IS INVESTING IN RESKILLING WISE OR A PRICE TO THE ORGANIZATION?

WHAT is Re-Skilling?

Providing structured learning and development programs that enable employees to take on fresh tasks or adapt to different responsibilities within the same organization.

WHY are organizations concerned about re-skilling?

As potential skill shortages loom, a survey finds that many companies are using multiple tactics to close gaps and that reskilling efforts are paying off (Agrawal, et al., 2020). 

The contemporary organizations are struggling to meet their prospective goals and objectives while competing in a challenging, highly competitive, tech-savvy, and affluent environment. To the journey of success, they must utilize human resources wisely. The modern world considers human capital/work force as an asset. An asset can be enhanced or improved.

Re-skilling makes the employee ready for another level of responsibilities, which will enhance employee career growth, satisfaction, attention, motivation, and engagement.

This method will thrive with effectiveness, productivity, low cost on new recruitment, a repeatable labor force, less employee attrition, and workplace excellence.

A significant number of business leaders understand that reskilling employees, particularly in industry coalitions and in public-private collaborations, are both cost-effective and have significant mid- to long-term dividends—not only for their enterprise but also for the benefit of society more broadly. Companies hope to internally redeploy nearly 50% of workers displaced by technological automation and augmentation, as opposed to making wider use of layoffs and automation-based labor savings as a core workforce strategy (Zahidi et al., 2020).

WHERE is re-skilling applied?

In the year 2020, the world faced the first wave of COVID-19, and during the period many people were not able to work. Most of the Finance companies, Private Banks, IT Industry, Hypermarkets, Restaurants, Hotels, Foodstuff Trading company management act innovatively. Cloud kitchens, home delivery services, quarantine facilities, Multi Duty Counters.

They were trained in different tasks, new responsibilities, and fresh roles. Majority in Private sector organizations kept the consistency of their growth because of Re skilling development.

The retraining of hospitality staff or flight attendants to become care professionals by offering shortened apprenticeships is an example of current reskilling measures. 

Small businesses like Celeste Daily matter in Sri Lanka, where small and medium-sized enterprises (SMEs) make up a large part of the country’s economy. SMEs account for 80 percent of all businesses and contribute up to 45 percent of domestic employment and 52 percent of the country’s gross domestic product (GDP) (Jayasooriya, 2021).

Conclusion

Re-skilling is an organized development and learning program that makes employees prepared for different positions or duties inside an organization. Some implementations of re-skilling procedure might be expensive, but at the same time it will be a wise decision and strategic movement to meet organizational needs while keeping your employees satisfied and productive.

References

Zahidi, S., Ratcheva, V., Hingel, G. & Brown, S., 2020. The Future of Jobs Report, s.l.: s.n.

Agrawal, S., De Smet, A., Poplawski, P. & Reich, A., 2020. Beyond hiring: How companies are reskilling to address talent gaps. s.l.:s.n. Anon., n.d. 

Jayasooriya, S., 2021. Sri Lankan Entrepreneurs get Creative During COVID-19. International Finance Corporation, 7 September.