Are You Upskilling?
Let’s get straight to it: this is the era of continuous learning and upskilling.
While upskilling may not seem all that different from regular training, the context in which upskilling applies differs greatly. Employees experience regular training to expand their skill sets and advance their careers. But, when companies see macro shifts in the way they operate, such as a massive digital transformation, that requires vastly new skills they can turn to upskilling to fill those gaps.
As the way we work continues to expand, companies are investing millions of dollars into upskilling programs. Technology is rapidly evolving every day requiring people to adopt new skillsets fast. Industry-leading companies have recognized this shift and are taking action to address it.
Why Is Everyone Upskilling? Why Not Recruit The Skills?
The economy is at a tipping point. Right now, the supply of jobs outweighs demand. But, the bigger problem lies in the growing digital skills gap. People do not have the skills to transition into more technical jobs. This includes job seekers. Hiring efforts are leaving huge vacancies in companies because recruiters cannot find people with the right digital skillsets to fill positions.
Until education makes the shift to the digital age, companies must find a different way to acquire these digital skills. That’s where upskilling has made its grand entrance.
93% of CEOs who introduce upskilling programs see increased productivity, an improvement in talent acquisition and retention, and a more resilient workforce
66% of employers expect to get ROI for upskilling and reskilling within one year
Here are a couple of well-known companies who have already started investing in their own upskilling programs this year.
Accenture- $200 Million
In the second quarter of 2019, Accenture committed “$200 Million to education, training and skills initiatives over the next three years to equip people around the world for work in the digital age.” The initiative includes the goal to equip more than 3 million people with job and entrepreneurial skills by 2020.
Accenture’s Chairman and CEO, Pierre Nanterme, states, “As a technology leader, we have an obligation to apply new scalable technology solutions to help solve complex societal challenges.”
JPMorgan Chase- $350 Million
In the first quarter of 2019, JPMorgan Chase today announced “a $350 million, five-year global initiative to prepare for the future of work and meet the growing demand for skilled workers.” The New Skills at Work program will focus on creating economic and career mobility through new education and training programs. It will also focus on taking a data-driven approach to identify and forecasting future workplace skills for JPMorgan Chase.
In a press release Robin Leopold, Head of Human Resources said “Building a future-ready workforce is a key priority. That is why we are proactively identifying the skills we need and understanding the skills and education our employees have.”
Amazon- $750 Million
Amazon will invest over “$700 million to provide upskilling training programs for one in three of its employees across the U.S.” The programs will help Amazon’s fast-growing workforce develop new skills to fill their most in-demand roles including data scientist, logistics coordinator, solutions architect, and more.
Jason Tysvko, VP of the U.S. Chamber of Commerce Foundation, commented on Amazon’s upskilling efforts, “The future of work is now and the challenge is not just adapting to new technologies, but adapting to the dynamism of the economy, which will only accelerate...Amazon is demonstrating the new role employers must play to counter that challenge, fostering a new relationship with workers where maintaining and growing their skills is an imperative for business success.”
PwC- $3 Billion
PwC announced in the third quarter of 2019 that it would be investing “$3 billion into job training for all of its 275,000 employees over the next 3-4 years.” Larger than any other investments, PwC cited in a study that 30% of jobs were likely to be automated by 2030 and that their workforce was no exception to this statistic.
PwC’s Global Chairman, Bob Moritz, stated “I think [upskilling is] a necessity because the world's moving so fast. You lose a competitive edge and brand if you don't."
How Can You Bring Upskilling To Your Company?
You don’t need to invest hundreds of millions of dollars to start upskilling. The first step is to analyze where you need to improve your workforce’s capabilities. Where are the gaps? From there you can
Want more information on how to bring upskilling to your company like Amazon? Check out our guide, 5 Lesson To Learn From Amazon’s Investment in Upskilling. We’ll walk you through our top tips and show you how you can use data to understand your workforce’s capabilities and develop effective upskilling programs.
Whether the digital skills gap has impeded your company’s results or not start proactively upskilling to stay ahead of the digital curve and your competition.
Ready to enhance your talent management strategy? Start leveraging skills data today with Visual Workforce.
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