Today’s business landscape is changing quickly. Automation, technology advances, industry innovators, and the rapid adaptation to the impacts of the ongoing pandemic are all having a huge impact. To stay competitive and offer employees the opportunity to continue growing in their careers, more businesses are looking to reskilling.
Reskilling involves expanding employees’ skill sets to meet a business’s current and future needs. It is an effective way to open up opportunities for new types of work without the need for hiring or firing, while allowing employees to take their desired next step in their career. According to Principal research, 88% of small- and mid-size business customers say they are struggling to find candidates with the right skillset right now, making reskilling an even more attractive solution.
Developing a reskilling program is key. Businesses should start by creating a long-term strategy and identifying gaps in their current operations. It is also important to inventory their current employees’ skill sets and review track records, current skills, and dedication to the business. Then, businesses should meet with potential matches, discuss their needs and the potential reskilling opportunity, and make sure the employee feels ownership over the opportunity. This could involve mentorship within the team, third-party instruction or online certificate programs, or involvement with industry groups or local small business partners. Business owners should also ensure expectations are clear and set goals with the employee.
Going through the reskilling program is an investment in talent, and while it won’t result in overnight success, it is key to creating a bright future for the business and its employees. Principal is a great resource for those interested in taking the next steps to help grow their business.
