As the technology field continues to advance, the demand for specific skillsets also evolves. However, companies are struggling more and more to find talent with the right skills for their tech teams.
According to a 2019 study by West Monroe Partners 56 percent of HR professionals surveyed said their organizations’ skills gaps are moderate to severe.
Sometimes hiring new talent can be a good way to meet the skill gap, but many times the answer can be found in upskilling your current employees. Providing additional training and education to enhance current skills is a great way of creating a workforce that is dynamic, diverse, and qualified.
Considering upskilling your employees? Wondering if this is the right decision for your workforce? Here are a few reasons why upskilling may be a great strategic move for your company.
- Accelerates digital transformation
A digital transformation can bring many benefits to a company. Implementing a new technology is a great part of this process. However, it is vital that employees understand the technology and are ready to embrace it and use it to its full potential is just as important.
Through upskilling, you can make sure that you have a workforce that is ready to embrace change and is ready to adapt to new circumstances as technologies keep changing.
- Cost effective
Making sure the team you are building is cost-effective and has the necessary skillsets is always a priority. When talent with the right skills is not available, extended job vacancies are created. According to HR managers, these extended job vacancies cost companies more than $800,000 annually.
Opting to upskill your employees you will save money on recruiting, onboarding, and employee retention.