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How Upskilling and Reskilling Help Businesses Compete and Employees Thrive

Abraham Mendieta | October 14, 2022

The Great Resignation — the mass wave of employee exits thought to be triggered by the pandemic — appears to be giving way to the Great Reshuffling, a phenomenon where millions of employees are looking for positions more closely aligned with their career and personal goals.

Workers are reconsidering their roles and careers, regardless of their age or the stage of their career.

An inclusive workplace values all employees’ contributions and experiences, and that includes giving employees the resources and training to do their jobs well or switch gears if needed. Unfortunately, more than half of businesses don’t have any sort of formal training and development program in place.

That’s where upskilling and reskilling come in.

What are upskilling and reskilling?

Upskilling allows employees to increase their knowledge and develop new skills related to their current roles. Reskilling enables employees to switch departments or specializations by equipping them with new knowledge and competencies.

For many, upskilling and reskilling offer opportunities to climb the ladder of promotions or change career paths to pursue a bigger dream. According to a recent study by Gallup, 48% of American workers would switch to a new job if offered skills training opportunities, and 65% of workers believe employer-provided upskilling is very important when evaluating a potential new job.

Opportunities for growth

Today’s workers understand the importance of continued learning and growth opportunities. Generation X, those born between 1965 and 1980, have experienced great shifts over the last 15 years. A study by Harvard Business Review, The Conference Board and Ernst & Young found 40% of Gen Xers are considering leaving their current job to advance their careers.

New ways of doing business (technological advances, in particular) require employees to gain knowledge and be trained on new skills. Upskilling and reskilling help businesses adapt to change while also demonstrating that the business is invested in the entire career trajectory of its workforce, wherever it may lead.

In a tight labor market, companies should prioritize learning and development opportunities, both to retain and attract talented employees and help meet business needs. Upskilling and reskilling leads to greater retention, engagement and institutional knowledge.

Upskilling and reskilling for long-term career satisfaction

Ongoing training not only gives employees the knowledge and skills to reach their full potential, it also displays an organization’s long-term commitment to the careers of its employees. On the employee side, this training helps workers become confident in their role and further engage with the company’s overall mission.

Are you looking for a new jumping-off point in your career or the resources to reinvent it completely? Then check out how Paycom supports its employees with a culture prioritizing continuous learning.

About the author
Author picture, Abraham Mendieta
Abraham Mendieta
As Paycom’s Recruiting Marketer, Abraham Mendieta helps the recruiting teams engage top talent and increase brand awareness. Mendieta is a proud graduate of the University of Oklahoma, where he earned degrees in both sociology and advertising. His efforts on Paycom’s recruitment marketing team include company culture; careers; and diversity, inclusion and belonging. Outside work, Abraham enjoys reading, going to the gym, spending time outdoors and hanging out with his family and friends.