What is Reskilling?
Reskilling is the method of acquiring new skills to acclimatize to the evolving changes in the workplace. It requires learning & understanding capabilities and abilities that are diverse and not necessarily related to an individual’s current career. Reskilling allows one to adapt to the evolving dynamics of the job market because of digitization, machine learning, and automation. As more conventional roles become obsolete, reskilling gives the scope to people within the workforce to position themselves for new roles and remain employable.
Reskilling requires professionals to consider options like formal education in newer fields, online training, vocational courses, and on-the-job learning. It can also refer to moving into an entirely new industry that requires a unique set of qualifications entirely different from one’s existing profile and skills.
Reskilling allows organizations to retain present talent by offering on-the-job training for new roles and avoiding the need for rehiring. Other benefits for businesses include reduced employee turnover and layoffs. Conversely, professionals can rely on reskilling to change career paths and gain better job security. It also allows them to stay a step ahead to meet the future demands of the workplace.
Comparison between Reskilling and Upskilling
Involves learning entirely new skills, competencies, and capabilities to change the career path or apply for newer roles to meet the job market demands.
Involves expanding current skills and acquiring new capabilities to enhance one’s ability to do the existing job/role better.
Reskilling is usually the choice for professionals who want to switch to entirely new roles and professions different from their current profile.
Upskilling is done to improve the prospects of the current job or profile.
Reskilling requires more time, often many years, as one needs to acquire a new degree or course to switch to a new industry or sector.
Upskilling, in comparison, doesn’t require as much time as the individual improves and expands on existing knowledge, qualifications, and skills.
Reskilling requires more time, effort, and financial investment as the shift is entirely in a different direction and will eventually propel a professional into a sector.
Upskilling requires less time, often just a few courses or workshops, as the goal is to develop the existing skill base further.
Benefits of Reskilling Employees
Reskilling employees offers a wide range of benefits, including:
- Enhance productivity: Because the existing employees get the chance to learn new skills, they are more likely to work with zeal and remain more productive in the organization.
- Improved on-the-job experience: Companies can improve job satisfaction by providing new opportunities and roles to current employees, which can translate into reduced layoffs and turnover.
- Economical in the long run: Reskilling employees is still a more financially viable option for organizations than hiring an entirely new set of employees. Existing employees don't need extensive training because they are already aligned with the company culture.
- Workplace flexibility: Reskilling also makes employees more adaptable and flexible to the evolving dynamics of the workplace, which is essential to meet the demands of the ever-changing global business environment.
- Ease of adapting to innovation: As automation and digitization bring a wide range of changes, reskilling employees allows companies to adapt to innovation and new changes.
- Advantage within the industry: Embracing reskilling initiatives empowers companies to stay ahead of their competitors in the age of digital transformation.
Why Reskilling Will Define the Future of Work
- Reskilling allows businesses to upgrade the workforce to meet evolving tech advancements.
- It allows organizations to adapt to evolving work structures, including flexible and WFH arrangements.
- Automation makes it mandatory for workers to gain new skills to remain employable.
- Reskilling could be a potential solution for unemployment.
- It also promotes the culture of talent mobility.
Terms Related to Reskilling
- Upskilling - It is acquiring new skills or knowledge to enhance one's job performance and career prospects.
- Upskilling Platform- An upskilling platform is a digital resource or platform that offers tools to enhance and develop employees' skills and knowledge.
- Cross-training - The practice of providing employees with training in areas outside their primary job responsibilities to promote flexibility and knowledge-sharing.
- Job rotation - A training method in which employees are assigned to different roles within an organization to broaden their knowledge and skills.
- Continuous learning - The process of consistently pursuing knowledge and skills to remain relevant and competitive in one's career.
- On-the-job training - The practice of providing employees with hands-on training and development opportunities as part of their regular job responsibilities.