Closing skills gaps is crucial when it comes to improving recruitment, retention, and productivity at your business. Yet, labor expectations and an accelerated evolution in digital technology such as AI are making it difficult for organizations to close skill gaps in the traditional way: with new hires.
With the pace of advancement, organizations today have skills shortages in areas they didn’t know they needed a few years ago. Not only are the right types of skills difficult to identify, finding people with those needed skills who are also a cultural fit for the company is even tougher.
How can you stay prepared in an era of rapid change? Instead of hiring each employee for a fixed role, a more sustainable approach is to focus on hiring motivated, inspired people and creating a flexible workforce through continuous learning for the future.
Reskilling: Prepare an employee for a new role
Reskilling involves training an employee in new tools and approaches to prepare them to take on a different role in the company. Many companies expect that 40% of their employees will require reskilling, due to industry and economic changes. Reskilling can reduce the cost of filling new roles and onboarding, while supporting employee growth.
Upskilling: Expand your workforce’s in-demand skill sets
When workers expand their skills and capabilities within their area of expertise, it’s called upskilling. By expanding your employees’ know-how, they become more productive and successful. Upskilling also supports diversity while providing employees a career. According to data from McKinsey, 54% of those aged 18-34 rank career development and advancement potential as a top reason for staying in their current job.
New Skilling: Embrace continuous learning
New skilling uses AI and machine learning to accelerate workforce development. It starts with an inventory of current internal capabilities and compares them to future tasks and the skills needed to perform them in order to highlight where training and new skills are needed. AI-based adaptive learning systems reach employees across devices and channels, delivering personalized lessons, coaching and feedback in near real time and at scale.
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Source: McKinsey & Company
In light of digital transformations and evolving ways of working, supporting employee development is key to business success. Continuous learning programs together with a culture that nurtures curiosity will help employees prepare for a changing world.
As the workplace continues to evolve, employers are looking at not only how work gets done, but where, and implementing programs such as flexwork to address the holistic needs of their workforce. Offering support for flexible work arrangements and commute support can make a big difference in helping companies and employees stay resilient, connected and thriving.
Georgia Commute Options can help prepare you for the future of work. Let’s discuss how we can help.