The Importance (and Challenges) of Upskilling and Reskilling Your Workforce
- July 12, 2023
- Posted by: Admin
- Category: Uncategorized
With technological advancements, changing customer expectations, and evolving regulatory landscapes, community banks need a workforce equipped with the relevant skills to drive innovation and growth. Upskilling and reskilling initiatives provide a proactive solution to bridge skill gaps and future-proof organizations.
A study by Deloitte revealed that 71% of CEOs said a skills shortage would be their most significant business challenge this year. And this digital skills gap can cost businesses trillions of dollars by the end of the decade.
Prioritize Skilling Up Your Workforce
The pandemic has dramatically accelerated the digitalization of banking operations, prompting banks to adopt a more automated business model to enhance efficiency and meet customer expectations. Further, banks face increased pressure as they face competition from FinTech companies. Banks need to prioritize not only leveraging technology but also training, reskilling, and redeploying their workforce to stay competitive.
Research has shown that implementing reskilling programs and facilitating redeployment is 20% more cost-efficient than the traditional hiring and firing approach. 94% of employees are more likely to stay if an organization invests in their career development. This approach minimizes the requirement for recruiting new employees and the need for layoffs and protects an employer’s brand reputation.
Many HR leaders believe the reskilling process is complex, demanding extensive preparation and not yielding immediate results. This perception has hindered the adoption of reskilling initiatives by many financial institutions.
Here is a list of tips on how to successfully reskill and upskill your existing workforce.
Identify Skill Gaps
Conduct a thorough assessment of your institution’s current and future skill requirements. Identify the specific skills and competencies that are lacking within your workforce. This analysis will serve as a foundation for designing targeted reskilling programs.
Develop a Holistic Reskilling Strategy
Create a comprehensive reskilling strategy aligned with your institution’s goals and objectives. Determine the optimal mix of in-house training, external partnerships, and digital learning platforms. A well-rounded approach will address both technical and soft skills needed for success in a rapidly evolving industry.
Embrace a Culture of Continuous Learning
Reskilling should not be a one-time event but an ongoing process. Encourage a culture of continuous learning within your institution. Promote the idea that acquiring new skills and knowledge is a lifelong journey. Provide opportunities for employees to participate in workshops, conferences, and industry events to stay up to date with the latest trends and best practices.
Leverage Workforce Analytics to Upgrade Your Future Workforce
By leveraging an AI-driven workforce analytics platform, banks can analyze vast employee data to identify skill gaps, determine training needs, and recommend personalized learning paths. They can also assess individual and team performance, predict future skill requirements, and provide insights into the effectiveness of reskilling initiatives.
This data-driven approach enables community banks to make informed decisions, optimize resource allocation, and tailor training programs to maximize the impact of reskilling and upskilling efforts, ultimately leading to a more skilled and agile workforce.