The Risk of Not Investing in Upskilling.

Despite the pandemic's impact on the global economy and job market, there's still a war on talent for critical skills. Now you might be asking what does learning and upskilling have to do with hiring great talent?

Well, Deloitte found that learning and career development are almost two times more important to people than things like compensation, benefits, and work environment. For millennials, it's the most coveted job benefit of all.

In PwC’s 23rd Annual Global CEO Survey (conducted before the COVID-19 pandemic), 93 percent of CEOs who had introduced upskilling programs said these programs increased productivity; they also helped attract and retain talent and helped deliver a resilient workforce.

So the fact is when it comes to attracting and retaining key talent, your company or organization had better be offering great learning opportunities. Because if not, they'll probably look for another employer and this is a massive risk for your organization.

Not having employees with the right skills can have a huge impact on the bottom line. According to Accenture, the skills demand of the new technological era could put $11.5 trillion in GDP growth at risk over the next decade. All this is happening in a context of exponential change, only accelerated by COVID-19, where companies must innovate if they want to survive.

Consider this; in 1964, the average longevity of companies on the S&P 500 was 33 years. In 2016, it was 24. And by 2027, it's expected to shrink to just 12. The good news is that upskilling really does help companies future-proof themselves.

According to a 2019 global survey by PWC, CEOs with more advanced upskilling programs cite improved innovation, engagement, and ability to attract and retain talent.

In short, learning and acquiring new skills is the difference between staying relevant or becoming redundant, both for organizations and the people they employ. So, ask yourself what is your company doing to ensure it has the skills it needs to succeed now and in the future?

If we do not guide and invest in upskilling all workers, we're contributing to the war on talent and probably writing our organization's own death sentence.

At Maarifasasa, we believe that just as the pandemic served to highlight the biggest skills mismatches between companies and their people, it has also provided an opportunity for organizational leaders and company executives to further develop strategies to build the workforce they need for the future. To this end, Maarifasasa is very committed to serve and help organizations upskill their workforce.

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