Behind every successful business is a successful team and a strong workforce with shared goals, commitment and drive.
Hiring and developing talented employees is crucial for creating your own dream team, and a key way of doing this is through upskilling. The data shows that, when companies invest in upskilling, employee retention rates improve by 52% and employee engagement improves by 49%.
We’ve previously explored why it is so important for your workforce to have the latest skills. Now we’re looking even further into the wider benefits for employers and asking the question - what are the benefits of upskilling for your business?
The importance of upskilling
1. Save on costs
Replacing employees is expensive and time consuming. Taking into account recruitment fees, lost productivity and retraining, it can cost thousands of pounds to replace each team member that leaves. In fact, research shows upskilling existing employees could save businesses up to £36,084 per employee when compared to replacing them with a new recruit.
Upskilling is a smaller investment than hiring and training a new worker. It also allows you to create a more well-rounded, fully trained workforce which caters to your customers needs and increases your team’s effectiveness.
2. Talent attraction and retention
When upskilling becomes part of a company’s culture, it will naturally attract job seekers who value learning opportunities. One of the main reasons people move on is a lack of personal development and career growth.
The research aligns with this, showing 65% of UK employees consider a lack of personal development opportunities a reason to look for a new job. Focusing on attracting and retaining employees through upskilling shows you care about their careers and their futures within your business.
3. Improved brand reputation
Companies that don't invest in employee career development may struggle to attract top talent and stakeholders. Upskilling improves the overall employee experience, as well as your company’s reputation, by showing that staff can build their skills for the future. Remember, happy employees are more likely to be brand ambassadors and tell their networks about positive experiences with you.
4. Increased productivity
Upskilling directly boosts productivity. Employees with the latest skills perform tasks more efficiently, leading to higher output and faster project completion. This is supported by research showing upskilling can lead to a 37% increase in productivity. Think of it as giving your team the right tools for the job.
Top-performing organisations understand this connection: 84% of employees in these organisations receive the necessary training, compared to just 16% in underperforming ones. Upskilling empowers employees to work smarter, driving better results for your business.
5. Improved quality of work
Upskilling is a direct investment in the quality of work your team produces. When employees possess the necessary skills and knowledge, they are better equipped to deliver high-quality results. This translates to a reduction in errors, less rework, and fewer customer complaints.
6. Future-proofing your business
Investing in upskilling isn't just about addressing current needs; it's about preparing your business for the future. By equipping your workforce with the latest skills and knowledge, you're building a team that can adapt and thrive in the face of change. You're ensuring they have the tools to navigate future challenges, whether those are technological advancements, shifting market trends, or evolving customer demands.
7. Innovation and growth
By fostering a culture of continuous learning, you empower your employees to become drivers of change. When employees acquire new skills and knowledge, they're better equipped to generate fresh ideas, identify opportunities for improvement, and develop innovative solutions.
This translates directly into the development of new products and services, improved processes, and ultimately, contributes significantly to the company's overall growth and market competitiveness.
What are the best ways to upskill staff?
A blended approach works best when upskilling employees. Training courses, both online and in-person, offer structured learning. Sharing relevant articles and videos encourages self-development.
In-house mentorships provide valuable one-on-one guidance. However, apprenticeships often prove most effective, combining on-the-job experience with structured training and mentorship for practical skill development and recognised qualifications.
Learn more about apprenticeships: Your Apprenticeship Questions Asked and Answered
Why choose an apprenticeship to upskill staff
If you want to upskill your staff, here are some reasons why you should choose apprenticeships:
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Practical, hands-on experience: Skills are learned and applied directly in the workplace
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Structured training: Leads to recognised qualifications and a solid knowledge base
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Mentorship support: Personalised guidance from experienced professionals
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Rapid skill development: A combination of experience and training accelerates learning
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Increased employee engagement and loyalty: Investing in employees demonstrates value and fosters commitment
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Tailored talent development: Businesses can cultivate skills specific to their needs
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Attract new talent: Apprenticeships are an attractive option for those seeking practical skills
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Address skills gaps: Fill critical roles with qualified and experienced individuals
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Boost productivity: Skilled employees contribute more effectively
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Contribute to long-term growth: A skilled workforce drives innovation and success.
Read more: Training an Apprentice: Best Practices for Supporting Their Development
What is the difference between upskilling vs reskilling?
While often used interchangeably, upskilling and reskilling are distinct concepts, both of which are crucial for a dynamic workforce.
Upskilling focuses on enhancing an employee's existing skill set. It's about deepening their expertise, broadening their knowledge within their current role, and equipping them with new skills to perform their current job even better or prepare them for slightly more advanced responsibilities within the same field. Think of it as adding new tools to their toolbox.
Reskilling, on the other hand, involves learning entirely new skills to transition to a different role or even a different career path. This becomes necessary when jobs become obsolete as technology evolves, but employees are still valuable to the company. It's about building a whole new toolbox. Reskilling is a more significant undertaking, often requiring more extensive training and education.
In short:
Upskilling: Enhancing existing skills for current or slightly advanced roles.
Reskilling: Learning new skills for a different role within the industry, especially as technology and industries evolve.
Reskill with Total People apprenticeships
Upskilling can fit around the size of your organisation, your business needs and the qualification you are looking for. From apprenticeships to short courses, we’ve got all the training you need to upskill staffupskill staff and boost your business.
If you’re looking to take on your ideal apprentice, we make it easy for you by designing bespoke recruitment plans and shortlisting support to suit your specific needs.
Find out more about our apprenticeship recruitment service and contact our team to find out more.
