Addressing Skill Gaps in the Post-Covid World

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Covid-19 has reshaped the economy with unprecedented speed and thoroughness. It has made certain methods, technologies and skillsets obsolete, and forced businesses to adapt with the help of new ones. This has meant that the cycle of redundancy and retraining has, for many, accelerated. Digital skills are especially important. To keep the business in good shape, therefore, requires lending workers the support they need.

Why is Upskilling important now?

The transition to remote working was a sudden one, for which many were given no formal guidance at all. Workers were instead expected to adapt quickly to the new environment. Given that working from home is likely to be a permanent fixture in the landscape of modern business, and the technologies that drive working from home are likely to evolve in the future, it is imperative that remote workers are regularly kept up to speed with new developments.

Teleconferencing platforms like Zoom also present workers with a chance to learn from home, too. Remote learning has the advantage of being easier to arrange – you don’t need to book out a conference room or make other logistical arrangements. Training might feasibly become a more regular part of the landscape of work – and it might encompass everything from narrow technical matters to support for health and fitness when it comes to working practices. Given the widespread impact of lockdown on everyone’s mental health, this might be especially important.

This might be essential, as lockdown might have prompted many skilled workers to reconsider their career priorities. Any support you can offer might spell the difference between retaining the worker in question and having to attract and induct a new one.

How can we finance retraining?

If you’re having to retrain your entire workforce, or a large chunk of it, then the cost might be prohibitive. This is where specialised business financing might be attractive. Through it, you’ll be able to spread the cost over months and years, rather than having to make a large upfront investment. If you don’t have the liquidity available to invest in retraining, then you will have to pay the costs associated with having a workforce that lacks the necessary skills – which might well be outweighed by the cost of interest payments on a business cash advance.

Fostering Loyalty

Supporting the career path of a given employee is a good way to generate loyalty, and positive feelings toward the organisation. Feelings of goodwill like this tend to spread through the culture of the organisation; everyone will understand that their futures are being invested in, and they’ll be more committed and productive as a result. 

Like so much with coronavirus, retraining is both a challenge and an opportunity for business – and the earlier that it’s recognised and reckoned with, the better the business is sure to fare!

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