7 reasons to upskill your employees in 2023

Believe it or not, upskilling your team is the solution you’ve been looking for.

You've probably heard the term "upskilling" floating around a lot lately, and it's for good reason. Upskilling is a keyway for businesses to develop their resilience, productivity, and employee satisfaction, especially in times of economic uncertainty.

By investing in upskilling, organisations can stay ahead of the curve, future-proof their business, and keep their teams motivated and engaged. So, if you're looking for a way to give your venue a competitive edge, consider making upskilling a priority.

What is upskilling?

Upskilling is all about learning new skills to add to what you already know. Whilst employees may already have qualifications or a lot of work experience behind them, upskilling is about taking it to the next level.

Basically, upskilling provides your employees with a way to get ahead in their career or switch things up. And with younger workers expected to change jobs and careers more often than ever before, upskilling is super important for staying flexible and adaptable. When your team members have a diverse range of skills, it’s much easier to promote or make lateral moves from the existing pool of employees that you have.

Why should you be upskilling your team?

Investing in upskilling your team can be a lifesaver when things get tough. You'll thank yourself in the future for being proactive in equipping your team with the skills and knowledge needed to make a real difference in your organisation. There are many benefits to upskilling, such as:

Recruiting top talent

Having a reputation for prioritising the learning and development of employees can increase the likelihood of attracting top talent to an organisation. According to a survey, 59% of millennials consider development opportunities to be a crucial factor when deciding to apply for a position. By implementing a well-planned L&D program, an organisation can significantly enhance the quality of talent that is drawn to it.

Foster the next generation of leaders

When hiring new employees, it's important to look for individuals who have the potential to become future leaders. It's often more cost-effective and efficient to develop existing employees into leadership roles rather than hire externally. By investing in the leadership potential of your junior team members, they'll feel more connected to your organisation and have lower turnover rates compared to those who aren't provided with growth opportunities.

Address a skill gap

You may have already identified that there is a gap in your team’s skill or knowledge. Opportunities such as hiring new people or outsourcing are costly and don’t always guarantee results. Upskilling a team member can be the most effective and efficient solution to address the skill gap in such situations.

To roll out new strategies

When implementing a new strategy within your team, it's important that everyone is aligned and receives the same training. This ensures that staff can deliver consistent experiences for the customer, which in turn improves customer satisfaction.

Improve employee satisfaction

Today's job market is highly competitive, and employees seek out employers who actively invest in their career growth. A considerable 34% of employees have left their jobs for better career development opportunities, while companies that invest in learning and development have reported an improvement in employee retention by 30-50%. Given the high cost associated with replacing an employee, increasing retention is an obvious decision.

Building training resources for the company

If experienced employees leave, they can take with them a great deal of valuable knowledge. Creating an upskilling program that captures knowledge from long term employees and passes it onto newer recruits means you’re saving the company from the brain drain that happens if a key employee decides to move on.

Customer satisfaction

Well-trained team members, whether in B2B or B2C settings, are more capable of addressing customer enquiries, resolving issues, and navigating complex situations. This results in prompt and effective service, which in turn leads to satisfied customers and clients.

Start sooner rather than later

If you’re interested in upskilling your team, start sooner rather than later. Bring it to the top of your priority list because this is a long-term investment which can reap rich rewards for your organisation.