Finding new candidates who have highly sought after skills is challenging. Competing for them is even tougher. But you don’t need to join the pile and wrestle your competition for every single new candidate. Instead, you can bridge the skills gap by upskilling your employees.
Upskilling allows you to train your current team in these in-demand skills while keeping them in the same role.
You Can’t Hire Your Way Out of the Skills Gap
One reason upskilling (and reskilling) is so important is because it’s physically impossible to hire your way out of the skills shortage. The problem is too vast, and in-demand skills change too rapidly to ever keep up. One statistic says only 20% of today’s workforce has the skills needed for 60% of the jobs that will arrive over the next five to ten years.
What’s more, hiring for technical skills won’t necessarily work. You can teach or pay for upskilling in cybersecurity or engineering. But finding those candidates doesn’t mean that they’ll also offer essential soft skills, like communication and creative thinking. And those things can be much harder to teach.
Upskilling Contributes to Professional Development
Surveys suggest that employees are already upskilling, but they’re doing it on their own time and without support from their employer. You might think that’s good news, but it’s not.
Employers who don’t offer the kind of professional development that keeps teams learning, growing, and preparing for the future find themselves with unengaged employees.
Employee engagement is critical for your business’ success, but as many as 70% of employees aren’t engaged at work. Disengaged employees are less likely to be invested in their work, and when they do upskill, they’re more likely to take all their handy new skills to your competitor.
By actively pursuing upskilling programs, you’re making your current employees more valuable to your company and you’re making them feel more valuable. You’ll see that value quickly: companies with engaged employees have revenues that are 2.5x those companies with low engagement levels.
The Best Time to Upskill is Now
Upskilling your employees will help you bridge the technology skill shortage and make you more competitive. Not only does the practice address the root of the problem, but it’s also a valuable investment in your company’s biggest assets: your workers.
So, what are you waiting for? It’s time to start thinking about your plan for upskilling to complement your hiring practices.
Are you looking for the right expertise for your team? Ready to add new skills? Want to know how we find and place skilled candidates with the clients who need them? Get in touch to learn how our RightStone 360 program can help you do all of the above.