Written by Rachel Goh
How Does Upskilling Your Employees
Benefit Your Company?
Benefit Your Company?
With the possibility of a future with less physical labour and greater emphasis on skills and knowledge, the rapid advancements in technology have changed the nature of many jobs. As technology drives businesses forward, its success is highly dependent on human capital. Thus, it highlights the need for organisations to upskill their existing workforce and focus on building up the skills and knowledge of their employees.
1
Employee Retention
A lack of career progression may end up as an employee's reason for leaving a job. To prevent employees from looking elsewhere for better opportunities and job hopping their way up the ladder, employers are encouraged to invest more in training and development of employees to address skill gaps.
This will not only help to boost employees' value to the company, but also allow them to feel secure in the company. It sends them the message that they are worth the investment and shows that their career development is as important as the evolving needs of the business.
This will not only help to boost employees' value to the company, but also allow them to feel secure in the company. It sends them the message that they are worth the investment and shows that their career development is as important as the evolving needs of the business.
2
Reduces Costs of Turnover
The cost of onboarding a new employee will cost more than providing upskilling programmes to existing employees. Interviews, hiring and training a new candidate from scratch will add up to be additional costs required to fill a vacancy.
Studies show that the cost of replacing a worker can go up to $25,000. This is where engaging employees in upskilling programmes will come in as a more economical alternative to bringing in new workers.
Studies show that the cost of replacing a worker can go up to $25,000. This is where engaging employees in upskilling programmes will come in as a more economical alternative to bringing in new workers.
3
Increases Productivity
Upskilling your employees will pay off in the long run. Employees who are given the opportunity to grow outside of their roles can lead to a more engaged workforce. Yes, disengaged employees can affect the quality of work and may lead to a negative impact on the company.
When companies pay attention to what employees want to learn and the skills that they want to develop, productivity will increase as they are more likely to be engaged in the tasks given to them. An engaged workforce are key drivers for organisational growth and sustainability.
When companies pay attention to what employees want to learn and the skills that they want to develop, productivity will increase as they are more likely to be engaged in the tasks given to them. An engaged workforce are key drivers for organisational growth and sustainability.
4
Creates a Competitive Edge
The combined advantages listed above will provide the company with a significant competitive advantage. Upskilling of existing employees will help to retain the existing pool of talents in the company.
Thus, instead of focusing the company's resources on on-boarding new hires, employers can now focus on meeting targets and the overall performance of the company. With a more knowledgeable and skilled workforce, the efficiency of the company increases as employees gain more experiences and are more agile in their duties.
Thus, instead of focusing the company's resources on on-boarding new hires, employers can now focus on meeting targets and the overall performance of the company. With a more knowledgeable and skilled workforce, the efficiency of the company increases as employees gain more experiences and are more agile in their duties.
5
Draws in Job Applications
Before applying for a job, candidates are likely to have done their research on their desired company. Candidates will be more drawn to a company with a good atmosphere and are willing to provide the best for them. Setting a culture of constant learning will show that the company is a great place to work and grow in!
Through word of mouth from existing upskilled employees, they will help to advocate the benefits of joining the company. Thus, whenever there are new job postings available, candidates will come to learn about how employers treat their workforce. Companies who offer valuable training opportunities will build their reputation as employers of choice.
Through word of mouth from existing upskilled employees, they will help to advocate the benefits of joining the company. Thus, whenever there are new job postings available, candidates will come to learn about how employers treat their workforce. Companies who offer valuable training opportunities will build their reputation as employers of choice.
Now that we have shared about the benefits that comes with upskilling, you might be wondering how to go about doing it at your company?
The key is not to send your employees to any generic upskilling courses, but to take an interest in the progressions that they would like to have in their career. Their newly added skillset could also allow them to take up a greater role in the company.
The key is not to send your employees to any generic upskilling courses, but to take an interest in the progressions that they would like to have in their career. Their newly added skillset could also allow them to take up a greater role in the company.
Using FastLearn
Companies can now receive more support in transforming their workforce with FastJobs' FastLearn initiatives and various training courses by SkillsFuture Singapore and Training Vision Institute (TVI).
In Summary
There are several avenues for learning and development of employees. Creating a culture of learning will help employees to develop a future-proof skill set that is valuable to the company.
Through our FastJobs' FastLearn initiatives, we hope to value-add by providing companies with various training courses relevant to their training needs and encouragement for employers to invest further in training.
Through our FastJobs' FastLearn initiatives, we hope to value-add by providing companies with various training courses relevant to their training needs and encouragement for employers to invest further in training.
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