Why Upskilling and Reskilling are the Future of Work

In the current business landscape, technology is becoming more and more important, and business models are evolving rapidly. To illustrate: The COVID-19 pandemic has triggered a sharp increase in working from home, as well as collaboration via teleconferences.

Yet even before the coronavirus, workplaces were evolving, with remote work gaining more traction and automation playing a greater role in job functions. But not every worker has the skills needed to work in an environment where technology is gaining ground. Here’s what you need to know.

The demand for digital competencies and soft skills

According to research by the World Economic Forum, 75 million jobs are likely to be disrupted by automation and machines between now and 2025. On top of that, HR Technologist reports that around 80 percent of all roles already require some digital competencies. However, only a small segment of the workforce is digitally native.

On the other side of the spectrum, employers are looking for candidates with well-developed soft skills. Creativity is currently the most in-demand soft skill, according to LinkedIn. Additionally, collaboration, critical thinking, and communication skills—the skills for which there is little formal training—are in high demand.

Considering these facts, it’s not surprising that a recent  PwC study found that almost 80 percent of CEOs are concerned about their workforce’s existing skills. In addition, 55 percent of employers believe that the ongoing skills shortage is negatively impacting their ability to innovate effectively. 

Moreover, with the rapid pace of technological advancement, even workers who possess the right skills need continuous training to remain relevant.

Workers want to upskill and reskill

It’s not just employers that are concerned about the skills shortage, however. Workers are for the most part aware of the impact of technology on their jobs—and how they’ll get left behind unless they can advance their skill sets. As such, Forbes reports that 81 percent of employees want on-the-job training so they can adapt to the demands of transforming roles.