Managing people

Future-focused business owners recognise the power of upskilling

The modern workplace is a dynamic environment, evolving with customer trends and market shifts. So regardless of your industry, deploying a long-term strategy to reskill and upskill your employees should be high on your agenda. Read on to learn why upskilling your team is beneficial for your entire organisation.

Three reasons why

Rather than taking a short-term view of upskilling – namely, how much it costs to invest in growing your employees’ skill sets – it’s more important to look at the myriad of positive outcomes. Here are three that could have a serious knock-on effect for your business when implemented correctly:

Retention rates rise: While Australia sits slightly behind other countries when it comes to upskilling at work, business owners who take it seriously are seeing huge spikes in retention rates.

Secure top talent: The best people want to work for the best companies. So when you invest in your people first and encourage them to develop their skill set, they’re likely to sing your praises online and across their own networks. That’s not only great branding for your business, but it will also open the floodgates to top-quality candidates looking to join your team.

Happy employees lead to happy customers: When you trust and invest in your people, they become more engaged at work – and engaged employees are better at their jobs, and better at customer service. This can have a positive impact on your entire sales funnel.

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The financial benefits of upskilling

Aside from the three reasons mentioned above, upskilling can be just as beneficial to the employer as it is to the employee. That’s because the right level of upskilling streamlines tasks saves money in the long run and benefits your business reputation.

By taking a holistic approach to upskilling, you can also review your entire team and identify any skills gaps in your business that need to be plugged. And spending a smaller sum on upskilling – whether for an online course, a conference, seminar or a short-term resource to train them up – is usually a much more cost-effective solution than the cost of hiring an additional team member.

Why should employees want to upskill?

One of the best outcomes of upskilling is that it allows employees to become more autonomous in their roles. Of course, that requires a certain level of trust, but when done right, it can empower them to forge their career path and take greater ownership over their responsibilities.

On a more personal level, upskilling gives your team an incentive to explore extracurricular learning and activities in their own time. And with the right support, chances are their work satisfaction, and productivity will increase, thanks to the ongoing positive recognition from those around them.

Improving the whole team dynamic 

It’s easy to view upskilling strictly through the lens of how it benefits you financially, but it’s about much more than that. When you invest in your people, you start to build stronger employer-employee relationships that are likely to stand the test of time. And when your team truly trusts you, it echoes through your entire organisation. 

The result of consistent upskilling is a healthier, happier team dynamic that can lead to increased sales, greater customer service and a business advantage your competitors simply cannot match.

Learn more about growing, maintaining, and sustaining your business.

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