Train Your Team for the Future of Work

As technology advances, the nature of work changes quickly. This digital transformation is happening so quickly, causing a skills gap in most tech- and data-related industries. In order to resolve this, there is a pressing need to train teams for the future of work.

In a study, 71% of CEOs said that a skills shortage would be their biggest business challenge to deal with this year. A growing skills gap in the talent pool makes this even more daunting. For organizations that find themselve unable to find the talent they need, however, the best solution is to develop the talent they already have through upskilling and reskilling their workforce.

To remain competitive and relevant, companies must recognize the importance of investing in their most valuable asset: their employees.

The key to success in today’s tech world is a modern workforce at the cutting edge of technology. This article explores the current tech skills gap many industries face and the importance of preparing employees for the future of work.

 

The ‘Skills Gap’ in the Digital Age

Before, a static set of tech skills might have sufficed for a decades-long tech career, but now, tech changes so quickly that workers need to re-up their skills every few years. In the digital age, this is even more important.

A skills gap occurs when employers need certain skills that potential employees have no training in. This happens so often in tech because of how quickly advancements happen, making tech that is crucial today obsolete in a matter of years.

In a recent Wiley Education Services survey, 55% of respondents said they believe there is a skills gap within their organization. This skills gap occurs due to a mismatch between the skills and qualifications that job seekers have and those that employers require. 

For example, as companies digitize and begin collecting data on their customers, they need employees who can work with that data to inform their decisions. In many cases, the employees that currently work at companies are good at what they do, but simply don’t have the skills necessary to keep up with evolving technology. From that same Wiled survey, around 57% of respondents also believe that upskilling or reskilling their current employees is the best way to close that skill gap.

 

What Causes A Skills Gap?

We’ve touched on some of the broader reasons why skills gaps occur, but there are many more specific and interconnected reasons why skills gaps happen. Some of these include:

  • Rapid Pace of Technological Advancement: Tech is constantly evolving and changing. As it evolves, new roles and responsibilities emerge that require specialized skills and particular knowledge. If workers are not educated or trained to keep up with the pace of change, a skills gap can form.
  • Educational System: Traditional education doesn’t always align with the evolving demands of the job market – especially in the digital age. In many cases, teachers and curriculums lag behind the development of tech, leading to a mismatch between what is taught and the skills that the job market needs.
  • Lack of Training and Development: Many companies do not invest enough into training, upskilling, or reskilling their employees. This leads to their workers’ skills becoming outdated over time.
  • Demographic Changes: As the workforce ages, workers tend to have valuable experience, but lack the fine technical skills younger generations might be better equipped with, and vice versa.
  • Perception and Awareness: Because tech changes so quickly, job seekers may struggle to know which skills are in high demand. They then might not know which skills to develop with regards to what employers seek.

 

How the Skills Gap Hurts Companies

Companies that work with tech, have transitioned to data, or digitized in the last few years all suffer negative consequences from the skills gap. This includes companies related to cybersecurity, machine learning, big data, computer technology, and marketing.

  • Increased Vulnerability: Without a skilled and up-to-date cybersecurity team, companies are more susceptible to cyberattacks and data breaches. This could lead to systems failure or information being leaked.
  • Financial Losses: Data breaches or cyber incidents can result in significant financial losses due to data theft, regulatory fines, and reputational damage. The average cost of a data breach in 2020 was $3.86 million, as reported by IBM Security.
  • Missed Opportunities: When companies lag behind in skills related to data, it can mean missing out on opportunities that come from leveraging data-driven insights effectively. Without big data or data analytics skills, companies won’t succeed in the modern era.
  • Slower Innovation: A lack of skilled computer technology professionals can hinder a company’s ability to adopt new technologies. A report by Korn Ferry projected that, by 2030, the technology skills shortage could result in $8.452 trillion in unrealized annual revenue globally.
  • Ineffective Campaigns: Without the power of data-driven insights, the skills gap in marketing can lead to ineffective advertising and marketing campaigns.

 

Upskilling & Reskilling Your Workforce

Upskilling and reskilling are important strategies aimed at enhancing the skills and capabilities of employees. They differ in their specific focus and objectives.

Upskilling refers to the process of enhancing an individual’s existing skillset to keep them relevant in their current job within their field of expertise. In order to do so, workers must be provided additional training and education to help them stay up-to-date with the rapidly changing tech landscape.

The goal of upskilling is to improve the overall proficiency of employees in their current positions. This helps them perform more effectively by using the latest developments, technologies, and best practices in their current roles. An example of upskilling: Providing training to a marketing team on the latest digital marketing tools and techniques to improve their performance and effectiveness in their current roles.

Reskilling, on the other hand, involves training employees in new skills that are distinct from their current skillset. The objective of reskilling is to prepare employees for entirely new roles or job functions. This is usually done in response to bigger shifts in the job market or monumental technological advancements that shake things up.

Reskilling generally happens when an employee’s current skills become obsolete, or when the organization needs to transition its workforce to align with emerging technologies. An example of reskilling: As customer service roles get taken over by AI, companies might train employees who once worked in customer service to become data analysts to work with big data.

 

Why Upskilling and Reskilling are Important

With a focus on upskilling and reskilling, the intention is to cultivate the talent you already have, rather than spending time and money hiring and training new talent. When you teach your employees adaptability, you enhance their performance and improve employee engagement. 

Importantly, you can future-proof your workforce by preparing them for the changes in tech before they happen. In doing so, you create a team that is equipped to make use of technology today and also agile enough to adapt to technology in the future.

