Reskilling and upskilling are having an extended moment in the spotlight. Already a key priority for many companies, a recent report from TalentLMS indicated that since the COVID crisis began 42% of companies have increased their reskilling and upskilling efforts and 74% of employees who didn’t receive any additional skill training said they would prefer to work for a company that did.
Reskilling refers to learning initiatives that teach employees new skills that prepare them to move to a new job within a business. Upskilling improves an employee’s existing skillset and adds to their capabilities and knowledge. Businesses upskill employees to give them greater responsibility and prepare them to take on more senior roles.
Both learning initiatives provide growth opportunities within a company, and help to improve company culture, increase retention and resilience, and make for a more positive employee experience.