See how to put your company and employees on the path to reaching full potential through skills development.

When filling positions it’s not enough to have access to workers; employers need folks with the right skills. The U.S. Chamber of Commerce advises employers who want to remain competitive to reskill and upskill their current workforce. Let’s take a deeper dive into what it means to train for new skills.

Upskilling vs. reskilling

According to the Chamber, upskilling is “when employees learn new information and skills to help them do their current job better.” Reskilling means “learning new abilities to take on a different job role or function.” Both types of training are worthwhile.

Why invest in skills development

Skills training can help attract and retain talent. When employers invest in developing the hard and soft skills of their workforce they become a more desirable employer.

Plus, 63% of employers say they invest in skill-based training because it provides a return on investment.

Workers are willing to reskill

The Chamber also reports that a majority of workers are willing to reskill for different jobs regardless of education level or age. 68% are willing to retrain in any case and 28% are willing if it’s necessary. Just 4% are not willing to retrain.

There’s more evidence of workers’ willingness to reskill and upskill. “53% of Americans say they would switch to a role in an entirely new industry if they had the opportunity to retrain and upskill,” reports EBN.

The path to reaching full potential

Identifying one or more skill gaps is a good starting point on the path to helping employees and your company reach their full potential.

Start with questions like:

• What expertise in technology do individuals or teams in our organization need to develop?
• Do our people have the leadership skills and social influence necessary to help the company thrive?
• How proficient are team members in critical thinking and analysis?

Finding budget for training

Your company and your employees can grow, thrive and profit with skills training but there are up-front costs. One way to fund upskilling and reskilling is with a business line of credit that allows your business to borrow, pay back and re-borrow funds as needed—and at your discretion. Talk to one of our Commercial Loan Officers to learn more.

 

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