The Fourth Industrial Revolution and last year’s Covid pandemic has led to disruptions world wide. Artificial Intelligence, Automation and Digital Transformation are eliminating well-established careers and creating new jobs and professions at an unprecedented pace.
According to the World Economic Forum’s 2018 Future of Jobs Report’s prediction, by the year 2022, 75 million jobs will be disrupted by new technologies and 133 million new roles may be created. Now to cater to these new expected career trends, employees will have to be geared up through a continuous culture of upskilling and reskilling.
“Upskilling” and “Reskilling” have become an important part of organizations learning and development strategy. But what is the difference between the two words.
Upskilling is helping employees learn new things and become more skilled and relevant while staying in their current job. For example, if an employee is currently working in the procurement department and begin learning about supply chain. Upskilling will help employees learn new skills to make advances in their current career path. It will keep employees engaged and interested within their organizations.
Reskilling is helping employees learn new skills so that they can move to a new job or new role within the firm. For example, if an employee is currently working in finance department and starts learning cyber security. It is estimated that fifty four percent (54%) of all employees will need reskilling by 2022. The recent Covid pandemic has highlighted the need for reskilling as organizations need employees with entirely new skill sets. Instead of recruiting and hiring such employees from outside, these organizations can reskill current employees to meet the talent gap from within.
Upskilling and Reskilling, both are critical for organizations if they want to retain their existing talent.