3 Ways to Upskill your Workforce: Useful Strategies and Guidelines

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Useful Strategies to Upskill your workforce

Is your company in need of a specific skill set but there is a shortage in the market for good candidates? Or maybe it costs too much to hire these people? It is also possible that you are troubled about potentially laying off all those loyal employees. One option for you is to upskill your workforce instead.

There are countless benefits (Related: Upskilling Employees: Why it Matters for Your Organization) in doing so such as getting better returns on investments and improving employee retention. In this article, we share three strategies on how you can do this.

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1. Find a Mentor

Find someone in the company who is equipped with the identified skill set. Ideally, this person should be well-versed with the team’s processes and company’s operations. The teaching will be hastened as gaps and opportunities in the current processes are identified.

If there is no one fit within the company, you can also consider hiring externally. Just give some time for the person to get acquainted with how things run within the firm before fully onboarding him on his role. Aside from imparting his knowledge with your employees, his professional experience outside will also help in setting up some standard procedures in the process to be developed.

2. Provide Educational Assistance

If what your company needs is a field of study that is relatively new in the market, you can consider offering educational assistance to employees.  Provide promising and fit employees the option to avail of tuition grants or scholarships that are aligned with what your company is eyeing for. If you deem it necessary, you can include a condition that the employee has to render an agreed number of years following his studies.

What’s good about this alternative is alongside upskilling, you are also giving employees the impression that you care about their professional growth and you believe in their capabilities to excel in a new field.

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3. Enroll in Online Courses

Another option is to encourage your workforce to take up online courses such as those in Coursera or Udemy. You can also shortlist several lessons that you find suited for their respective roles and ones which you think will improve your current processes.

Sometimes employees have a tendency of becoming comfortable with the status quo; presenting these opportunities will make them innovative in challenging the current way you do things and open to learning.

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Money Monkeys

Money Monkeys seeks to educate on topics related to finance, entrepreneurship, and the rising fintech innovations. We provide easy to digest articles with the aim of raising financial literacy, cultivating a growth mindset, and harnessing the spirits of fellow entrepreneurs.

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