Data from the Office of National Statistics has revealed that job vacancies in the UK dropped in the last quarter of 2022, with concerns of layoffs and economic uncertainty widespread amongst employees and job seekers.
With the current job market being the toughest that it has ever been, now more than ever it is vital to obtain a desirable skillset to stand out from the crowd.
What’s more, the UK are seeing a wide gap in specific skillsets, with the digital skills shortage predicted to be costing the UK economy more than £50 billion a year, with eight in ten business owners admitting that the lack of skills are having a negative impact on their organisation.
The importance of upskilling has never been as important and stands as a worthwhile venture to expand your employees’ existing skillset to keep up with desirable demands within the workplace.
Here Ed Johnson, CEO and Founder of leading job progression and mentoring platform PushFar, offers insight into the importance of upskilling.
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Upskilling gives employees confidence in their value.
When workers feel more confident in their abilities, they’ll likely be both happier and more productive, making the workplace a far more enjoyable place. The practise of upskilling will provide employees with a chance to feel proud of their abilities and hopeful about what they can accomplish.
Offering employees the opportunity to learn and develop key skills, ensures that employees feel confident in their value to an organisation. The act of gaining a new skill set will provide your staff with the sense that they can truly benefit the company and contribute to their success.
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Upskilling makes your company more amenable to change
With a continuous evolution of consumer preferences and a changing market, countless organisations across the globe will be looking for ways to adjust the way they do business to stay afloat. In such turbulent times, from striking action to the cost-of-living crisis, this leads to employees living in stress, in fear that they may lose their livelihoods.
Thankfully, upskilling is a great solution to this problem, and makes both employees and companies more prepared to respond to changes. For instance, if a company allows a portion of employees to learn coding skills, crafting a more robust digital presence will be easier when it becomes necessary. The more stable employees and management feel in their jobs, the more positive the workplace will feel.
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Upskilling can decrease employee turnover rates
Unfortunately, many companies have to deal with high turnover rates, creating a revolving door of employees. For workers, these types of workplaces can make it difficult to make meaningful connections with other employees, leading to a less positive and exciting attitude towards the workplace.
Upskilling can help employers lower their turnover rates and increase the number of meaningful connections that employees are able to make at work. This is because of the fact that employees are more likely to stay at companies that increase their skills and prepare them to step into more advanced roles. As such, upskilling’s ability to decrease turnover rates can help morph any workplace into a more joyful space.
Whilst there are certain things out of our control, we can all look to implement upskilling in the workplace to create a happy working environment for employees, as well as enabling businesses to grow further.
Amelia Brand is the Editor for HRreview, and host of the HR in Review podcast series. With a Master’s degree in Legal and Political Theory, her particular interests within HR include employment law, DE&I, and wellbeing within the workplace. Prior to working with HRreview, Amelia was Sub-Editor of a magazine, and Editor of the Environmental Justice Project at University College London, writing and overseeing articles into UCL’s weekly newsletter. Her previous academic work has focused on philosophy, politics and law, with a special focus on how artificial intelligence will feature in the future.
