Economic experts say reskilling is needed as a result of the pandemic, as companies lose profits and experience layoffs due to deglobalization, digitization, and corporate consolidations.
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Economic experts say reskilling is needed as a result of the pandemic, as companies lose profits and experience layoffs due to deglobalization, digitization, and corporate consolidations. Online consumption is more the norm, with shifting consumer habits. At the same time new skills are needed, and millions are unemployed.
Companies should make it clear. SHRM.org cites Bill Berrien, CEO of manufacturer Pindel Global Precision, when reskilling, practicing transparency, competency, and currency. Transparency refers to the career-development learning paths a company provides; competency means a company should provide opportunities for employees to demonstrate competencies and not just knowledge on the job; and currency is human resources putting a value on reskilling opportunities – stating what they are worth in financial terms. “Jobs should align with the skill sets required and payment recalibrated to reflect those skills,” the article states.
Realize reskilling is not a temporary fix for lower-level employees. Workforce analytics firm Visier points out reskilling is for all employees, with change only accelerating. “Learning will no longer be a periodic one-and-done process, but a seamless part of work for everyone. Critical manager skill sets will also change because span of control will be broader with the rise of automation.” Visier touts using a time-to-productivity metric to calculate how much learning investment is required.
Know the benefits. Companies that reskill employees, as Amazon did in 2019 – having its workers take on new roles in IT support and software engineering with a $700-million training investment – improve employee retention, reduce the cost of filling new roles, attract talent with a growth mindset and boost morale. “Employees who appreciate the benefit of a reskilling culture will also fortify your employee brand,” says DigitalHRTech.com. “Their positive feedback can result in referring desirable candidates to apply for your open positions.”
