Reskilling, Upskilling and the Skills Gap

Reskilling and upskilling are considered a critical issue both in Asia, and globally. With the current COVID-19 pandemic, businesses are focusing on reskilling and upskilling existing teams to get through potential disruptions and ensure business continuity once back to normal.

The pandemic has accelerated contingent workforce take-up in globally, as companies are implementing solutions to return to normal productivity levels (especially for workers made redundant during the crisis).

Reskill vs. Upskill

Reskilling refers to training for those who have shown they can learn and prepare for a completely new occupation. On the other hand, upskilling refers to providing training for those who need to improve their existing skillset to accelerate their performance without switching positions or career paths.

Skills Gap: Millenials & Gen Zs

Interestingly, new generations are placing a much larger importance on reskilling, upskilling and new career growth opportunities. According to a recent survey, most Millennials and Gen Zs said their “job loyalty rises as businesses address employee needs, from diversity and inclusion to sustainability and reskilling”. Prior to the pandemic, percentage of millennials who believed they possess some of the skills and knowledge required for future success was 57%. Now, that percentage dropped to 45% – correlating with a rapid confidence drop as many millennials and Gen Zs become skittish about their long-range career prospects. Similarly, those unsure whether they have the right capabilities jumped from 9% to 17%.

Uncertainty and lack of control added another level of stress amongst Millennials and Gen Zs. More than 40% of survey respondents state they experience stress acknowledged that their job/career prospects contribute “a lot” to their anxiety. Hence, in the upcoming years, the physical and emotional burdens of anxiety will become a critical issue for employers to focus on.

The Future of Skills

Skills make up the core of future of work – they determine what we will need to perform work, when we will need it, and how we can get it. Having the right skillset is crucial in performing work as it makes a difference between success and failure. Thus, analysing the skills gap and identifying the right skills can help you meet your personal and business goals. It can also help your company’s employee development and hiring programs think of the new skills your company might need in coming years. Once new skills have been identified, your employer will offer appropriate training to meet new skill demand and help you better plan your career.

Career Planning AND RESKILLING

Career planning is a continuous process of improving an employees’ performance and helping him/her explore professional growth at its best. The employee has to engage in a reskill session, market research, and perform self-evaluation session to set clear career goals.

Why ADOPT Career Planning?
  • Saves Energy and Time: Being a part of the right career planning or employee reskill training keeps you stick to one career option rather than multiple ones. It not just brings the best results on your plate, but keeps you focused on your goal.
  • Explore New Professional Goals: Until you do not plan your career effectively, you can’t have a clear goal to achieve. Such training helps you follow defined and practical aims.
  • Improves Focus: It keeps you intact with your goal while unlocking different work opportunities in the defined career type.
  • Gives Direction: Many find it difficult to have a clear vision or direction as to what to do next. When you decide to be a part of career planning, you can have a set path with milestones to achieve and make your career growth journey more knowledgeable.
WHAT’s NEXT?

Organisations around the world have demonstrated incredible agility by swiftly adopting and implementing new workforce models. They put in place remote-working arrangements, moved business processes to less-affected locations, and embraced cross-company collaboration to redeploy redundant employees.  Through new training programs, employees were given an opportunity to quickly learn new or improve on existing skills; In this case, urgency and results took center stage.

New skills are critically needed – today and in the future. The requirements of the global workforce are set to evolve. Regular assessment, innovative training, and continuous development are key in creating the right jobs, at the right time.

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