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Businesses have been trying to keep up with the tech world for decades. In the post-pandemic era, upskilling and retraining your workforce is an essential part of keeping any business afloat.

Coronavirus has led to a dramatic rise in laid-off employees and alarming unemployment rates. An upskilling budget may seem out of the question now, but retraining your staff could save you money in the long run. In a recent survey, 46% of employees felt their upskilling opportunities had diminished during the pandemic.

Upskilling can support your employees, improve employment rates and even fill skill gaps in your workforce. Here is why you need to invest in a training budget this year.

Improve skill gaps in your workforce

The half-life of professional skills is just five years, and even shorter for technical skills. Many executives are experiencing skill gaps in their workforce, and it is only becoming increasingly apparent. Workers are less likely to feel motivated when they are underqualified for the role. 41% of workers think it takes them longer to complete tasks when they don’t have the necessary skills.

Upskilling could drastically improve the productivity of your workforce and overall profit.

Support your employees

Consider talking to your workforce about their drives, ambitions, and progression requirements to create a better future for your business.

Most businesses have a mental health programme in place. However, workers are less likely to use it when they are worried about their job performance. Make your business a place of progression and support for your workforce.

Keep your business afloat

Job instability is a massive issue in pandemic life. Even people with stable jobs are worried about the future and entering the job market. Individuals are upskilling and preparing themselves to get ahead in the job market, even if it means entering a new industry altogether. Organisations need to prioritise employee training to ensure their workforce is prepared for post-covid life.

As we move into a post-digital era, technology is more essential than ever. Business owners are aware of technology advancements but lack the knowledge and expertise to implement it properly. If you are a business owner, consider learning more about technology and upskilling your abilities.

Costs of retraining staff

Budgeting is always at the heart of any business decision. Like the Coronavirus Business Interruption Loan Scheme, cash-flow finance can be used to cover the costs of retraining staff.

Emerge stronger, more capable and in a position to lead your industry into the post-pandemic era. Your workforce needs a higher productivity rate to recover from the consequences of 2020. Make sure your staff feel valued now so that when the economy rebounds again, they will remember how you supported them through rocky times.

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