The Value of Reskilling Your Talent
June 22, 2021
By Linda Olejniczak, courtesy of SBAM Approved Partner ASE
Developing a strategy for reskilling allows organizations to retrain current employees to take on new roles. This can keep your company viable during times of change – without the additional time and expense of hiring brand-new employees.
Over the long term, reskilling can help you keep your talent, attract motivated candidates, and support expertise and innovation that benefit the entire organization. Short term, reskilling can save time and money when your company needs employees with new skills quickly.
The definition varies depending on the source, but in general, reskilling happens when an organization helps their employees learn the skills they need for a new role within your organization. There are many benefits to reskilling your workforce:
Reduce the cost to fill new roles – Avoid the costs of hiring, onboarding, and the chance a hire might not work out. This frees up resources to help develop your existing workforce.
Attract new talent – What? I know what you are thinking…you just wrote it reduces the cost to hire new talent. A culture that is dedicated to developing their workforce build new skills has an advantage when it comes to recruiting. In the end this will become both a recruitment and retention tool.
If your organization does not have a reskilling initiative the first step is to develop a learning culture. Make learning and professional development a yearly program and part employees’ annual goals. This will take some specific resources.
Identify skill gaps and set learning goals for their current role and areas they are interested in moving into to.
Invest in employee training. ASE has virtual, in-person, custom, and on-demand training available. Set up a tuition reimbursement program if you do not already have one.
Develop mentoring, apprenticeship, student co-op, or job shadow programs.
Leverage employee knowledge and skills. Identify their skill sets and expand their roles.
Learn how to react to change and develop a process to identify future skills. To get started, ASE members can access the following research by our partners at McLean and Company. Simply login to your ASE Member Dashboard to access the McLean & Company portal.
- Identify Skills of the Future
- Create and Leverage a Skills Inventory
- Develop an Internship Program
Reskilling offers many benefits and allows organizations to retain and utilize engaged employees in the best way possible. Make reskilling part of your L & D for your workforce.