{"id":11116,"date":"2022-03-31T12:39:03","date_gmt":"2022-03-31T12:39:03","guid":{"rendered":"https:\/\/blog.cloudthat.com\/?p=11116"},"modified":"2024-06-25T11:03:12","modified_gmt":"2024-06-25T11:03:12","slug":"top-5-benefits-of-upskilling-your-employees-in-2022-beyond","status":"publish","type":"blog","link":"https:\/\/www.cloudthat.com\/resources\/blog\/top-5-benefits-of-upskilling-your-employees-in-2022-beyond","title":{"rendered":"Top 5 Benefits of Upskilling Your Employees in 2022 & Beyond"},"content":{"rendered":"

It is challenging for companies to keep up with technological advancements. While technology helps create business opportunities, it also leads to a growing skill gap as the demand for skilled workers soars up to meet the new age job requirements. The shortage of IT talent is a leading corporate concern,\u202f<\/span>with 86% of respondents believing it will continue to slow down the cloud and other tech projects. For 79% of CEOs, a lack of essential skills within their existing employee base is a threat to growth,<\/span><\/i><\/b>\u202fas per the 22nd Annual Global CEO Survey, PwC.<\/span>\u00a0<\/span><\/p>\n

The question arises: How can employers bridge this skill gap while retaining the current workforce?\u00a0<\/span>\u00a0<\/span><\/p>\n

We all know that hiring and training new talent to replace an existing worker is expensive. As per Gallup, the cost of hiring an individual can range from one-half to two times the annual salary of an employee, which is again a rough estimate, and the numbers may be much higher.<\/span>\u00a0<\/span><\/p>\n

Employers can stay competitive and keep people\u2019s skills in sync with the changing work requirements by upskilling workers. As you reskill your team, you work toward creating a cross-trained and well-rounded workforce that can boost business productivity and efficiency. For instance, leading companies like Amazon, Accenture, Verizon, and others have launched several upskilling programs over the last few years to drive innovation and accelerate business growth with a skilled modern workforce.<\/span><\/p>\n\n\n\n\n\n\n
TABLE OF CONTENT<\/strong><\/span><\/td>\n<\/tr>\n
1. How upskilling your workforce benefits your organization?<\/a><\/td>\n<\/tr>\n
2. How to Get Started with Upskilling Your Workforce<\/a><\/td>\n<\/tr>\n
3. Final Thought<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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1. How upskilling your workforce benefits your organization?<\/h1>\n

Employee training is essential for businesses to be future-ready in an evolving tech world. Here are the benefits of upskilling you will experience while investing in employee training programs:<\/span>\u00a0<\/span><\/p>\n

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  1. <\/b> Bridges the Skill Gap within the Organization<\/span><\/b><\/li>\n<\/ol>\n

    The growing skill gap is a serious concern for the IT industry. As technology and job roles keep evolving, companies find it difficult to fill in job positions due to a lack of skilled workers. As a result, skill shortage is costing companies millions of dollars and limiting their access to further business expansion.<\/span>\u00a0<\/span><\/p>\n

    According to Gartner, about\u202f<\/span>70% of professionals lack entry-level skills<\/span><\/b>, whereas the percentage for an advanced set of skills goes even higher.\u202fAbout <\/span>50% of jobs alone in the cloud domain<\/span><\/b> remain vacant, which throws light on the growing global IT talent shortage. To bridge this skill gap and achieve business goals, the only solution that can help is upskilling your workforce. Moreover, upgrading the skills of your employees through training is much cheaper than hiring new talent.<\/span>\u00a0<\/span><\/p>\n

    The illustration showcases how the skill gap impacts businesses, as shared by CEOs in 22nd<\/sup> Annual Global CEO Survey by PwC:<\/span><\/p>\n

    <\/p>\n

    Source: SHRM<\/p>\n

    \u00a0 <\/span><\/b>2. Helps in Employee Retention<\/span><\/b>\u00a0<\/span><\/p>\n

    The fear of missing out (FOMO) on great opportunities can increase employee dissatisfaction. For instance, suppose you do not offer opportunities for learning and development to your employees to help them move up the corporate ladder. In that case, they are likely to leave you and move to your competitors, offering better opportunities. By creating learning opportunities through upskilling programs, you can make employees feel valued.\u202f<\/span>\u00a0<\/span><\/p>\n