Reskilling worker benefits

1. Reduce training and hiring
costs
Hiring and training new employees can be expensive,
especially when looking for specialized talent. Training
new employees is not only about teaching them their
specific roles, but also about company processes,
software, and protocol. Current employees are
already familiar with all these things, so reskilling them
can save organizations time and money. Recruiting,
interviewing, background checks, and other hiring
expenses can add up quickly, and there is no
guarantee that newly hired employees will be
successful or will stay with the company. According to
SHRM reports from 2015 and 2016, it can take about
52 days to hire a new employee, and each new hire
costs a company about $4,000. Reskilling employees
is a more cost-effective way to build a talented
workforce.

2. Tool for internal
mobility
• Reskilling not only helps organizations
keep their top employees, but it can also
attract the next round of dedicated
employees. Prospective employees want
to work for an organization that values its
current employees and shows that by
helping them expand their skills and roles
within the company. Employees are more
likely to stay in a company that shows it is
interested in expanding their roles, and
reskilling provides opportunities for
employees to learn and grow within the
organization.

3. Keep top
employees
Reskilling allows organizations to
enhance the value of otherwise
excellent employees, rather than
simply firing them. Talented
employees can be difficult to find,
so it is better to keep them in the
company and give them more skills
to contribute. Reskilling top
employees keeps them in the
organization and shows them that
their skills and contributions are
valued.

4. More versatile employees
• As employees expand their skill set through
reskilling, they become more versatile in their roles
at the workplace, gaining useful insight into other
areas of the company. These employees can
become some of the best problem solvers as they
know more about the different aspects of the
workflow. This also gives employees a way to
elevate their positions within the company, providing
them with new opportunities for career growth and
development.

5. Improve employee
morale
• When employees are given chances to
grow their skills and elevate their
positions within the company, they feel
valued and important. Reskilling makes
employees feel that their workplace cares
about their skills training, which can
improve their job satisfaction and make
them more likely to stay within the
company. Additionally, new skills allow
employees the opportunity to work in new
roles should their current position be
eliminated, providing them with a
measure of job security.

6. Retain company
knowledge and improve
time to market
• Current employees already know how the
company works and what their roles entail. This
knowledge can take months or years to obtain,
and when an employee leaves, the organization
loses that valuable experience. Reskilling
employees allows organizations to keep
knowledgeable employees who can pass on
their expertise to less experienced employees.
This also means that the company’s time to
market is significantly improved because
employees with solid company knowledge can
work without needing as much assistance,
leading to quicker task completion, higher
quality products, faster production, and better
profits.

7. Improve company
reputation
• Reskilling employees shows that the
company cares about its workforce
and can improve the organization's
reputation in the eyes of friends,
family, prospective employees, and
society as a whole. By investing in
their current employees' skills and
abilities, organizations demonstrate
that they are committed to employee
development and that they value their
employees' contributions.