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Submitted URL: https://fuel50.co/rgwi
Effective URL: https://fuel50.com/learn/five-rs-reskilling/
Submission: On July 05 via manual from US — Scanned from DE
Effective URL: https://fuel50.com/learn/five-rs-reskilling/
Submission: On July 05 via manual from US — Scanned from DE
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New Research: Capability Trends Report on Human-Machine Teaming LOGIN CLIENT HUB * Home * Marketplace * Platform Overview * Workforce Mobility * Talent Agility * People Growth * Automated Architecture * Talent Ontology * Solutions * Personalization * Career Journeys * Talent Mobility * Internal Coaching * Leaders & Talent Pipes * Gigs & Projects * Mentor Matching * Goals & Objectives * Jobs & Vacancies * 360 Feedback * Analytics & Insights * Workforce Architecture * Stories * Learn * Research Hub * Trends & Insights * Resource Library * Talent Mobility Research * Capability Trends Reports * FuelX * Overview * Episodes * Awards * Events * Virtual * Sydney * New York * London * Video * All Videos * Webinars * FuelX Episodes * Podcast * Book * About * Company * Integrations * Security * Trophies * Careers * Contact * Demo DEMO LEARN WITH FUEL50 RESKILLING: ONCE JUST A TRENDING TOPIC, NOW A GLOBAL WORKFORCE IMPERATIVE Written by John Hollon 7 January, 2022 Back Written By John Hollon As global lockdowns come to an end and we re-enter workplaces with fundamental changes to how they operate, one challenge in particular stands out. Reskilling, defined by the Cambridge English Dictionary as “the process of learning new skills so you can do a different job, or of training people to do a different job” sounds like a simple case of learning and development. However, research shows that many organizations are struggling to get to grips with how to effectively implement and then utilize reskilling in the workplace. The pandemic and consequent lockdowns saw a number of organizations pull back on spending including their learning and development programs and by implementing hiring freezes. Many also underwent organizational restructures resulting in displaced employees and often the loss of jobs. Organizations now looking to rehire are being faced with a talent shortage, especially in the wake of the Great Resignation. This is but one of the many reasons why reskilling your current workforce is a sensible and essential business strategy. In Fuel50’s most recent Career Agility & Engagement Research we learned that an incredible 81% of employees feel their skills are not being fully utilized at work by their organization. In addition, employees say that they are highly motivated to contribute beyond their current role. WHO IS DRIVING THE GREAT RESIGNATION? We mentioned the Great Resignation – an episode we are seeing where mid-career employees (aged 30 to 45) are resigning from their current roles. This phenomenon has a devastating impact on organizations because they are losing experienced employees who know how the company operates. These individuals are often managers and are therefore leaving teams rudderless, without leadership. According to an article by the Harvard Business Review1, there are a few reasons why we are seeing an exodus of these mid-career employees. One reason is that, with the need for employees to work remotely, it would be riskier to hire someone with less experience as they will need more guidance, training, and upskilling. As such, there is greater demand for more experienced and skilled employees. It suggests another reason could be that employees who were considering resigning held off due to uncertainty caused by the pandemic. With things starting to settle down, these employees are now handing in their notice. And a third suggestion is simply that the impact of global lockdowns and so much uncertainty has caused employees to reach their breaking point. WHY COMPANIES SHOULD INVEST IN RESKILLING AND UPSKILLING Whatever the reason for these resignations, organizations are becoming short-staffed and short-skilled. Continuous growth and training are vital for the ongoing development of your workforce and to ensure that it is agile. It is critical to how organizations need to operate, so much so that the Harvard Business Review suggests creating a C-Level Role dedicated to upskilling and reskilling programs and employees2. They go on to explain, “Many organizations need to add full-fledged systems for continuous learning through teaching, training, and assessing — and they need to do it more effectively and on a larger scale than they have ever attempted before.” With technology designed for the future of work available today, organizations can access the tools that will aid the development and implementation of continuous learning programs. Furthermore, these tools have the features to show workforce statistics such as skills in abundance, skill shortages and gaps, and other data that will help create learning materials to close these gaps. While organizations can hire these