As businesses focus on adapting to the continually evolving technological landscape, the widening talent gap has been a growing concern for leaders. A recent McKinsey report showed that up to 375 million workers may need to switch occupational categories by 2030 due to automation and other disruptive technologies. Companies that ignore this reality risk falling behind as they struggle to keep up with the competition.
This is where reskilling comes in. Reskilling is the process of retraining workers to develop the skills necessary to thrive in emerging roles. Instead of just hiring outside talent, companies are looking to upskill their current workforce to meet the challenges of the future.
Reputable sources such as Gartner, Deloitte, Accenture, and Bersin have noted that reskilling is becoming increasingly critical for organizations around the world. The benefits of developing a reskilling program are abundant. Employees become more engaged in their work, and companies can retain their best people while ensuring that they are equipped with the necessary skills to succeed.
One example of an effective reskilling program comes from AT&T. The company launched a reskilling initiative as part of a broader $1 billion+ investment aimed at creating a more skilled workforce. AT&T is reskilling more than 100,000 of its employees to prepare them for the technological advances of the future. The company’s upskilling program includes online courses, in-person training, and coaching sessions to help employees learn new skills and stay relevant. This initiative, which started in 2016, has evolved into a highly successful company-wide effort that improves employee morale, retention, and productivity.
Another example comes from IBM. IBM created an online learning platform called “Your Learning” that provides its employees with access to more than 30,000 courses globally. The platform covers a wide range of topics, including artificial intelligence, cloud computing, and data analytics. IBM’s reskilling program has been such a success that other companies are now using the platform to reskill their team members.
Reskilling programs can go beyond upskilling current employees. PricewaterhouseCoopers (PwC) has implemented a “returnship” program that helps people who have left the workforce to reenter it. The program provides comprehensive training and support to equip participants with the skills required to reenter the workforce and thrive. The returnship program has proven highly successful, with 95% of those who complete the program receiving job offers from PwC.
In conclusion, companies must focus on reskilling to keep up with emerging technologies and prepare the workforce for jobs of the future. Reskilling programs are an effective way to strengthen the workforce and tackle skill shortages. The success stories from AT&T, IBM, and PwC demonstrate that reskilling programs can be a win-win for both employees and companies. By investing in reskilling, companies can remain competitive and ensure that their workforce is equipped with the skills needed to drive growth and innovation.