Entrepreneurs are sneaky people. They have a habit of only giving you a snippet of the info needed for you to succeed. An entrepreneur will provide useful advice, but they often leave out some of their main secrets.
As an example, hardly anyone talks about upskilling. Some of you might not even know what this means, which proves the point! Only the most successful entrepreneurs know that upskilling is the secret to growing any business. So, it’s only fair to share some of the expert insight with you. Below, you’ll see everything there is to know about upskilling and how it will benefit your business both now and in the future.
What is upskilling?
Upskilling is where you take your employees and teach them to learn new things and develop their existing skills. In essence, it adds another string to their bow and enhances their capabilities. For example, you can train one of your admin staff to understand how to work accounting software and handle your finances. As such, they can now take on more jobs in your business.
How do you go about upskilling?
Well, there are various ways you can upskill an employee. In truth, the path you take depends on the skills they’re developing. If you want to help improve their IT skills, then IT apprenticeships are a cost-effective way of doing so. If you want to develop marketing skills, then educational courses will help in this regard. Hell, you could hold your own training courses where you deliver your knowledge to your employees to help them learn.
In reality, you can go about things however you want. The bottom line is that your employees need to go from having little knowledge on a subject to being more knowledgeable and competent. It’s not something that happens overnight, but the benefits you reap are well worth waiting for.
What are the benefits of upskilling?
Speaking of benefits, you will see a plethora of advantages when you choose to upskill employees:
- Increases Productivity & Boosts Performance
- Improves Retention Rates
- Boosts Employee Satisfaction
- Helps Attract More Talent
- Saves Money & Grows Your Business
Increases Productivity & Boosts Performance
Upskilling your employees means they become better at their jobs. They’re capable of doing more things, which can boost your productivity and dramatically improve your business performance. One employee could handle multiple tasks per day, meaning they get through more work than ever before. Not only that, but learning loads of new skills allows them to perform at a higher standard than previous. Overall, your business is the real winner here!
Improves Retention Rates
As an entrepreneur, you need to think about employee retention. Retaining employees means they stay with you year after year. This is beneficial as it means you stick with the same team, so there’s less disruption. If retention is terrible, then you’re constantly chopping and changing your staff, bringing in new people, creating new teams, and dealing with low-periods as they adjust to your company.
What’s more, hiring employees is hardly cheap. It costs a lot of money to advertise job roles, conduct interviews, and deal with all that stuff. So, when you upskill, you improve retention rates because you give your employees an incentive to stick around. They’re less likely to leave when they know they can develop new skills and grow with your business. Upskilling allows you to promote from within as well. You can train someone to do a different job, then promote them. Again, this excited your employees and encourages them to stay.
Boosts Employee Satisfaction
On a similar note, upskilling boosts employee satisfaction. Think about it; your team will be far happier when they know the opportunities in your business. They feel loved and appreciated as you’re investing in them – rather than going out and hiring new employees for specific jobs. So, they’re happier at work, which will only result in benefits for your business performance.
Helps Attract More Talent
If you do need to hire new employees – because your business is expanding – then upskilling helps attract more talent to your company. When people are aware that you offer internal opportunities for growth and development, it makes them more interested in working for you. People like to think about their future; they want a job with good prospects.
As a result, when it comes to hiring new talent, you’ll have scores of people lining up and sending in applications. This allows you to select the most talented individuals, giving your company a boost.
Saves Money & Grows Your Business
Lastly, upskilling will help you save money and grow your company. By developing the skills of your employees, you can promote them from within. This saves a lot of money compared to if you hired people for these jobs. Not only that, but improving retention rates saves money as well.
However, the best thing about upskilling is that it helps you grow your business without spending loads of money. You’re capable of doing new things and taking on more work because your employees are more skilled than before. This could let you handle more customers, which leads to more profits and more growth!
Conclusion: It’s time to invest in upskilling
There are only two downsides to upskilling; it costs money, and it can take time. But, investing money in your employees is one of the smartest ways you can get more out of your business profits. You’re spending money on something that will positively impact your company in the future. The same goes for time; yes, it will take time for your team to learn new skills. However, it’s worth being patient now to reap the rewards in the future.
At the end of the day, upskilling has been used for years to help companies grow. So, the next time you’re thinking about how you can improve your business, consider upskilling. As mentioned earlier, there are loads of ways you can do this. All you have to do is figure out which employees are worth upskilling, then find the method that’s most effective for them.