Written by HRCap, Inc.
Published February 1, 2024
In 2023, over 260,000 employees were laid off in the tech sector, and it continues into 2024. Even in January 2024 alone, nearly 11,000 employees have been laid off.
As layoffs continue into the new year, more professionals are actively job-seeking and interviewing, while others are taking the time to upskill and reskill. Though the terms upskill and reskill have been tossed around synonymously, there are some major differences between the terms that everyone should understand.
Difference of Upskilling vs Reskilling
Upskilling involves enhancing existing skills or acquiring additional skills to help them do their current job. By upskilling, employees can gain new opportunities in the same industry and develop talent for personal growth. Upskilling can be facilitated through company training programs or personal development.
Reskilling, on the other hand, entails learning a new set of skills to transition into a different role or adapt to a new industry. Normally, reskilling is necessary when a job role becomes obsolete or when an employee is looking to transition into a career different from their current one. Reskilling can be facilitated through a variety of ways that include personal development.
6 Benefits of Upskilling and Reskilling for Professionals
Professionals can also realize 6 unique benefits from actively upskilling and reskilling to become marketable and competitive in the current business landscape.
1. Cultivated In-Demand Skills
By developing in-demand skills, individuals can distinguish themselves in the competitive job market. Acquiring sought-after skills will allow candidates to position themselves at the forefront of industry needs, staying relevant and job-competent.
2. Increased Job Satisfaction
As employees engage in the process of upskilling and reskilling, the sense of achievement that comes from developing new competencies contributes to heightened job satisfaction. With increased job satisfaction, employees will have a greater sense of fulfillment in their professional endeavors.
3. Higher Market Value
Upskilling and reskilling not only raise individual competency but also elevate an individual’s value to the company. As a result, employees can make themselves indispensable assets with versatile skill sets and adaptability.
4. Enhanced Job Security
Through upskilling and reskilling, employees also enhance their job security because of their increased employee value. Since they developed skills and competencies that will make them relevant in the future, employers will retain these employees.
5. Career Growth and Advancement
This commitment to continuous learning not only broadens the scope of opportunities within the current professional landscape but also paves the way for career advancement, allowing individuals to navigate and excel in evolving job markets.
6. Opportunities for Career Change
Beyond enhancing expertise in current roles, upskilling and reskilling offer individuals the chance to explore new career paths, providing a gateway for seamless transitions and empowering professionals to pursue diverse and fulfilling opportunities in different industries or roles.
How Professionals Can Upskill
The key to upskilling is to be up-to-date on the skills and market trends ensuring individuals are well-equipped to excel in their current responsibilities. By actively staying informed and adapting to evolving demands, professionals can enhance their competence and contribute more effectively within their current roles.
1. Pursue Professional Certifications
To develop stronger job competency in their current role, employees can take professional certification courses to gain credibility and expertise for that specific role. There are many certifications that are available on online platforms, such as Google certifications, LinkedIn, Udemy, and Coursera.
2. Attend Workshops and Seminars
Attending professional workshops and seminars is a valuable way for professionals to upskill. Workshops can provide new knowledge and ways to apply theoretical concepts to real-world scenarios through activities and practical exercises. Seminars, on the other hand, offer opportunities for networking and knowledge exchange through presentations and discussions led by experts in the field. Both ways facilitate professional development enabling individuals to adapt to evolving industry demands and enhance their overall expertise.
3. Participate In Internal Training Programs
Professionals can also upskill by engaging in their company’s internal training programs. These programs are often tailored to address specific job roles and company processes which ensure relevance to the employees’ daily responsibilities. By participating in internal training programs, professionals can also strengthen their understanding of the company’s unique systems and tools and become experts in their field.
4. Find a Mentor
Professionals looking to upskill should find a work mentor to provide personalized guidance on how to improve in their current role. An experienced mentor would be able to provide the feedback and coaching that is necessary for a professional to build upon their current skill set.
How Professionals Can Reskill
The key to reskilling is to learn new skills that facilitate a seamless transition into a different role or industry. By embracing a commitment to learning and acquiring relevant competencies, professionals can effectively navigate career changes and position themselves for success in diverse professional landscapes.
1. Gain Experience in Different Areas of the Business
A practical method of reskilling is job shadowing, which is the type of training that allows a professional to follow and closely observe another employee performing the role in a different area of business. This is an effective way for professionals to actively engage in the learning process and confidently navigate potential career transitions.
2. Acquire New Skills Through Online Learning Platforms
Online learning platforms (Coursera, LinkedIn Learning, Udacity) are a flexible and convenient way for professionals to reskill. Offering a diverse range of courses, these platforms provide individuals will the freedom to choose topics that align with their career goals. Usually through the format of video lectures, interactive quizzes, and discussion forums, online learning facilitates self-paced learning that allows professionals to acquire new knowledge, stay updated on industry trends, and enhance their skill sets at their own convenience.
3. Engage in Cross-functional Training
Cross-functional training encourages collaboration across different departments, which helps professionals broaden their skill sets by gaining expertise in multiple fields within an organization. By engaging in cross-functional training, individuals can learn to understand diverse perspectives and different roles that they are interested in exploring.
4. Go Back For a Higher Degree
Getting further education is a proactive way for professionals to reskill and advance in their careers. Pursuing advanced degrees can help individuals gain new industry knowledge and acquire advanced skills, opening doors to new career opportunities.
Conclusion
As competitive as the job market may be, professionals can improve their market value through reskilling and upskilling. By keeping up with industry trends, acquiring new skills, and enhancing their expertise, job seekers can position themselves for career advancement and career change.
Though job seekers and employees are the ones upskilling and reskilling, companies are also actively investing in upskilling and reskilling programs to facilitate learning and development. Through these programs, organizations are providing the skill sets necessary for the workforce to be successful in the future. By future-proofing the workforce, employers can better retain employees who are continually learning and advancing in their careers. This is important because 70% of “high-retention-risk” employees want to leave and one of their reasons is because they see no future advancement opportunities in their role. By improving retention, employers ultimately save time, money, and energy that goes into hiring and training new employees.
[Related: Using Skills as a Currency to Future-proof the Workforce]
Only through continuous learning and adaptability can both professionals and organizations remain relevant and competitive in the evolving business landscape.
Sources: HRCap, Whatfix, McKinsey & Co, Visual Capitalist