Most business leaders understand that upskilling is critically important for both employees and employers, but few understand why companies should invest in their employees’ skills development. First, it helps the bottom line. Smart employers understand that investing in employee education and upskilling is not a future consideration but an immediate necessity. Waiting until employees’ skills become outdated is costly, involving expenses like recruitment, training, and productivity losses. Employers must decide whether to provide in-house training for company-specific needs and partner with external entities for broader skill development.
Next, it helps retain employees. Employees seek regular training and opportunities for advancement. However, many employers fail to provide the necessary training to keep up with evolving technologies and industries. Clear career advancement paths and skill development roadmaps are essential to retaining ambitious employees and preventing turnover. Some argue that upskilling may make employees more marketable, leading them to leave for better opportunities. However, this is a gamble worth taking. It’s better to have employees who continually improve and potentially leave after a few productive years than to retain mediocre talent. Forward-thinking companies that value and invest in their employees often find that loyalty and commitment can result from such support.