Reskilling is about learning new skills to explore new jobs, roles, and career paths, while upskilling is more about learning new skills that supplement the existing skillset.
Automation, artificial intelligence, machine learning and a global pandemic – It is definitely not surprising that professionals are in fear of losing jobs. As businesses across sectors strive to achieve digital transformation within a record time, the workforce needs to grow with these changes. Entrepreneurs and professionals are looking at new implications, and that’s where reskilling comes in handy. Having a limited skill set for any employee or business owner could be a big hindrance, especially as businesses gear up for demanding and dynamic roles. For unicorn startups and new entrepreneurs, reskilling and upskilling are not buzzwords anymore.
Tackling workforce challenges
Even for startups and new businesses, intangible assets are as important as tangible assets. Yes, real estate, infrastructure, and equipment are liquid and true assets, but businesses thrive on people and intellectual property. As the existing workforce reenters the workspace after the pandemic, people will be expected to do more than their routine jobs. The post-pandemic world of business would need people who can work and adapt to the changing roles. Organizations that have spent on workforce training and reskilling are more likely to reap the benefits. For business owners and entrepreneurs behind small and growing brands, reskilling allows them to retain top talent and make the most of the existing teams.
Reskilling vs. Upskilling
Before one can truly understand the advantages, it is necessary to differentiate reskilling from upskilling. Reskilling is about learning new skills to explore new jobs, roles, and career paths, while upskilling is more about learning new skills that supplement the existing skillset. In short, upskilling allows professionals to expand in the field they are already working in. Reskilling, on the contrary, opens new avenues. For employers, managers, or entrepreneurs, reskilling is the best way to expand their horizons. Those working for unicorn startups and startups already have to take up different roles to meet business demands, and reskilling just preps them for the challenges better.
Keeping up with innovation & digitalization
There’s no denying that automation and AI will aggressively impact job markets in a big way. The pandemic has forced businesses to reduce their workforce, and a lot of managers and top professionals of various organizations have handled tasks and challenges that are not a part of their job descriptions. As people get back to offices and entrepreneurs look for ways to cut costs, reskilling is the best way to keep up with innovation. Digitalization has created jobs that didn’t exist a few years back, and it is a clear indicator that millennials and those who have been in the workforce for a while will have to update and diversify their skillset.
Entrepreneur advantage
Reskilling and upskilling are not meant for employees alone. Entrepreneurs, startup founders, and business owners can explore more unchartered paths and manage talent better. For example, when an organization spends on sales training for employees, top management professionals, and founders, the entire team can work together to achieve goals. For entrepreneurs, this could mean understanding the workforce better and deriving more out of the existing team.
Reskilling makes room for diversity
Reskilling preps a professional to take up novel challenges with a new set of skills. This could be the best tool for owners and workers to foster creativity, problem-solving attitude, people management, and cognitive flexibility. Since reskilling can mean different things for different people, an organization can nurture the existing team with a more flexible approach.
Staying relevant for the future
New entrepreneurs definitely have innovative ideas and the zeal to accept stimulating tasks, but reskilling makes them more approachable and useful for their teams and companies. There is no better way of staying relevant in a role, considering that technological advancements are constantly changing how businesses operate. Staying ahead of others and keeping up with the digitalization of various industries and sectors will get easier when skillsets are not limited to just one niche.
Reskilling is not just for the millennials but for every professional and business owner out there.
Source: Business World
