In most cases, it is beneficial for a company to reskill an employee. Some people get this done correctly. Companies need to manage human capital smartly as they tackle financial capital. Talent is an essential business input, and organizations must implement analytical rigor for segmenting, assessing, reallocating, and investing human money, the way they must with financial capital.
In the UK, there has been a solid economic case of reskilling the existing employees. It helps in bringing about a change of role. In short, you are upgrading the skills of the existing employees.
Kavan Choksi UK – The anticipation of favorable outcomes
Kavan Choksi UK, a popular name in the domain of wealth, investment consulting, and business management, has helped many brands that specialize in retail products and fast-moving consumers. He assisted many companies in getting their business advantages.
He asserts that reskilling can get a favorable economic return in three-quarters for most UK employers. The analysis also suggests that, when the workers need to assume complete advantages of reskilling in the next decade, over 90% of the UK workforce should get trained.
Currently, the trends like digitization have expanded the skills gap. Also, it has increased the distance between the required and the actual skills in UK companies. The sudden pandemic outbreak and its crisis is expanding the gap. As a result, there is a question of how you can seal it. Having said that, pioneering organizations are pointing toward solutions by embracing bold approaches for strategically managing human capital.
Today, there are distinct practices that employers can adopt for generating efficient reskilling. It comprises carrying out strategic workforce planning for deciding the skills gap within a company. That aside, there are enhancing employee training choices and promoting a lifelong learning culture.
Reskilling will generate economic value for employers
It has been noticed that adequate and correct reskilling can increase productivity from 6% to 12%. According to recent studies and analysis, almost every UK worker is required to reskill. Close to 30.5 million UK workers need the complete skill set they are necessary to have in 2030 to carry out their jobs correctly. And within this mix, close to 25.5 million get benefitted from upskilling. Additionally, the other 5 million need retraining.
Kavan Choksi UK, says that the good news here is close to 75% of the cases related to reskilling will make complete economic sense for UK employers. It has been studied that close to 43% of the reskilling cases can yield payoffs from getting their employees to develop more skills that they would eventually need in big enterprises. Even medium and small-scale companies would benefit from getting their workers reskilled. Surviving the after-effects of the pandemic is not easy. And only some companies need capital. At times, arranging the human capital can go a long way in benefitting the company. As a result, reskilling the employees will allow employers to look at better ways of functioning that will help in better brand and business development in the coming days.