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Written by Skill Dynamics

High-Performance Companies Benefit From Upskilling Employees: You Can Too

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Talented employees are at the heart of any high-performing business. Great workers lead to even better results, so it’s vital that businesses create a culture that both attracts and retains top talent. One of the best ways to do this is to invest in your people — make a commitment to upskill your workforce. 

Rapid technological advancements and an ever-shifting market have presented a wide range of opportunities for companies to develop their talent, but this also presents some challenges. As a result, there’s now such a high demand for a skilled and adaptable workforce, making the competition for talent even more heated.

As companies navigate these challenges, upskilling has emerged as not just a reactive measure but a proactive strategy that’s key to growth and innovation. In this article, we’ll explore how you can create a culture of continuous development among your workforce that will not only help your business remain competitive, but help you attract and hold onto the best talent in the market.

Increasing Operational Efficiency and Productivity 

Upskilling initiatives help to address specific skills gaps within teams, meaning companies can optimize workflows and improve performance across departments. This increase in operational efficiency and productivity has the potential to save your company quite a lot of money. 

According to a report by the Financial Services Skills Commission (FSSC), companies could have the potential to save around £49,100 per employee by investing in upskilling existing staff rather than recruiting new ones. Companies save on redundancy costs, recruitment costs, and can hold onto the specific knowledge their employees have gained over the years — saving costs on training new staff.

The money saved here in recruiting costs can then be directly funnelled into developing better and more efficient operational processes within the business, increasing productivity even more. Not only that, but a skilled workforce helps to improve supply chain sustainability and efficiency, making the company stand out as an industry leader committed to the highest level of practices.

At Skill Dynamics, we’ve witnessed a strong connection between skill development and supply chain effectiveness. Highly skilled employees regularly demonstrate the ability to make significant and positive contributions towards supply chain efficiency.

Attracting and Retaining Top Talent

We’ve already spoken about creating a strong company culture through upskilling your workforce, but this can play a huge role in attracting and retaining your top talent.

A global survey by Deloitte highlighted a significant change in employee goals. It found that professionals prefer to be recognised for their skills and capabilities at work, rather than being solely defined by their job titles.

Ambitious professionals often seek out employers who offer opportunities for professional growth, which is undoubtedly a huge benefit of upskilling.

Talent retention is also a significant benefit. By meeting the developmental needs of your existing employees, employee retention improves – resulting in a distinct competitive edge alongside increased employee satisfaction.

Improving Employee Engagement and Satisfaction 

Satisfied and engaged employees not only perform better, but they also tend to stay in their positions longer. Research has shown that 32% of employees in the UK changed their jobs recently due to a lack of upskilling or training opportunities. By actively looking to upskill your workforce, you can reduce employee turnover, increase productivity, and develop a positive culture throughout your entire organization.

Employees that are offered the chance to grow and develop professionally will feel valued, increasing general job satisfaction. A satisfied workforce creates a productive and collaborative environment where people will want to come to work everyday. This not only helps keep the employees you already have, but can also be a powerful recruitment tool when looking to expand and bring in new talent.

Supporting Career Development and Progression 

Aligning upskilling programs with career progression paths is key to empowering employees and enhancing job satisfaction. 

By providing structured upskilling initiatives, companies not only meet their strategic objectives but also cater to employee career advancement. Such commitment to personal growth creates a motivated and committed workforce, driving greater motivation and job satisfaction.

For a Supply Chain Manager, having a structured training plan that includes comprehensive study of the entire chain means they can build their skillset to work towards advancement to the next level. Supply chain management consists of multiple disciplines and skills and today it is no longer possible to operate efficiently without having a holistic view of the entire supply chain. You need to have the knowledge and understanding of how your actions impact other areas. 

For example, an effective supply chain leader understands that warehouse operations are affected by supply planning activities, supplier performance, manufacturing disciplines and transportation procedures. Each of those disciplines are dependent and interconnected with other disciplines, so any upskilling you provide needs to take all of these into account to ensure a proper understanding of how the chain functions.

Preparing for the Future of Work 

Companies can stay ahead in their industry by equipping employees with the skills to adapt to technological advancements and industry shifts. Many industries are evolving rapidly, and upskilling may hold the key to future-proofing your business.

Companies not only mitigate potential risks but also seize emerging opportunities by upskilling their workforce. As technological advancements continue to reshape traditional business models and redefine job roles, companies that prioritize upskilling cultivate a culture of innovation and agility.

This proactive approach not only safeguards against obsolescence but also helps build a strong level of resilience through expanding the knowledge base of your workforce and honing their critical thinking skills. Investing in upskilling is something that supports the long-term growth and development of your business.

Fostering a Culture of Continuous Learning 

Upskilling also fosters a continuous culture of learning within organizations. Ongoing training and development programs empower employees to take on new challenges and embrace new technology with confidence. 

For example, technologies such as blockchain and AI are becoming more involved in supply chains globally. They can help enhance the traceability of goods, or be used to streamline the analysis of large data sets respectively. Employees that upskill in these areas can help companies develop clear visions for how to successfully carry out necessary digital transformations in the near future. 

Our recent research showed that 54% of procurement and supply chain team don’t have a clearly-defined roadmap for digitalization. Developing a culture of continuous learning will allow your workforce to drive this change. Upskilling not only encourages adaptability and innovation but also facilitates rapid responses to market shifts, helping companies maintain a competitive edge.

Conclusion: The Advantages of Upskilling 

The benefits of upskilling are diverse, ranging from improved employee engagement and satisfaction to enhanced company reputation and preparedness for the future. 

High-performance companies should recognise upskilling as a strategic investment, offering benefits for both the business and its employees. As such, businesses must take a proactive approach to upskilling to ensure a sustainable and successful future.

Ready to take the next step? Explore our comprehensive eLearning solutions for procurement and supply chain teams, designed to support your upskilling initiatives and company growth.

To find out more about our programs, get in touch with us and we’ll answer any questions you might have.

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