Technology has changed the way of living, right from the way to count your calories using fitness and health devices or the jobs you used to do a few years back and now! Things are changing pretty fast, Is not it? In this article, I will try to discuss the buzz word reskill and upskill with a light on its importance!
Technology disruption- Threat or a blessing? Well, for the business its a boon as technology(AI/Machine Learning/Automation) multiplies the efficiency and improves the revenue manifold. What gets affected are the people who are involved in the business. According to a report by McKinsey, approx, 14% (375 million) of the global workforce have to switch in professions of digitization, AI, and automation.
Vision Alignment of Companies to the employees- Necessity or another Meeting Agenda? According to the World Economic Forum, the US Bureau of Labor Statistics predicted that 1.37 million will be displaced for their current skill set in the upcoming decade and it will US$34 billion to reskill and make them ready for the future job role. Companies have started aligning their technological adoption vision by keeping an approach of retaining the talent with reskilling and career opportunities while hiring for new technologies at the same time. McKinsey reported that 94% of respondents from Europe wants to adopt a mixed approach of hiring and reskilling the existing workforce, while only 62% of Americans want to have the mixed approach of hiring and reskilling. 35% of Americans (as compared to 7 % of Europeans) feel that the new skill set can be only met by hiring. Foreseeing the cost to reskill and hire, it is wise to adopt the skilling as a performance benchmarking and align the companies’ vision with career goals of its employees. It will not only ensure retaining the right talent but also make them motivated towards the future. Gartner’s research shows that connected learners are 8 times more likely to be high performers.
Hope you liked the quick light on the need of the hour for reskilling. Share with your network and post in a comment, how your organization is keeping pace with hiring new talent and reskilling the existing workforce?