Upskilling and Reskilling - Is now the time to train more project managers?

Most businesses recognise that there is significant value in upskilling and reskilling initiatives but the momentum to do so has not been as fast as many industry leaders would have hoped for.

It has been suggested that between 2022 and 2023, there has only really been a slight uptick in the progress that has been seen through the early and mid-stages of the efforts to upskill and reskill more people and that the actual percentage of companies who have made it to the final stage has been significantly less. Companies who are looking to achieve even close to true skills agility will need to consider how they will achieve this together with the cultural shifts that have the potential to create more new paths for more people.

What is the difference between upskilling and reskilling?

At first glance, it may appear that upskilling and reskilling are in fact, the same thing. They both apply to the development of talent, and both mean an employee needs to learn new skills. However, they are subtly different, and it is important for anyone in a management position to understand these differences.

Upskilling

This is the term used to refer to the expansion of an employee’s existing skill set. These are additional skills that can assist an employee when it comes to working in their existing role and that have the potential to advance them on their career path.

Reskilling

On the other hand, reskilling requires an employee to learn new skills that are not part of their current role. These skills may sometimes be similar to those they already have in their current role, but they are often geared towards them working in a completely different role. Reskilling is sometimes referred to as professional recycling. It is essentially training a great employee for a different role within the same company because they are an employee who is worth keeping.

Both upskilling and reskilling are important when it comes to helping the workforce to have the necessary skills and tools at their disposal in order to continue within the same company or organisation as things change. Or it can help them make a sideways move within a company when there becomes less need for the role that they were originally filling.

Why project management?

A report conducted by the Project Management Institute (PMI) looked at the sector of jobs within project management and made some significant discoveries. It found that of the 11 countries it looked at, there were outstanding opportunities both in terms of career growth and jobs for project managers. The report also indicated that growth within the project sector would see a growth rate of roughly 33 percent over the course of a 10 year period. In real terms, that equates to a staggering 22 million new jobs. This means that by 2027 if the figures are correct, there will need to be almost 88 million people working in project management and project-orientated roles. So anyone who is considering undertaking a project managers course to gain a professional project management qualification should find no shortage of roles for them once they have their qualification.

What are the advantages of upskilling or reskilling?

Employees want to feel like they matter to a company, and there are a number of ways in which an employer can do this. The first is by making them feel like a valued member of their team or department. Listen to your employees; communication is essential and a great way of really showing employees that they are valued.

Employee retention

Investing in your employees is also a very good way of showing them that they matter to your company. Both upskilling and reskilling are ideal ways of doing this. They allow your employees to grow within their current role or move to a new role. The benefits in this instance are two-fold.

An employee who is allowed to grow and develop within their current role, with the possibility of more responsibilities within the same company, a new position and better salary will feel valued and this will help to boost employee retention levels. This, of course, means keeping employees who know the company. New people will always need some on-the-job training, which takes time and money whereas reskilling may require some adaptation to a new role, but the employee will still be familiar with the way that the company works, making this a much smoother process.

Job satisfaction

All of this will quite naturally lead to greater job satisfaction. This is not only great for improving the atmosphere within the workplace and helping with employee retention, as already mentioned, but is also good for improving productivity.

When it comes to employee productivity in the workplace, there has been significant research. One thing that has been noted time and time again is that employees who are happy in their jobs are more productive. This is something that all employers should take note of. Happy employees want to impress and they are naturally more motivated to complete more work. Investing in their skills and future is a fantastic way to show how valued they are.

Creating more agility

One final reason why upskilling and reskilling your current workforce is beneficial is that it can help you to create a workforce who are more agile i.e. more adaptable to change and more willing to change as outside factor make change necessary for businesses. Project team members who understand the basics of project management and have an introductory qualification such as APM PFQ will be a valuable asset to your team.