The Value of Upskilling Employees

By Lisa Goodall Ashkinos ● December 15, 2021

Following up from Momentum’s recent overview - Building a Winning Tech Talent Pipeline Strategy - the outline below provides a comprehensive view into each segment of your tech talent development strategy, starting with: upskilling employees in your company to fill open tech and tech-related roles.

This ready talent pool can include employees in lower-level tech roles with potential to advance their careers, or talent in other departments with the foundational hard and soft skills to transition successfully to a career in technology.

We will explore:

  • Why upskilling employees makes good business sense in today’s environment

  • Defining Your Objectives for Success

  • Identifying “hidden” talent in your organization

  • What NOT to Do

  • Measuring Impact, and Iterating Your Plan

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Upskilling Employees Makes Good Business Sense

We start with our Why? Why does providing ready access for your current employees to professional development opportunities matter - especially in technology and related disciplines?

Today’s tech talent crunch is rapidly becoming a crisis. As we reported recently,  industry analysts project a deficit of 6 million skilled tech workers and $162 billion worth of lost revenues by 2030.  In addition to the growing need for tech talent, companies are increasingly challenged by resignations of tech employees - more than 70% of tech employees are considering leaving their jobs over the next year. 

Why does upskilling employees matter in the face of numbers like these? One key weapon in your arsenal to improve employee retention is learning and professional development, because 94% of employees report they would stay at their companies longer if they are offered professional and career development opportunities.

Looking beyond retention, professional development also builds a strong foundation for operational growth and efficiency, because upskilling employees positively impacts team morale, and employees can apply new skills gained in new projects, advance their client-facing skills, and lead their teams more effectively.

Download the full eBook now!