When it comes to achieving long-term goals, continued education and training are two things no organization should overlook. What makes upskilling so important?
- It’s good for business.
When businesses invest in high-quality professional development, it helps employees do their jobs better. It can also help companies keep up with emerging industry trends and innovation. Not only can employees gain new technical skills, they can also improve important soft skills like communication and problem solving. Over time, the cumulative effect of upskilling has the potential to increase the efficiency and performance of an entire organization.
- It’s good for employees.
Investment in upskilling creates opportunities for upward mobility, and promoting employees from within an organization has several obvious advantages. One of the most evident benefits is an increase in employee retention. As employees gain new knowledge and skills, confidence and job satisfaction often increase. According to the Pew Research Center, 87 percent of learners say their upskilling activities helped them feel more capable and well rounded. Not surprisingly, professional development is a desirable perk that many potential new hires look for, which is one more reason why companies are evolving to meet demand.
- It’s good for investors.
Smart investors take note of organizations that devote resources to upskilling because this frequently translates to greater long-term success. Company education and training programs usually pay for themselves, but often do more than just break even. Between 2012 and 2014, for example, Cigna’s Education Reimbursement Program generated a 129 percent return on investment and boosted employee retention, according to the Aspen Institute. Participants in the program were also 10 percent more likely to earn a promotion.
Ready to start upskilling? Explore online professional development training, degrees, and certificates from Colorado State University Online.