According to PwC,79 percent of CEOs state that a lack of key skills is threatening the potential growth of their organizations. The same study also showed that 46 percent of CEOs around the world say that upskilling is the most important method of closing the skills gaps. Let’s take a closer look at the business and cultural impacts of upskilling.
In most cases, employers decide to upskill or retrain their employees purely to remain competitive in their industries. But there are also several other impacts:
The cultural impacts of upskilling might be less obvious, but they exist nonetheless. Workplaces where employees have the opportunity to grow are more likely to be creative and innovative. When workers possess more skills—whether technical or soft skills—they’re in a better position to put those skills to work to solve problems. And by knowing how to leverage technology to communicate, they can share their findings with others—which in turn builds community and promotes a culture of sharing.
For example,PwCrecently invested $3 billion to upskill its entire global network, as well as develop and share technologies to support its clients. It has resulted in a people-led approach where employees are empowered to focus their efforts where they believe they’re most needed and develop innovative solutions that can benefit their teams, their employer, and their clients. Because the company trusts its people to work independently, the organizational culture is one of empowerment and mutual trust.
By determining which skills your company needs and offering your employees opportunities to not only acquire those skills but also to utilize them, you can help them and your business advance. At the same time, when employees are encouraged to be innovative and feel valued for their efforts, it sets the tone for an organizational culture that thrives on innovation, advancement, and mutual respect.
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