Ditch The Status Quo: Why Upskilling And Reskilling Are Vital For Growth

This is Part One of a three-part series exploring the concepts of upskilling and reskilling.

With advancements in Artificial Intelligence, the workforce is rapidly shifting and it’s more important than ever for employees to provide the “human” element. Therefore, we’ve heard much about “upskilling” and “reskilling.” But what do these terms mean? 

Upskilling refers to building one’s existing skills to enhance and augment their strengths. Reskilling is the process of developing new skills in order to move into new roles within an organization or to shift into a more entrepreneurial career path. Essentially, upskilling and reskilling may be necessary for career resilience. Upskilling creates more specialized workers and reskilling creates more versatile ones. 

Technology adoption is causing companies to adapt and evolve with new business models and innovative operational solutions. The digital revolution is advancing quickly and the current workforce is failing to keep up with the changing demands, causing a massive gap in skills. 

Employees and employers have been scrambling to keep up with this evolution in the workforce by implementing changes in company culture and encouraging more creativity amongst staff. They are embracing ideas that encourage lifelong learning to avoid getting left behind. 

While upskilling and reskilling are slightly different concepts, they have the same ultimate objectives. They are necessary to bridge the exponentially growing gap in skills necessary to bridge the digital divide that many companies are currently experiencing. This is key for maintaining a competitive advantage. They help to create talent retention and save costs. After all, it’s common knowledge that it is more cost-effective to train current employees rather than replace them.

So what skills are needed in today’s workforce? We thought you’d never ask… Obviously, there are some technical skills that must be developed, but many experts point to the need for organizations to develop soft skills (or, Power Skills) in order to create a workforce that is dynamic enough to keep up with the ever-evolving digital landscape. Developing these soft skills now will create better efficiencies in a modern company. Not to mention, when an organization focuses on personal and interpersonal development, it shifts employee culture and employee satisfaction in a positive direction, thus improving retention and productivity. 

According to a report produced by the World Economic Forum entitled, Towards A Reskilling Revolution, the most sought-after soft skills by today’s companies include: Critical and Innovative Thinking, Active Learning, Complex Problem Solving, and Leadership. Is it any wonder why these are the skills upon which the RedCat Multiverse is focused?

Conversely, the same study found that some of the skills least in demand in today’s workforce include: Manual Dexterity, Memory Capacity, Financial and Material Resource Management, and Mathematical Ability.

The research overwhelmingly points to upskilling and reskilling as prerequisites for success. In fact, the World Economic Forum also indicates that more than half of all employees will need reskilling by 2025. That’s just three years away, friends. Change is not coming. It’s here. 

Organizations must make the necessary strategic shifts in order to remain relevant. However, this is only part of the solution. Stay tuned as we dive into how individuals can leverage this movement in order to transform their career trajectory.