Importance of Upskilling your Staff

In the current job market, upskilling your team can have more value than you may realise.  

Upskilling and professional development are quickly becoming key tools in staff retention across both the Construction and Consultancy sectors. 

To understand why upskilling is so important for your workforce, let’s look into the current employment landscape. 

Based on a report published by the World Economic Forum, an estimated 50% of all employees will need re-skilling by 2025 due to forecasted technological improvements and changes within businesses and job roles. A survey conducted by the Chartered Institute of Personnel and Development (CIPD) also indicated that 54% of UK businesses are already offering upskilling opportunities to address evident skill gaps within their sectors. 

Let’s explore the statistical advantages of enhancing your team’s skills. 

Increased Employee Retention 

An immediate advantage of upskilling your team is the improved employee retention it provides. The LinkedIn Workplace Learning Report 2024 found that 90% of organisations are concerned about employee retention and offering upskilling opportunities to their staff is their number one retention strategy. Being invested in your workforce’s upskilling and professional development invaluable as a study done by the Chartered Institute of Personnel and Development (CIPD) found that 40% of employees cite career progression as a key factor in their job satisfaction. 

Did you know?  7 in 10 employees say upskilling and training provided through their employer gives them a sense of connection. 

Enhanced Productivity 

Upskilling your employees directly contributes towards an increase in productivity. A study conducted by the UK Commission for Employment and Skills (UKCES) revealed a 21% increase in productivity within businesses who offer comprehensive training programmes and upskilling opportunities than those businesses who spend less on training. This same study also highlighted that the same businesses who invest in training programmes and upskilling opportunities are 24% more likely to adopt innovative practices. 

Bridging the Skills Gap 

The current skills gap the UK is facing remains a pressing issue for a large amount of industries, construction in particular. 

The UK Employer Skills 2022 found that of the 1,495,048 job vacancies published throughout 2022, 36% were skill-shortage vacancies. This percentage suggests that employers struggle to find applicants with the required skill set. Despite this, only 60% of UK employers funded or arranged training for their staff throughout 2022.  

Upskilling your employees can bridge the skills gap by ensuring that employees possess the necessary skillset to adapt to new roles as the industry develops and advances rather than becoming an addition to the statistic of non-proficient employees within a business.  

Boosted Employee Engagement  

Upskilling employees can directly impact a heightened level of employee engagement as the employee will feel valued and that the business is invested in their professional growth and development.  

Did you know? 8 in 10 employees say upskilling and training provided through their employer adds more purpose to their work! 

The Chartered Institute of Personnel and Development (CIPD) found that businesses with high levels of employee engagement have a 25% lower turnover rate than businesses with low employee engagement. This, coupled with the employees feeling valued, can help to foster a positive workplace culture.  

There are many more statistical advantages of upskilling your staff, and the above are some of the main advantages that directly impact a business on a day-to-day basis. 

With rapid advancements happening daily within different industries, businesses must be able to adapt their processes and approach to upskilling to stay competitive. Upskilling in line with the technological advancements ensures that employees are proficient and minimises the potential of a business spending an average of 42 days filling a skill-shortage vacancy. 

UK businesses that prioritise continuous learning and development for their employees are 58% more prepared for potential future demand than businesses who do not upskill or develop their staff.