Article: Why career diversification and reskilling are crucial to success


Why career diversification and reskilling are crucial to success

Feeling uncertain about the future of business? Career diversification and reskilling may help you fare better in this new digital era. Here's why.
Why career diversification and reskilling are crucial to success

Rapid changes in technology are making a huge impact on the world of business, forcing companies to make adaptability a main focal point for growth. 

Recent studies have underlined the importance of reskilling and diversifying career paths for both managers and their workforce. 

A survey by the World Economic Forum found that 54% of all employees will require significant reskilling and upskilling by 2022. 

This rapid transformation of the employment landscape necessitates a proactive approach from managers in supporting and encouraging their employees to diversify their career paths.

Why diversify career paths?

Diversifying career paths is about encouraging employees to expand their skill sets, explore new roles, and adapt to emerging job opportunities, which offers several compelling benefits. 

Reskilling, a vital part of career diversification, plays a crucial role, and employees who invest in learning new skills can become more versatile and resilient. 

For managers, this means having a workforce that can swiftly adapt to changing business needs, boosting the company's overall agility.

READ MORE | Are employers giving people what they need to build skills for the future?

Embracing reskilling for employee growth

Reskilling is not merely about adding new skills; it's about empowering employees to thrive in an ever-changing job market. 

A LinkedIn Workforce Confidence Index revealed that 76% of employees consider reskilling to be essential for their career growth. 

The keen interest in self-improvement can have a direct impact on an employee's performance and motivation.

Incorporating reskilling opportunities into the workplace is a win-win as employees become better equipped to tackle emerging challenges, while managers benefit from an upskilled, motivated workforce. 

A report from the Association for Talent Development (ATD) show that companies that invest in employee development enjoy a 24% higher profit margin than those who don't.

READ MORE | AI and automation to trigger 40% workforce reskilling in Singapore: IBM

The role of managers in career diversification

Managers play a pivotal role in promoting career diversification and reskilling. They need to foster a culture that encourages learning and growth. 

A staggering 94% of employees in a LinkedIn survey indicated that they would stay longer at a company that invested in their career development. This shows that employees value organisations that actively support their growth.

Managers can create an environment that fosters learning by providing access to training and development opportunities. 

Companies such as Google and Amazon, for instance, encourage their employees to spend time on personal projects and learning new skills. 

By adopting a similar approach, managers can not only promote reskilling but also inspire innovation within their teams.

The long-term vision

It's crucial for managers to look to the future as new technologies continue to emerge while phasing out the old ones. 

As new industries and skill requirements evolve, having a diversified workforce becomes a strategic asset. 

A survey from PwC shows that 77% of CEOs are concerned about the availability of key skills in their workforce. 

Managers who promote reskilling and career diversification can mitigate these concerns by ensuring their workforce remains adaptable and well-prepared for future industry shifts.

Diversifying career paths and reskilling your workforce are strategies that benefit both employees and the organization. 

As new technologies continue to reshape industries, organizations with a skilled, adaptable, and diversified workforce will be better positioned for long-term success. 

Managers, by actively encouraging career diversification and reskilling, are not just investing in their employees' future but securing the future of their companies as well. 

The time to embrace this transformation is now, for the workforce of the future is built on adaptability and resilience. 

So what are you waiting for? Register now and don't miss out on this unique chance to exchange ideas and gain fresh perspectives in the heart of the HR community. Keep following more content related to #TechHRSG.

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Topics: Skilling, #TechHRSG

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