08/12/2021 | Nhi Nguyen
The World Economic Forum Future Employment Report 2018 predicted that 75 million jobs in twenty major economies will be eliminated by 2022. At the same time, 133 million new positions, driven by technological developments and ongoing digital transformation, will be created. As new expertise is demanded, your company is recommended to build the skill set needed to remain competitive by upskilling and reskilling.
Skill gap: what is it and why does it happen?
In brief, the term ‘skill gap’ indicates the disparity between what employers want and what employees can offer. For instance, there are a lot of positions, but very few appropriate candidates. Alternatively, many job seekers with certain capabilities, but hardly any businesses that seek these skills.
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Here are a few of the causes:
- Structural mismatch – between current knowledge and the real needs of future employers
- Lack of training systems – employees cannot keep up with technical advancements changes yet there are still no training available to bridge the gap
- Lack of specialists – seeking individuals with substantial experience, yet the field just barely breaks new ground with a few experts
- Knowledge stagnation – as elderly people are retiring along with high speed transitioning of the workforce,seasoned employees cannot transmit the experience and knowledge that they have acquired to younger generations.
What are Upskilling and Reskilling?
To close skill gaps, upskilling and reskilling are the answer. Reskilling is the process of learning new skills so you can let your people do a different job. More than half (54%) of employees, according to the World Economic Forum, would require ‘substantial’ restructuring by 2022.
In contrast, an upskilling culture entails teaching employees new, advanced skills to close skill gaps. This includes and enables your team members to progress throughout their current professional journey. These employees may have been working for your business for several years and have a thorough knowledge of both your culture and your clients.
While two-thirds of organizations believe that workforce development programs will help to close the skills gap, they are still hesitant to act due to financial constraints and a lack of appropriate tools to support internal initiatives. However, if you do not act now, your company’s ability to meet long-term goals will be jeopardized since the workforce does not have the access to all the necessary skills. Fortunately, you can banish those worries by applying technology to your reskilling and upskilling plan, which is not only cost-effective but also upgrades employees’ experience to the next level.
A typical example is English speaking application ELSA Speak, a pioneer in applying AI technology to education. ELSA Speak has helped hundreds of businesses with thousands of employees improve their English speaking skills in a smart and effective method thanks to advanced technology.
To thrive in the post-covid era, businesses need to upskill their employees’ English proficiency levels in order to boost their potential. Improving their English will also open the gate for them to enter an ultimate pool of global knowledge regardless of which industry you are in and what department they are working for. English will be a sufficient tool for them in the process of learning new skills for their reskilling journey and well equip them for another skill set to do a different task assigned by the management.
ELSA Speak offers many professional lessons related to various business fields so that employees can apply their learning to their daily work easily and also prepare them with a holistic view on how to communicate fluently in different departments of the business including production, technical, HR, legal, investment department, etc.
For instance, ELSA Speak offers technical topics for manufacturing businesses, which helps their workers learn how to discuss technical issues with foreign contractors and understand basic English instructions. This will greatly benefit production companies in preparing their staff for a post-COVID era when global trade is reopened.
Furthermore, ELSA continuously updates new topics in specialized fields such as Software Engineering, Healthcare, Hospitality, etc, helping companies to effortlessly teach technical English in the workplace and enhance business productivity and performance within specific industries.
Moreover, this application fully operates online, helping companies save costs on logistics and human resources. The system also allows access for companies to track all their employees’ progress, calculate L&D ROI & investment efficiency.
What can you do as an organization?
In the next several years, upskilling and reskilling will become increasingly vital. Here are some suggestions for organizations:
- Set up training programs for your current employees.
- Create a mentorship program in which experienced veterans pass on skills that are required to the next generation.
- Concentrate on developing individuals that are multidisciplinary and flexible. The rotation of employment is an excellent example of how this may be accomplished.
- Add additional responsibilities to existing job descriptions so that employees can learn new abilities.
- Hire external specialists to fill in the gaps that your business needs and utilize the technology advancement to enhance employees’ training experience
How will organizations benefit from reskilling and upskilling?
The advantages of employing retraining or upgrading skills at work are limitless. Some of the more important ones are:
- Reducing the cost of recruitment
Reskilling and upskilling are both internal talent investments that help meet company objectives. This simplifies hiring processes as well as the related costs and adjustment times of new hires.
- Keeping your top employees
Reskilling and upskilling mean that you do not only need to terminate skilled staff. Qualified employees are not always easy to find, and having their talents leave for another company is even worse.
- Attracting talents
The good news is that reskilling and upskilling will not only help you retain your top employees but also help you attract the next generation of dedicated employees. These new employees will want to work for a company that values its employees by assisting them in expanding their skills and roles within the organization. People are much more likely to stay with a company that shows an interest in the personal and professional growth of its employees.
COVID-19 can be a massive barrier to businesses’ development. But it can also be a motivation for businesses to increase their competitive advantages and step ahead. The upskilling and reskilling program will be a strong foundation for businesses to reach their long-term goals and develop sustainably in the new normal.
Businesses strive for better business performance in 2022 and you should too! Contact us for a comprehensive English training solution to upskill your workforce: https://bit.ly/3DB7Y9N
