Effective Upskilling and Reskilling: How Workforce Planning and Development Improve Productivity and Talent ROI
It’s no secret that automation and digital transformation are rapidly restructuring the talent landscape, putting as many as 85 million jobs at risk. What many people don’t realize is that this same trend is also poised to create an additional 97 million jobs and an additional $8.5 trillion in global revenues.
There’s just one small caveat: We have to upskill more than half of the global workforce in the next decade to fill these new roles and capture this additional revenue.
“The challenge with upskilling the current workforce is that the jobs of the future don’t exist yet,” says Joanna Riley, CEO and cofounder of Censia. “Companies don’t know which roles to recruit and train for. The opportunity is that the future of work will depend much more on skills and adaptability, which can unlock greater productivity in your company, and which we can start training for today.”
According to the Censia’s whitepaper, “Use Upskilling and Reskilling to Optimize Talent, Meet Business Goals, and Reduce Talent Costs,” the skills of the future fall into two broad categories: personal skills and technical skills.
Personal skills include analytical thinking and innovation, active learning and problem-solving, critical thinking and creativity, resilience, persuasion, and negotiation. Technical skills include technology use, monitoring, control and design, programming, troubleshooting, and systems evaluation.
According to Censia’s whitepaper, companies can start proactively upskilling and reskilling their entire workforces once they make the switch from roles-based hiring to skill- and capability-based hiring. Doing so drives down labor costs (as upskilling and promoting from within cost less than hiring external talent) and leads to significant business growth.
The benefits of upskilling include:
• 54 percent gains in productivity and engagement for organizations that invest in learning technology.
• Offering career advancement opportunities can reduce turnover by up to 94 percent.
• Employees are 30 percent more engaged when they have access to developmental opportunities.
• Companies with highly trained employees earn 21 percent greater profits.
Given all this, it should come as no surprise that 84 percent of companies are increasing their investments in reskilling programs.
Censia’s Talent Intelligence platform enables reskilling and upskilling through AI-generated talent insights, which give recruiters unbiased and actionable insights into candidates. Censia’s Talent Intelligence is available inside of Recruiter.com, allowing recruiters to leverage AI to build ideal candidate models, access millions of candidate profiles, and use AI to qualify candidates and match them to jobs.
Download Censia’s whitepaper, “Use Upskilling and Reskilling to Optimize Talent, Meet Business Goals, and Reduce Talent Costs,” to learn more.
Jennifer Thomé is head of content marketing at Censia Talent Intelligence.