Did you know that 91% of the companies and 81% of the employees believe upskilling has boosted their productivity!
These statistics show the importance of upskilling in today’s times.
Given the impressive advantages of upskilling and after looking at the above numbers, you may also want to engage in upskilling with your employees. But, what exactly is upskilling? Why should you do it? What are its benefits?
It is not difficult to guess that these questions come to your mind as a small business founder. Therefore, it is good to ponder upon them before starting the upskilling process, primarily when you work remotely.
Virtual working settings have their own set of requirements and rules. Most of the individuals involved in online work from home fulfill those requirements, but upskilling at work makes it easier to complete tasks more efficiently.
What is Upskilling?
According to ESEI Business School, Upskilling is the process of learning new skills to enhance your existing skill sets. Every employer wants to train their employees to acquire new skills to grow in their current positions ultimately. Thus, when the workforce grows, it eventually paves the way for a business to grow.
You can also understand upskilling in a general context. There are many individuals not working with an organization who may want to enhance their skill set. They often enroll in master's programs, workshops, classes, short courses, or other professional training to achieve the desired skill set. All their effort is towards upgrading their career path through upskilling.
You may agree from its understanding till now - at one point, upskilling becomes mandatory for every company. It works like machine oil, which you must put in the machines from time to time. Perhaps, that's why more companies are adopting it. So let's tap into it.
Why Is Upskilling The New Buzz Word?
Companies widely follow the process of upskilling in countries like the US and UK, where markets are dynamic. Lately, upskilling has seen a rise in many countries and industries. Pandemic is a significant reason for this boom in upskilling and why companies actively support employees learning new skills. There are multiple reasons why upskilling has become indispensable for companies and employees, both new and old.
Pandemic: A Shift To Work From Home Business
The unemployment rate reached its peak during the pandemic. Declining profits was a prominent cause that triggered unemployment at the time.
Remote working, or as some people call it, home working, emerged as the new silver lining for companies, especially startups and small businesses. The need of the hour was to learn new digital skills to work virtually.
How Home Working Solutions Help Businesses Grow?
Learning new skills can put your growing business in a beneficial spot. Studies and research show that a significant natural crisis usually brings a boom period, such as the recent global pandemic. So even though we are still facing the consequences of COVID, countries across the globe are expecting a rise in their economy.
Look at the U.S, where forecasters speculate economic growth by 6%, significantly higher than trends before the pandemic. Likewise, BBC reports suggest that the UK is preparing for spectacular growth, unprecedented in the last seven decades.
Gaining new abilities can put you in a better position to take advantage of a more robust economy, especially with growth and optimism. So, if you want to ensure you have a competitive advantage, now is the time to consider upskilling your current workforce.
If you are a remote assistant, this is your time to push your abilities and take your professional path to new heights.
Skill Enhancement for Remote Workers
The emergence of technology-based jobs cannot go unnoticed, especially in the last decade. These jobs are ever-evolving and have specific requirements. As the International Monetary Fund states, big companies are facing a 'TECH TALENT SCRAMBLE.' It may be because jobs earlier were not as dynamic as the jobs now. Now that jobs are increasingly shifting to remote culture, there is an obvious need for upskilling.
Growing businesses have a solid plus point here, as they have an open space compared to established companies. Small business owners are always hustling to hire remote assistants who are more skilled and can quickly adapt to the dynamic culture.
Even after this plus point, the requirement of upskilling is more in startups. They have to grow and dodge competitors, retaining their audience.
You are well-acquainted with the importance of Upskilling now. So let’s explore some benefits of Upskilling.
Advantages Of Upskilling For Fully Remote Jobs
Upskilling is like an equilibrium. On the one hand, it is significant for startups and medium business owners. But, on the other hand, it can severely uplift the career prospects of remote workers.
Cost-Efficient and Saves Time
First of all, whether it is a remote job or an in-house opportunity, hiring an ideal candidate is a hefty task. Secondly, it is a time-consuming process to fill in vacancies. Finally, hiring a new employee also means paying a salary. Therefore, when the companies train and upskill current employees, they save the effort put into the recruitment process.
Retaining The Employees
An organization that does not invest in the career development of its employees tends to lose its hard-working and valuable employees. Every individual wants to collaborate with a company that also focuses on their healthy development. Upskilling and reskilling foster a learning culture in your workplace that encourages employees to stay with the company for an extended period, resulting in higher employee retention.
For Better Performance
The process of upskilling helps your present employees upgrade their skill set. When the virtual workforce takes part in upskilling activities, they know about the recent trends and developments in the market. With complete knowledge of what's going on around them, they can perform their tasks better. So, you can achieve your goals faster as an organization.
Upskilling Can Help in Self Analysis
Employees can self-analyze their strengths and weaknesses through upskilling exercises, allowing them to determine which new skills they should master to maximize their potential. Moreover, employee development equips employees with the ability to assess their progress over time.
Growth in the Level of Productivity
An increase in productivity is a consistent goal for every organization. Engaging in regular upskilling activities helps the remote workers understand the client's requirements better. Therefore, it results in an impeccable delivery of services. In addition, when employees can understand the business requirements quickly, they have more time to focus on their tasks. More time means better work quality.
For Better Organizational Skills
Upskilling is helpful for confidence-building and getting better at work communication. When the remote assistants are well-aware of themselves, their work, and dealing with clients, they acquire better organizational skills.
Upskilling brings out the best for home working solutions on both ends - remote virtual assistants and companies.
The benefits mentioned above are testimony to this. It is suitable for growth and to assess the current work situation in your company. You can ensure an excellent retention rate, better using the potential of experienced employees.
For employees, upskilling is a measure to ensure that they are relevant in the dynamic corporate environment, where they daily encounter new challenges. In addition, learning new skills helps them with confidence-building so that they can deliver satisfying results.
But, how to start with the process of upskilling? What are the different ways involved? Do different industries have different upskilling methods? Find out in the next blog - Getting Better at Remote Working: How to Upskill The Employees in a Startup?
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