Make continued learning and development an integral part of your business and watch your employees – and your balance sheet – thrive. While making an effort to upskill your team involves positive action, in today’s fast-paced and ever-evolving business landscape, doing nothing is a recipe for failure. The rapid pace of technological advancement is such that it has never been easier to fall behind the competition. In this blog, we’ll explore why upskilling your team is essential for staying competitive and the costs associated with doing nothing.
Stagnation Risks
No matter what sector your organisation is operating in, there are new technologies and methods of working regularly emerging. Companies and organisations that are stagnant risk falling behind or even becoming obsolete. Employees deprived of ongoing learning and development initiatives may struggle to keep up with industry trends, and productivity and innovation can suffer. The news media is just one of many sectors that is thriving, thanks to embracing new technologies and upskilling staff to operate digitally.
Goodbye Competitive Edge
In today’s global economy, successful organisations are able to differentiate themselves from their competitors. Upskilling your team equips them with the knowledge and tools needed to stay ahead of the curve, whether that means mastering new software, adopting best practices, or acquiring in-demand skills. Take Amazon, the delivery giant. It actively supports employees to expand their skills, including training blue-collar staff in software engineering, and expanding their opportunities within the company.
Low Morale and High Turnover
Employees relish opportunities for growth and development. When an organisation neglects to invest in its employees’ professional development, the result can be gradual disengagement, low morale, and, ultimately, higher turnover rates. Recruiting, onboarding, and training new staff is an expensive business and is money wasted when you can upskill staff for nothing with Alison’s groundbreaking free learning management system (FLMS).
Errors and Inefficiencies
Staff who miss out on training and skill development may struggle to perform their duties effectively, leading to inefficiencies and costly errors. Upskilling your employees will not only enhance their performance but also reduce the likelihood of mistakes that could damage your organisation’s reputation and its bottom line.
Loss of Innovation
Upskilling your team can foster a culture of innovation where employees feel empowered to explore new ideas and approaches. Failure to invest in professional development stifles creativity and limits the organisation’s ability to adapt to changing market conditions and customer needs.
Unhappy Customers
Inevitably, a poorly trained team can lead to dissatisfied customers. The issue could be longer wait times, inferior products or services, or outdated solutions, but customers will notice if your team is falling behind or failing to deliver value effectively. With brand loyalty in seemingly permanent decline – down 50% during the pandemic, according to McKinsey – customers are less inclined to give an underwhelming product or service a second chance.
In conclusion, failing to upskill your team could cost your organisation everything. By investing in your employees’ continued learning and development, you not only future-proof your organisation but also foster a culture of innovation, efficiency, and excellence. Begin by registering for Alison’s free LMS. You can select from a curated menu of courses according to industry or topic and access expert training in a flexible format. With over 5,000 courses available, you can find everything from digital technologies to languages (including business English), sales and marketing, administrative skills, data analysis, business development skills, academic subjects and much more.
Your employees can also evaluate their verbal, numerical, and abstract reasoning skills with our Free Aptitude Test. Detailed scores will enable them to benchmark their abilities against others, and they will be given personalised course recommendations to boost their strengths and improve their weaknesses.
So don’t wait until it’s too late – start upskilling your team today and reap the benefits of a skilled and empowered workforce.
