Despite dire predictions, the UK economy managed to avoid a recession in 2023–albeit very narrowly. However, UK workers are worried about their job security in this economic climate.
Tech companies, especially, are facing not only high rates of layoffs but also the threat of ever-evolving technology. For example, ChatGPT is being used to write code, including malware. Does that mean that AI will steal tech jobs or will human skills prevail?
When anxiety about job security is high, employee engagement takes a hit as well. And, employees who aren’t engaged may also be less productive and proactive.
Fortunately, there is a very effective way of not only keeping employees engaged but also alleviating anxiety about their employability : training.
Upskilling allows employees to improve their knowledge and stay up-to-date with the latest technologies. When job stability is low, upskilling can help them feel more secure not just in their current role, but also about being able to secure another job if they do get laid off.
As such, employees may be motivated to take advantage of any upskilling programmes offered by their employers. As they acquire new skills, they also gain more confidence. That, in turn, gives them more job satisfaction, resulting in more engagement.
And, as a fortunate byproduct, the company develops a pool of workers who are skilled at their jobs. Plus, the business develops a reputation for a culture of continuous learning and development.
Technology companies especially benefit from employee upskilling, because this is a field that is always rapidly growing and changing. If one wants to keep up, one has to constantly update one’s skills.
And, if one wants their company’s employees to be the best in the market, they need to be provided with regular upskilling opportunities.
When a company invests in an employee training program, it can enjoy the following benefits:
As mentioned above, technology is always evolving. Any company that doesn’t keep up with the latest trends and technologies runs the risk of becoming obsolete fairly quickly.
By investing in their employees, businesses can stay abreast of any tools, methodologies, and technologies that are emerging, which, in turn, fosters a culture of innovation. As such, businesses can stay ahead of the competition and develop cutting-edge solutions.
The same employees also help the business become more agile and resilient because they have a larger skill set.
When a company invests in a training programme for its employees, it demonstrates its committment to professional development. When employees believe that their employers are invested in their success, they are more likely to be loyal to the business.
That means these workers stay with the company and build long-term relationships. As a result, the turnover rate is lower, which, of course, means lower hiring and training costs.
Most importantly, the company retains the knowledge that workers have acquired over the years.
Upskilling means employees develop the skills to carry out their tasks more efficiently. They can work faster whilst making their processes even more streamlined to improve productivity.
As technology evolves, employee training allows workers to learn about newer, more efficient, tools that could improve business processes.
Hiring can be a competitive business in the tech industry. Most companies want top talent and they are willing to pay a premium for that. However, employees prefer to work for businesses that can offer opportunities for advancement.
That includes career development opportunities.
If a business develops a reputation for upskilling and training, skilled professionals will be drawn to it, making recruitment and retention of top-tier talent that much easier.
As technology evolves, so does the job landscape. With well-planned employee training programmes, businesses can ensure that their employees–and, as a result, the company–can adapt to any changes that might result because of new developments.
With a strong team of motivated and loyal employees, a forward-thinking company can remain relevant and thrive in an industry that’s constantly changing.
As is evident, upskilling doesn’t just benefit the employees but also the business. However, an effective employee training programme isn’t just one that is cobbled together in a rush. It needs to be well-planned.
It might be worth looking at effective training solutions available in the market, such as the one provided by BigSpring. The right upskilling methodology would give employees the right information in the right format, whilst giving the company a means to measure success.
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Counsel Broadcast journalist was involved in the writing and production of this article.