By Prof Rajneesh Chauhan
In the age of 5G and generative AI, the only way humans can stay ahead of technology is by constantly upskilling and reskilling themselves. These are also the times when you can learn on the go.
Corporates can make the most of it by regularly training their employees – such training and development is good for both employees and business.
Why skill your employees?
Organisations must prioritise adaptability and agility to maintain an edge in today’s fiercely competitive and changing business environment. Making investments in training and development is essential for success in this dynamic market. The significance of a well-structured training and development programme cannot be overstated, as it not only enhances skills of employees, but also boosts the growth of an organisation. Companies can handle challenges and seize opportunities by developing a competent and engaged staff, establishing an innovation culture, and proactively addressing skill gaps.
Enhancing employee skills
It’s important to help improve your employees’ current capabilities while introducing new ones. These can be made possible by organising regular workshops, seminars and courses, which can give make your employees stay up to date on newest business trends, technology and best practices. While technical skills are important, training your employees in leadership abilities and soft skills like communication and teamwork is even more important.
Bridging skill gaps and succession planning
Companies must deal with skill gaps driven by retirements and lay-offs as the workforce’s demographics shift. By identifying future leaders inside the organisation and preparing them for further responsibility, training and development plays a crucial part in succession planning. In fact, some of the most innovative companies in the world have regular training programmes for creating a leadership pipeline. Top companies in the world usually have CXOs not from outside, but those developed from within the ranks.
Nurturing innovation
Companies must quickly adapt to technical improvements and market changes as the business environment is constantly changing. By encouraging staff to think creatively and accept new ideas, training and development programmes can promote an innovative culture. Some of the most flexible companies in the world are able to quickly recognise and take advantage of new opportunities in a market that is always evolving.
Enhancing employee retention
Employees value employers who support their professional development. Regular training and development, instead of a monotonous 9-5 job, can do wonders in boosting the morale of employees and making them feel valued at the workplace.
Anytime learning
Instead of an expense, training and development is a smart investment that fosters a culture of innovation by developing a competent, engaged and adaptive workforce. Such initiatives not just help individual workers, but also make the organisation as a whole grow and succeed.
The author is dean (Corporate Relations) and professor of IT at FORE School of Management, New Delhi. Views are personal.