Increased employee satisfaction
Upskilling is a powerful tool for increasing employee satisfaction and retention.
When you invest in your employees’ growth and development, you’re showing them that you value them beyond just what they can do for your business. This can boost morale and enhance loyalty.
In fact, a recent report by LinkedIn Learning found that a whopping 94% of employees would be more likely to stay at a company that invested in their career development. Investing in your employees’ upskilling could mean the difference between retaining top talent or losing them to competitors.
But it’s not just about retention, when employees are given the opportunity to learn and develop new skills, they are more likely to feel challenged and fulfilled in their roles. This can lead to greater job satisfaction and a more positive company culture.
3. Greater adaptability
It’s not just companies that need to stay agile – individuals need to be agile too. And upskilling is key to developing agility.
When you have the skills and knowledge to adapt to new challenges, you can respond quickly and confidently and you’re better equipped to embrace changes and seize new opportunities. Whether it’s mastering new software, exploring cutting-edge technologies, or adapting to shifting market trends, upskilling empowers you to keep pace with the ever-evolving landscape of business.
But the benefits of upskilling go beyond just staying competitive in the marketplace. By continually learning and growing, you’re also enhancing personal and professional development – expanding knowledge and skills, which can lead to greater job satisfaction and opportunities for advancement.
4. Faster innovation
Upskilling is a fantastic way to foster innovation and keep your company at the cutting edge.
When employees become more empowered and engaged in their work, they start to see the bigger picture and understand how their contributions fit into the larger goals of the company. This newfound sense of purpose and understanding can lead to seriously innovative thinking.
Think about it like this – when your employees have a diverse set of skills and knowledge, they can approach problems from multiple angles. They can draw on their experience and expertise to come up with creative solutions that others may not have considered. This type of thinking is what sets the most successful companies apart from the rest.
5. Improved customer satisfaction
Great customer service can make or break a business. Customers expect fast and efficient service and upskilling your employees can help ensure that your company delivers just that.
When your employees have the skills they need to provide great customer service, they’re better equipped to help customers with their needs. They can provide personalised solutions, answer questions with confidence, and resolve issues quickly and effectively. This type of service not only meets but exceeds customer expectations, leading to higher levels of customer satisfaction and loyalty.
6. Increased cost savings
Related to many of the benefits already mentioned, upskilling can also help companies increase their cost savings.
Firstly, upskilling can help companies reduce their recruitment costs. Instead of constantly hiring new staff, companies can train their existing employees to take on new roles and responsibilities. This not only reduces the need for external recruitment but also saves time and resources that would otherwise be spent on training new hires.
Secondly, upskilling can increase employee productivity and efficiency, which can lead to cost savings. When employees have the skills and knowledge needed to perform their tasks more effectively, they can complete them faster and with fewer errors, reducing the need for rework and corrections.
Thirdly, upskilling can reduce the need for outsourcing. By training employees to perform tasks that would otherwise be outsourced to external service providers, companies can save money on outsourcing costs.
How do you upskill effectively? Introducing an LMS
It should be clear by now that upskilling is critical for both employees and businesses. But traditional methods of training and development can be time-consuming, costly, and difficult to scale. So, what’s the best way to upskill? A Learning Management System (LMS) is the answer.
An LMS is a software application that helps companies manage, deliver, and track employee training and development. It offers a flexible and customisable learning experience, provides real-time data and analytics, and allows companies to scale their training programs easily. This makes it an incredibly effective tool for upskilling employees and organisations.
How we can help
Our revolutionary learning platform, Birch is the perfect tool for upskilling. It’s a holistic, easy-to-use platform that offers flexible, dynamic learning on your terms. You can even incorporate your external educational activities. With goal setting and tracking features, you can see how you’re progressing and set yourself up for success. Created by learning experts, Birch is designed the way learning should feel. Natural.
For more information on how Birch can help with upskilling and your business needs, get in touch with us today.