Preparing for the Future of Work: The Significance of Upskilling
In today's job market, the concept of lifelong learning has never been more important. With technology advancing at a fast pace and industries evolving constantly, employees should embrace upskilling and reskilling to stay relevant and keep their careers on track.
This blog has a closer look at why upskilling and reskilling are more critical than ever, how they can position your business for success, and the benefits they provide.
In March 2024, The World Economic Forum’s Future of Jobs report predicted that by 2025, changes in the division of labour between machines and humans could result in the shifting of 85 million jobs. Yet, there is also an expectation of creating 97 million new roles fuelled by technological advances and continuous digital transformation.
Even for those staying in their current positions, approximately 40% of essential skills are projected to evolve. This highlights the critical importance of reskilling and upskilling across all levels of employment, departments, and organisations. With substantial transformations expected by 2025, the time to take action is immediate.
Why Upskilling and Reskilling are More Critical Than Ever
Skill development has always been crucial, but current circumstances are heightening its importance. We are now in what is often referred to as ‘The Fourth Industrial Revolution’, a period where advancements in AI and automation are transforming our workplaces. Given the accelerating pace of change, acquiring new competencies can no longer be postponed.
The World Economic Forum anticipates that by 2025, half of all employees will require reskilling due to the expanding adoption of technology. While automation and AI are not expected to eliminate jobs as previously feared, the Forum predicts they will generate up to 69 million new roles. While this is positive news, these positions will demand new knowledge sets, highlighting the growing necessity for upskilling and reskilling.
How Upskilling Can Position Your Business for Success
Upskilling plays a pivotal role in positioning businesses for success across multiple dimensions. By fostering a culture of innovation, it empowers employees with cutting-edge knowledge and tools, nurturing creativity and enhancing problem-solving capabilities. This not only leads to innovative solutions but also cultivates adaptability among teams, enabling them to swiftly respond to technological advancements and market shifts. Furthermore, upskilling drives increased productivity and efficiency through skill mastery and streamlined processes, optimising workflows and reducing operational costs.
Businesses that prioritise upskilling gain a competitive edge by staying relevant in evolving industries, leveraging emerging technologies, and leading innovation. Moreover, proactive upskilling prepares businesses for future challenges and uncertainties, ensuring resilience and long-term sustainability in a dynamic market landscape.
In March 2023, LinkedIn Learning's Workforce Learning Report indicated that 93% of employees are more likely to stay at a company that invests in their career development through upskilling initiatives.
The Benefits of Supporting Reskilling and Upskilling
Supporting reskilling and upskilling initiatives within an organisation yields numerous benefits that contribute to both individual career growth and overall business success. By investing in these programs, companies empower their employees to adapt to evolving technologies and industry trends, ensuring they remain competitive and capable of seizing new opportunities.
Reskilling allows employees to transition into new roles or fields within the company, enhancing job satisfaction and reducing turnover. Meanwhile, upskilling equips employees with advanced skills that improve productivity, efficiency, and innovation across all levels of the organisation.
Moreover, fostering a culture of continuous learning boosts employee morale and engagement, making the organisation more attractive to top talent seeking professional development opportunities. Ultimately, by prioritising reskilling and upskilling, companies future-proof their workforce, enabling them to navigate future challenges and thrive in dynamic and unpredictable business environments.
How SMDH Academy can Support you to Empower Professionals to Thrive
SMDH Academy offers an e-learning platform with free-to-use resources designed to enhance digital and data skills, ultimately boosting efficiency and enhancing your business's competitiveness. Our self-paced courses allow you to learn on-demand, whether during work hours or from home, at your convenience. The interactive learning experience includes high-quality video content in many modules, ensuring engagement and effective learning. You can share access to our platform with your entire team, providing everyone with the opportunity to benefit from it. Our approachable training content is accessible to all, tailored for individuals working in UK manufacturing without requiring prior knowledge. Utilise our content to upskill and reskill your staff in areas crucial for your business. If there's a specific skill you believe would benefit your employees, don't hesitate to contact us at training.support@smdh.uk. We're here to assist you in elevating your team's capabilities.
To access the training resources available on SMDH Academy click here.