The top 5 things to know about upskilling and reskilling
Jenny Rose Spaudo
Technology is changing rapidly, and with it, the way we work — from the jobs that are available (or eliminated) to the day-to-day duties we perform. To keep up or (better yet) be prepared, it’s critical to upskill or reskill.
If you’ve felt uncertain about how tech trends could shake up your career, you’re not alone. A study found that 70% of employees felt unprepared for the future of work. Plus, 78% were concerned that they didn’t have the skills to move their careers forward.
But, these worries can fuel action: 89% of workers felt motivated to improve their skills moving into the next year. And there’s good reason to follow through with their goals, with many shifts in the workplace predicted ahead.
In the next five years, it’s estimated that
44% of workers’ skills will be disrupted
Six in ten workers will require training…
…but only half of workers will have access to the right training
Technology will be one of the main drivers of job creation and destruction
So, what can you do to be ready? Let’s start by exploring upskilling and reskilling.
In this article, we’ll look at:
The benefits of upskilling and reskilling
How to identify which skills to learn
How to create a learning plan
And how to overcome challenges on your learning journey
1. How to understand upskilling and reskilling, plus why they matter
Simply put, upskilling and reskilling are ways to expand your skill set so you can advance your career.
Although both terms are used to refer to learning new skills, there are differences between them.
70% of employees feel unprepared for the future of work
First, let’s talk about upskilling.
Imagine you're a carpenter with a reliable set of tools that have served you well for years. However, you've heard about new, advanced tools that can make your work more efficient and precise. Upskilling is like continually adding new, specialized tools to your toolbox.
In other words, upskilling is gaining skills so you can grow in your current role.
Examples of upskilling:
A digital marketer learning a new marketing tool to make their work more efficient
A bank teller earning a master’s degree in business administration so they can work toward a management position
A programmer taking a data analytics course so they can add systems analysis to their current role
Now, let’s discuss reskilling.
Imagine your career as a well-constructed building. The structure has served its purpose, but a new, updated design plan will soon be available. Reskilling is like acquiring the skills to construct this new but different building — a change where you learn skills, techniques, or technologies different from those you already had.
In other words, reskilling is learning new skills so you can get a different job or move into another industry.
Examples of reskilling:
A client relations specialist completing a marketing degree to become a digital marketer
An hourly grocery cashier taking a coding bootcamp so they can apply to a junior web developer role at their company’s headquarters
A certified nursing assistant earning a phlebotomy technician certificate so they can become a phlebotomist
2. How upskilling and reskilling can help your career and your wallet
We’ve covered the expected, rapid changes for the U.S. job market. And these periods of transition aren’t new. For example, since 2015, required skill sets for jobs have changed by around 25%. That number is expected to double by 2027.
But what do these shifts in how people work mean for you?
As businesses continue to adopt new technology, staying relevant by learning new skills is critical. And, while upskilling or reskilling may seem daunting at first, gaining in-demand skills can help set you up to unlock opportunities.
Here’s how:
As the skills that employers rely upon change, a “skills gap” is often formed. In a skills gap, employers cannot find enough workers with the required training. For example, in the decade leading up to 2028, an estimated 2.4 million manufacturing positions may be left unfilled thanks to a mismatch between employer needs and employee skills.
So, having the sought-after knowledge could make you a sought-after candidate for new or newly available roles.
Even better? Gaining new skills could mean a boost to your salary.
Gallup research shows that workers who participated in an upskilling program increased their wages by an average of 8.6%. On average, that’s $8,000 more than those who didn’t upskill.
8.6%
average salary increase for American workers who participated in an upskilling program
3. How to decide on the best skills to gain for your future career
Before deciding on your area of focus for upskilling or reskilling, take time to assess the skills you’ve gained through your education and work experience.
Ask yourself questions like:
What credentials have I earned?
What soft skills do I have (e.g., creativity, time management, or collaboration)?
What hard skills do I have (e.g., coding, data analytics, or using digital tools)?
Next, identify gaps in your skill set by:
Thinking about your career goals. What skills do you need to learn to be qualified for the next role you’re interested in?
Researching industry trends. What jobs are expected to be in higher demand, and what skills do they require? Look for this information on job search websites and in labor market reports.
Talking to mentors and industry professionals. Ask which jobs and industries they see growing in demand and what skills you should learn.
4. How to find ways to upskill or reskill that work for you
Upskill or reskill through online learning
There are many resources you can find online to help you learn new skills for your career, including
Online college courses
Bootcamps
Self-paced certificate programs
Informal courses on digital platforms like LinkedIn Learning or Udemy
YouTube tutorials
E-books or white papers on specific industries or new technologies
Upskill or reskill through resources offered by your employer
Many employers offer resources like education benefits or on-the-job training. These offerings can typically be found by speaking with your company’s HR department or viewing your company’s intranet benefit page.
For example, employees who are eligible for the Guild benefit can access tuition-free or partially funded learning programs in high-demand business fields.
Employees eligible for Guild can also get one-on-one guidance for choosing a program, setting goals, staying successful in school, and learning career-building strategies.
Your workplace might also offer other skills-training resources. Here are a few examples:
Mentorship programs match you with another employee with more experience and can help you develop new skills
Tuition assistance — such as tuition reimbursement and employer funding through platforms like Guild — can help remove financial barriers to education.
Training programs and workshops teach you critical skills required for positions throughout the company.
Networking events can help you connect with key people in your industry, which may lead to upskilling, mentorship, and job opportunities.
Subscriptions to online learning platforms allow you to expand your skill set at your own pace.
5. How to create a plan to upskill or reskill
1. Start by thinking about your professional goals.
Does the job you’re interested in require a specific credential, such as a college degree or industry certification? Or is experience — such as an internship — more important?
You can also consider answering five guiding questions to help shape your career plan.
2. Set realistic short-term goals.
What actions and roles do you need to take to reach your long-term goals? Your goals should be realistic and achievable, so keep your availability and other responsibilities in mind.
3. Consider a variety of education types.
Your plan should include a mix of formal courses, self-paced learning, and practical experience.
For example, if you’d like to be a project manager, you might complete an online project management certificate and an internship while you work on finishing a bachelor’s degree in business management.
Upskilling and reskilling success stories for working adult learners
Guild members take on learning programs to gain new, in-demand skills every day. You could be next.
Here are a few examples to help motivate you:
Caitlin S., Trained Product Owner, Rocket
Caitlin was eager to move out of client relations and into IT. After working with Rocket for 11 years, Caitlin took advantage of her Guild benefit to go to school tuition-free.
While Caitlin was enrolled in her program, an IT position at Rocket opened up — and she got it! She believes her education made her a stronger candidate.
Bonnie B., People Lead, Walmart
Bonnie says her education played a big role in her recent promotion. Even though she wanted to get her undergraduate degree for 20 years, the timing was never right.
Bonnie didn’t give up, though. After five years at Walmart, she used her Guild benefit to earn a bachelor’s degree in business administration. The skills she learned helped prepare her for her new People Lead role.
Feeling ready to gain new skills?
In short, learning new skills through formal education, self-paced courses, and practical experience can help you grow your career and reach your goals.
You can figure out what skills to learn next by:
Assessing your current skills
Researching requirements for your ideal role
Identifying gaps in your skill set
As you pursue learning opportunities, be sure to ask your employer about tuition assistance and other educational resources. And when challenges arise, don’t be afraid to ask for support.
At Guild, we’re committed to supporting working learners like you. Your potential is unlimited — we can’t wait to see what you accomplish next!
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Posted Jan 28, 2024
Learn about how upskilling and reskilling can lead to career options and growth in a quickly changing workforce.