A 2021 Linkedin survey found that employees consistently prioritized learning and opportunities for growth as the top factor for an outstanding workplace. By leveraging Learning & Development (L&D), you can drive internal mobility for employees within your organization, keeping employees both satisfied and qualified.

Man facing a woman in a meeting room. She is sitting in front of her laptop, they seem like they are in a meeting.
Photo: Unsplash.com

Companies who excel at promoting internal mobility retain employees for nearly twice as long as compared to those with insufficient L&D efforts. With improved retention rates, you can rely on a team who is just as committed to your company’s success as you are.

 

Tech Training to Upskill & Reskill Your Team

Upskilling and reskilling address the skills gap by updating employees’ expertise, adapting them to new roles, and filling tech skills shortages. Doing so will improve job performance, improve talent retention, and drive innovation, while also reducing hiring costs and maintaining a skilled, adaptable workforce.

As workplaces shift toward a digital-first model, employees need to be more tech-savvy to remain productive. Managers hold the key to successful upskilling, which lies in critical tech training.

In 2019, Amazon launched a $700 million upskilling initiative called “Upskilling 2025.” With this initiative, Amazon seeks to provide training and upskilling opportunities to 100,000 employees in the United States for in-demand jobs within the company or in other industries. Similarly, Verizon launched a $44 million upskilling program to help candidates train for in-demand jobs such as junior cloud practitioner, IT help desk technician, and digital marketing analyst.

Both of these companies realized that, instead of hiring new employees to fill skills gaps, they can save money by upskilling their current workforce.

 

Different Ways to Train Your Team For the Future

There are many different ways to train your employees and keep up with their tech skills. Some of these include:

  • Formal Workshops: Hosting workshops at the office is a great way to brush up on your employee’s skills. It’s an easy way to make sure all employees are up-to-date on critical skills that might be familiar to them. Ths would better suit a workforce that needs to be upskilled.
  • On-the-Job Training: This could work for employees who need to be either upskilled or reskilled. Through mentoring or job shadowing, experienced or highly-skilled colleagues can provide valuable learning opportunities and practical knowledge transfer in a hands-on approach.
  • E-Learning & Online Courses: These are typically a bit longer and involve a time commitment outside office hours. This option provides employees with more flexibility and accessibility for people to work at their own pace and schedule. The skills learnt here are often accompanied by a certificate, which can be transferable outside of your employee’s current role, too.
  • Cross-Functional Projects: An easy way to upskill your staff is to have different departments work closely together on projects. By exposing each person to different areas of the business, they can develop new skillsets naturally.
  • Industry Conferences: Helping employees attend industry conferences keeps them updated on the latest trends and developments in their field. This helps them understand what skills need improvement and can open doors for upskilling opportunities.

A group of people in a workshop in a meeting room with a projector screen

Continuous Tech Training with ALX Global

ALX Global is well-positioned to help companies who seek to upskill and reskill their employees in critical tech areas. We can collaborate with you and your team to provide targeted training and elevate the essential skills necessary to drive business growth.

Our Data Analytics course, for example, can help train your employees to take advantage of the massive amounts of data created in the digital age. With a data analytics certification, your employees can make more informed decisions, improve efficiency, and harness the power of predictive insights using data. Data analysts also help enhance marketing strategies, drive innovation, and keep track of business performance.

Upskilling or reskilling your employees in data science takes analytics one step further. There, your employees can learn to automate data processes and extract insights that can help your business perform better.

By harnessing the power of data, you can future-proof your workforce for the digital age.

 

Summary

As the tech landscape changes thanks to advancements like AI, automation, cloud computing, and data analytics, the skills employers must have also change. In recent years, this has caused a massive skills gap, where many workers are not equipped with the skills needed to work in the digital age.

In order to keep up with the pace of change, employers need to prioritize the skills of their employees by upskilling or reskilling them where necessary. Doing so empowers teams to innovate, seize new opportunities, and develop creative solutions to complex challenges.

Equipped with the most up-to-date tech knowledge, employees can revolutionize their roles and maximize their potential to drive business growth.

ALX Global provides tailor-made solutions for companies who need to upskill or reskill their employees. WIth our Data Science and Data Analytics courses, we can help your team gain the skills they need for the future and beyond.

 

FAQs 

1. Why is technology training important?

Technology training is crucial as it equips individuals with the skills and knowledge needed to leverage the latest advancements in technology. It empowers them to stay competitive, adapt to evolving job demands, and drive innovation. With technology permeating every industry, training ensures a skilled and competent workforce, enabling businesses to optimize processes, enhance productivity, and maintain a competitive edge in the digital era.

2. How does data science help an organization stay competitive?

Data science helps an organization stay competitive by extracting valuable insights from data, enabling data-driven decision-making. It predicts market trends, customer behavior, and potential challenges, aiding in proactive strategies.

Understanding customer preferences leads to personalized experiences and increased loyalty. Optimization of processes and resource allocation improves efficiency, reducing costs. 

Data-driven marketing campaigns boost engagement and ROI. With data science, businesses can innovate, respond quickly to changes, and maintain a competitive advantage in a rapidly evolving market.

3. How does data analytics help an organization stay competitive?

Data analytics helps organizations stay competitive by extracting valuable insights from data, and guiding informed decision-making. It enables businesses to understand market trends, customer behaviors, and emerging opportunities.

Personalized customer experiences enhance satisfaction and loyalty. Operational inefficiencies are identified and addressed, leading to cost savings and increased productivity. Targeted marketing campaigns improve customer engagement and ROI. Data analytics empowers businesses to adapt, innovate, and maintain a competitive edge in the dynamic market landscape.