Upskilling can be defined as the process of improving workers’ skills.
Respelling can be defined as the process of learning new skills so you can do a different job or of training people to do a different job.
Why are upskilling and reskilling today relevant in the corporate world?
In 2020, 74% of CEOs are worried about the availability of key skills, after a study led by PricewaterhouseCoopers . Helping employees to upskill or reskill is a good way for company to close the skills gap in a company. This is also a good way to make employees happier, more motivated and more confident. This is also important in order to keep top employees as they are more and more expecting a company to give them the opportunity to develop and improve their skills.
Already in 2018, the World Economic Forum stated that by 2022, 54% of world employees will need significant reskilling and upskilling to deal with technological advancement and its effects on the corporate world.
Example: reskilling and upskilling strategy in the banking industry
As an example, I will give you an overview of skills that are seen as strategical for reskilling and upskilling in the banking industry, based on my experience in the banking world:
- Data science: data science is one of the biggest reskilling/upskilling trend in the banking industry as well as in other industries. Data is often described as the new oil and most companies want to get better at it.
- Corporate Social Responsibility: Taking into account environmental and social issues is seen by many companies as a strategical issue, even if it does not seem obvious to external observers. In the banking industry, this would include for instance courses about sustainable finance or corporate responsibility and business
- Leadership and coaching: For people promoted to a manager role, courses about leadership can be very helpful.
- Finance and risk management: this is specific to the banking and finance industry. This includes topics such as financial markets, trading, financial accounting or risk management.
- Soft skills and negotiation: in a world where artificial intelligence is progressing every day and many tasks are automatized, soft skills are becoming increasingly important.
- Computer science: there is a big focus on coding skills. Python is especially popular amongst employees because it is one of the coding languages most used for data science.
- Project and Product management – innovation: Project management is an on demand skills in most industries.
- Cybersecurity: this includes for instance access control, cryptography or dealing with cyber attacks
- Economics: this is particularly important in the finance industry.
- Blockchain: Blockchain is often described as the technology behind the bitcoin but there is much more there. In the banking industry, it is both seen as a disruptive technology which could make banks redundant and as the source of new opportunities.
- Fintech: this is naturally an important topic for banks as they have to deal with new competitors coming from the tech world.
- Agile development: Agility is a big trend in most industries. It comes originally from the tech industry.
- Languages: important for all industries.
- Personal development: important for all industries
- Law: especially corporate and financial law
- Diversity and inclusion: important for all industries