How upskilling the workforce can help enterprises stay-ahead

“A strong economy begins with a strong, well-educated workforce”, A wise quote by Bill Owens, author of the best-selling book ‘Suburbia’. Over the last year, the world has seen a tectonic shift in the traditional work model. The pandemic has tremendously altered every aspect of human life, even the way we work. The digital disruption has not only upended incumbents across industries but made acquiring new competencies and skills a necessity for businesses. It is quite evident that we are heading towards a new working reality, where the nature of jobs is fast-evolving, making skills obsolete faster. Across diverse sectors, elevating the digital skills of employees has become a business imperative. But why has upskilling become so vital for businesses?

Digitization has widened the skill gap, and to stay agile in the ever-changing market, upskilling employees has become the need of the hour. As companies navigate the unfamiliar terrain of a post-pandemic reality, it has become impossible to sideline the skill shortage that exists in the workforce. According to the India Skills Report 2021, only about 45.9% of Indian working professionals could be considered employable. While working virtually demands different workforce capabilities, it has led business leaders to embrace digital innovations, and therefore a huge demand for skilled employees. NASSCOM estimates that with growing automation, more than 50-60% of employees will need upskilling. Technology has created new possibilities for the modern skilled workforce.

A report by IDC revealed that the average skilled teams meet less than 50% of their business and project milestones. And this is why learning agility has become the most important skill in this demanding future of work. Technology professionals require at least 10 hours of job-related training to stay updated.

Average skilled” teams meet less than 50%. Upskilling is a significant investment that can help you create a cross-trained and well-rounded workforce, which can also increase team efficiency. Over 54% of the organizations surveyed by LinkedIn revealed that the digital skill gap is hampering digital operations in organizations due to the skill shortage.

Upskilling can not only improve employee retention and engagement but also help maximized employee potential. In the tech sector, well-trained cloud migration teams meet nearly 90% of their business and project milestones.A report by World Economic Forum stated that to manage skills in the digital age, organizations must harness technology. Upskilling your employees can uplift productivity from 6 to 12 percent. Upskilling has become a top priority for organizations, and there is a need for rigorous mapping of the core competencies missing in their employees.

Organizations are upskilling their workforce to not only bring economic efficiencies but also to boost the productivity of their employees by harnessing digital technologies. Learning in-demand skills can help businesses to fill critical roles in their workforce.

By Supriya Menon, Director - Education, VMware