One of the most significant challenges business leaders face is retaining talented employees and helping them reach their full potential. There are two main approaches to employee growth plans: upskilling and reskilling. Upskilling involves providing tools and training to high-potential employees, enabling them to enhance their existing skills and move up within the organization. It focuses on improving soft skills like leadership, public speaking, communication, and people management as well as developing technical skills like learning new hardware and mastering new software processes. However, reskilling involves moving employees to different roles or parts of the business that better suit their skills or organizational needs. Reskilling often requires learning new functions or skills relevant to the new role. While upskilling and reskilling programs are important, they’re not right for every employee. Leaders must assess employee talent based on performance and potential, with high performers and high-potential employees suitable for upskilling, and high-potential employees with lower performance potential candidates for reskilling. Implementing a talent inventory through an HR Information System can also provide insights into employees’ hard skills. Once candidates are selected, there are several practical methods for upskilling and reskilling, including stretch assignments, mentoring programs, executive coaching, and professional conferences. Businesses must incorporate upskilling and reskilling into their strategic plans, ensuring the necessary resources and leadership are in place to support employee growth and development for the future.