skills externally, this is a costly, time-consuming, and one-off solution. Alternatively, investing in learning platforms empowers your employees by providing them with the ability to develop the skills your business needs. It also opens up your employees to new roles and opportunities, supporting internal talent mobility and employee retention. The benefits of reskilling your workforce are clear, but the process of how to do so is not. A McKinsey reskilling article3 suggests the following six steps to take to reskill your employees: 1. Rapidly identify the skills your recovery business model depends on 2. Build employee skills critical to your new business model 3. Launch tailored learning journeys to close critical skill gaps 4. Start now, test rapidly, and iterate 5. Act like a small company to have a big impact 6. Protect learning budgets (or regret it later) As greater emphasis is placed on nurturing and reskilling your existing employees, it helps to have the right systems in place to support this and help drive internal mobility and workforce agility. Not only will reskilling boost your internal skillset and reduce skills gaps, but your employees will feel invested in, valued, and are more likely to stay with the organization for longer. 1. Harvard Business Review, Ian Cook. https://hbr.org/2021/09/who-is-driving-the-great-resignation. Accessed 15 September 2021. 2. Harvard Business Review, by André Dua, Liz Hilton Segel, and Susan Lund. https://hbr.org/2019/09/its-time-for-a-c-level-role-dedicated-to-reskilling-workers. Accessed 3 September 2021 3. McKinsey & Company, By Sapana Agrawal, Aaron De Smet, Sébastien Lacroix, and Angelika Reich. https://www.mckinsey.com/business-functions/people-and-organizational-performance/our-insights/to-emerge-stronger-from-the-covid-19-crisis-companies-should-start-reskilling-their-workforces-now. Accessed 7 May 2020. TRENDS AND INSIGHTS EXPLORE THE LATEST THOUGHT-LEADERSHIP AND LEARNING CONTENT Improving Skills and Better Retention: What HR Leaders Are Really Looking For 28.06.22 Talent Management Reloaded: How Skills Intelligence Can Help Future-Proof Your Workforce 21.06.22 How an Innovative Talent Marketplace Can Help Improve Recruitment and Retention 15.06.22 Inspire Work Summit New York: Powering Employees and Creating Inspiring Workplaces Globally 13.06.22 Mai Ton: We Are More Than Our Work 26.05.22 Fuel50 Named in Matchstiq Top 100 Best Tech Companies to Work For in 2022 20.05.22 HR Tech Awards: Fuel50 Awarded Best Innovative Tech Solution 18.05.22 3 Ways A Talent Marketplace Can Help Rebuild Company Culture 18.05.22 Inspire Work Summit 2022: The Story of Culture and Growth at Fuel50 11.05.22 Mervyn Dinnen: The Acceleration of Digital Transformation 5.05.22 DISCOVER MORE FROM FUEL50 AI Talent Marketplace Capability Trends Reports Podcast Talent Mobility Research FUEL50 IS LOVED BY SOME OF THE WORLD’S BIGGEST BRANDS Book Demo BOOK YOUR DEMO It’s time to fuel your future. Discover the AI-powered talent marketplace used by some of the world’s biggest brands. Let us help you unlock a new world of agile work, talent mobility and workforce intelligence. Employee count0-100100-1,0001,000-5,0005,000-10,00010,000-20,00020,000+ Industry verticalAgricultureArtsConstructionConsultingConsumer GoodsCorporateEducationFinanceGovernmentLegalManufacturingMediaMedicalNon-profitRecreationalServiceTechnologyOther Tick to subscribe to our thought-leading community Δ FUEL50 IS THE FUTURE OF WORK Fuel50 is the AI-powered opportunity marketplace that delivers internal talent mobility and workforce agility. Mobilize your talent using Fuel50’s state of the art, ethical zero-bias AI engine that smart-matches your people to learning, gigs, mentors, vacancies, projects, and career journeys. Surface real-time talent data to support future workforce planning. Join over 80 leading brands and global organizations that have achieved up to 65% increase in lateral movement, 35% increase in internal recruitment, and 60% reduction in employee churn since deploying Fuel50. Success Stories WHAT IS FUEL50? * Platform Overview * Opportunity Marketplace * Talent Marketplace * Growth Marketplace * AI Architecture * Fuel50 Talent Ontology™ Platform BENEFITS OF FUEL50 * Internal Talent Mobility * Workforce Reskilling & Upskilling * Diversity, Equity & Inclusion * Employee Retention & Engagement * Projects, Gigs, Learning, Vacancies * Mentors & Networking * Surface Talents & Skills Data * Succession Planning Research YOUR FUTURE, OUR PASSION™ We wholeheartedly believe that everyone should have a job that they love, one they’re passionate about. Our life’s mission is to give everyone a clearer view of their future — whether that’s your company, your team, or you as an individual! About Careers JOIN OUR COMMUNITY Subscribe to get fresh research and insights delivered to your inbox. Subscribe SUBSCRIBE Join Fuel50’s growing community of thought-leaders. We only send valuable insights and research. Opt out at any time. © Fuel50 / Terms / Security & Trust Menu