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Upskilling and Reskilling: Adapting to the Changing Job Market

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The job market is evolving unprecedentedly, with technological advancements, automation, and shifting industry demands reshaping the skills needed to succeed. Once stable roles are being transformed; skills that made you a rockstar yesterday are no longer relevant today while entirely new jobs are emerging, requiring expertise that didn’t exist just a few years back. As the nature of work continues to change, one thing is clear: staying competitive requires constant adaptation. This is where upskilling and reskilling come in – they are strategies that ensure that both individuals and businesses keep up with, and even get ahead of the rapidly shifting landscape. This is the new norm, the reality of our fast-paced, technology-driven job market.

To ensure that professionals are ahead of the competitive curve, they must adapt and evolve and there comes in upskilling and reskilling – the two key dynamic career development factors.

What is Upskilling and Reskilling?

Before we go into the specifics, let’s clarify the difference between upskilling and reskilling:

  • Upskilling is about enhancing current skills or learning new competencies that build on an existing job role. This is especially relevant when an employee’s job is evolving due to technological advancements, new processes, or emerging industry trends.
  • Reskilling, on the other hand, focuses on learning entirely new skills to transition into a different job or field. This is relevant when an industry is disrupted, and certain roles have become obsolete, less relevant or redundant.

While these concepts may appear similar, the difference lies in their objectives – upskilling is about advancing in your current career path; while reskilling is about transiting into new opportunities.

Why Upskilling and Reskilling Matters in Today’s Job Market

The World Economic Forum (WEF) has predicted that by 2025, 50% of the global workforce will require to be reskilled. Automation, AI, and shifting industry landscapes are pushing this change. Consider:

  • 75 million jobs will be displaced by automation, while 133 million new roles will emerge (WEF)
  • 64% of executives are of the opinion that their industries will be significantly impacted by technology (Gartner)

Upskilling and reskilling are no longer optional – they are critical for survival

The Fourth Industrial Revolution is here, driven by artificial intelligence (AI), automation, robotics, and big data. As technology is disrupting industries across the globe, the World Economic Forum predicts that nearly half of all employees will need some form of reskilling or upskilling by 2025. Here’s why these strategies are vital:

1. Technological Advancements

In virtually every sector, new technologies are transforming how tasks are performed – whether it is automation in manufacturing, data analytics in marketing or AI in healthcare, the workforce must adapt to leverage these innovations. For example, jobs in IT have evolved from basic troubleshooting roles to more complex cybersecurity or cloud computing positions. Workers who invest in upskilling so as to acquire these new competencies remain competitive and capable of tackling modern challenges.

2. Job Displacement and the Gig Economy

Automation and AI have led to job displacement in sectors like retail, logistics, and manufacturing. As machines take over routine tasks, many roles are becoming redundant. However, the same technologies that made some job roles redundant, also create new jobs, sometimes requiring entirely different skill sets. By reskilling, employees can transition from threatened roles into high-demand fields like app development, digital marketing, or UX design.

Moreover, the rise of the gig economy has also created a more fluid and flexible job market, with many workers choosing freelancing or contract as against 8-5 jobs. Reskilling allows these workers to diversify their skill sets, thereby giving them the flexibility to adapt to different projects and industries.

3. Bridging the Skills Gap

According to many industry reports, there is a widening skills gap in the global workforce, especially in technology-related roles. Despite high unemployment rates in some regions of the world, businesses struggle to find qualified talent to fill positions in coding, data science, cybersecurity, and other tech-driven fields. Upskilling enables employees to acquire requisite competencies that employers are desperately seeking, while reskilling provides them with a pathway into new fields where the demand is high.

4. Career Longevity and Job Security

In today’s unpredictable economy, career longevity is no longer a guarantee even when you decide to simply stay in the same role for decades. Job security is closely tied to adaptability. Professionals who invest in continuous learning and upskilling stay relevant in their fields, as this makes them less vulnerable to layoffs or market shifts. Likewise, reskilling can open doors to new opportunities in growing industries, enhancing long-term job security.

Strategies for Successful Upskilling and Reskilling

So, how can individuals and organizations embrace upskilling and reskilling? Here are practical strategies to make these efforts effective:

1. Continuous Learning Culture

For businesses, creating a culture of continuous learning is crucial. Encouraging employees to pursue professional development is not just a morale booster but also ensures that the workforce is constantly evolving with the industry. Offering online learning platforms, subsidizing certifications, or hosting workshops are great ways to promote upskilling.

Companies like Google have implemented learning programmes where employees had access to courses on data analysis, leadership development, and machine learning. This does not only help employees stay ahead of industry trends and competition but also fosters innovation within the organization.

2. Personal Career Development Plans

For individuals, it is important to take charge of your own career development. Identify skills that are in high demand within your industry, and seek opportunities for self-improvement. Online platforms like Coursera, Udemy, and LinkedIn Learning provide access to a wealth of courses across various fields, allowing you to upskill or reskill at your own pace.

A marketing professional who wants to stay relevant could enroll in courses on digital marketing strategies, data science or even social media analytics, to stay competitive in their field. If the same marketer sees more opportunities in software development, he/ she could change by taking coding boot camps or certificate programmes to reskill.

3. Partnering with Educational Institutions

Many companies have partnered with universities and vocational schools to offer employees structured reskilling programmes. These partnerships often times focus on emerging fields like cybersecurity, artificial intelligence (AI), and digital marketing. Organizations should seek and explore these collaborations to provide their workforce with industry-recognized credentials and training.

In Nigeria, Access Bank has partnered with the Pan-Atlantic University (PAU) to offer specialized training programmes for employees in areas like digital banking, data analytics, and financial technology. This initiative enables employees to transition into more tech-focused roles, especially as the banking industry undergoes a digital transformation. Through this partnership, Access Bank not only helps its workforce stay competitive but also fills internal roles with highly skilled individuals that are ready for the future of banking.

4. Mentorship and Coaching

Sometimes, learning new skills doesn’t require formal education but rather on-the-job guidance. Offering mentorship and coaching programmes can help employees develop the soft and technical skills they need to excel in evolving roles.

At companies like Eugene + George Consulting Limited, employees in customer service roles could benefit from cross-training in sales, human resource management, or leadership, guided by more experienced colleagues. This helps develop well-rounded team members who are capable of stepping into various roles within the organization.

The Future of Upskilling and Reskilling

Looking into the future, it is pertinent that the demand for continuous skill development will grow. Automation, AI, and digitization will continue to reshape industries, i.e. the workforce must stay adaptable to remain competitive. For organizations, reskilling is no longer a reactive strategy – it is a proactive one. Businesses that invest in the upskilling and reskilling of their employees today will be better prepared for the changes of tomorrow.

Conclusion

Upskilling and reskilling are not just tag lines, they are essential strategies for thriving in the modern job market. As industries change and new opportunities arise, those who embrace continuous learning will find themselves better equipped to exploit these shifts. Whether you are a professional seeking to secure your future or a business striving to stay ahead of the competition, investing in skills development is one of the most strategic decisions you can make.

In an era of transformation, the ability to learn and adapt is the key to not just surviving but thriving. By focusing on upskilling and reskilling, you will not only stay relevant but will become indispensable in a rapidly changing world.

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Contributed by Agolo Eugene Uzorka, CEO/ Lead Consultant, Eugene + George Consulting Limited (www.eugenegeorgeconsulting.com)

Agolo Eugene Uzorka
Agolo Eugene Uzorka
Agolo Uzorka
the authorAgolo Uzorka

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