Writen by ilegra, think beyond, in 08/12/23

5 minutes of reading

Upskilling: the key to competitiveness in the technological era

Learn about upskilling, the strategy that Ilegra engages in by promoting it alongside its clients, delivering our tech expertise in an agile and personalized manner to teams through our super-powered mentors from the Probies Program.

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In the current business landscape, characterized by rapid technological transformations, employee training plays an essential role in maintaining the competitiveness of companies. In the United States and other countries, this strategy, known as Upskilling, is well-established because these businesses understand that a team that continuously updates itself enhances productivity, raises the quality of deliverables, and increases the chances of innovation stemming from this action.

What is Upskilling?

Upskilling is a learning process in which employees acquire new skills and enhance existing ones. Unlike reskilling, which typically involves acquiring completely new skills, upskilling focuses on the development and updating of specific competencies related to the company’s and the market’s needs.

Upskilling in Numbers

  • A Gartner study (2021) indicates that 58% of workers will need new skills to successfully perform their jobs in the future.
  • The World Economic Forum (WEF) predicts that half of the global workforce will need reskilling by 2025.
  • A global McKinsey study on the Future of Work: 87% of respondents are currently facing skill gaps or expect them to occur within a few years.
  • LinkedIn Learning Report: 94% of employees would stay in their jobs longer if the company invested in their careers.

Consolidated in the U.S. and expanding globally, Upskilling is seen as an alternative to this scenario, with the potential to increase by $6.5 trillion (PwC) by 2030.

Applications of Upskilling

PwC plans to invest globally $3 billion in its employee upskilling project. The idea is to export this type of solution to its clients as well as educational institutions and governments.

AT&T, relying on traditional processes, found itself obliged to revise them. It invested $250 million in education and professional development programs and an additional $30 million annually in assistance. According to Forbes, approximately 140,000 employees were engaged in this initiative.

With this change in approach, the company reduced the product development cycle by 40%. Revenue time grew by 32%, while development and implementation time were halved.

The investment turned into worthwhile values!

Upskilling for Employees

Upskilling offers a range of benefits! In a highly competitive market, staying updated and prepared for emerging demands is crucial for professional growth. Developing new skills provides a competitive advantage, making the professional more attractive for career advancement opportunities.

Moreover, upskilling promotes increased confidence and motivation, as employees feel more prepared and capable of facing day-to-day challenges.

Benefits of Upskilling for Companies

Organizations that invest in upskilling understand that people are a company’s primary asset and that hiring skilled professionals is fundamental. However, having teams capable and willing to develop is even more critical.

Enhancing employees’ skills strengthens the company’s competitiveness, enabling it to adapt quickly to technological changes and market demands. Skilled employees are better prepared to tackle challenges and propose innovative solutions, boosting productivity and organizational efficiency.

As an economic factor, the “Future-Proofing the Workforce” study conducted by Adecco Group and The Boston Consulting Group estimates that companies could save up to $136,000 per employee by investing in qualification instead of firing and rehiring someone more qualified.

Additionally, it contributes to talent retention because investing in the professional development of employees demonstrates the company’s commitment to the growth and success of its team. Valued employees who have the opportunity to develop tend to have higher engagement and loyalty, remaining with the company in the long term.

Success Case: Probies Upskilling Program

Ilegra has the Probies Upskilling Program, which is delivering incredible results for organizations. Our microlearning training is specifically designed to provide updated knowledge on technologies essential to the company’s demands.

For agile and personalized performance, our team conducts a detailed IT assessment, identifying the company’s technological landscape, its gaps, and providing suggestions for technical improvement and knowledge/competency upskilling for the team, boosting their expertise, increasing productivity, and adding significant value to the business.

Upskilling in Technology

In conclusion, upskilling plays a fundamental role in employee training and strengthening companies. It is crucial for managers and leaders to be committed to supporting and encouraging upskilling, demonstrating the strategic value it brings to the company.

By investing in the development of employees’ skills, companies ensure a workforce prepared to face the challenges of an ever-evolving market. Specifically within the IT team, upskilling becomes even more relevant, allowing professionals to keep pace with rapid technological evolution and stand out in the sector.

Therefore, Upskilling emerges as a fundamental strategy for sustainable business growth and the strengthening of competitiveness in the short, medium, and long term.

Ilegra operates by promoting Upskilling within its clients’ teams, providing its tech expertise in an agile, lean, and personalized manner through the Probies Program (probies.com.br).

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