5 Tips to Reskill Your Workforce

Even before the Covid-19 pandemic changed the way many organizations do business, the business world was facing a reskilling crisis. Technology has been changing rapidly for years. Back in 2017, research from Deloitte  found the average half-life of a learned skill was just five years. The same year, the McKinsey Global Institute estimated that as many as 375 million workers would have to switch occupations or acquire new skills by 2030.

Rather than hiring new workers with the right hard skills — a tactic that wasn’t working pre-pandemic when schools weren’t able to turn out enough grads to meet job demands — it makes more sense to reshuffle jobs, training the workers you have for the jobs that are available. This started happening before the pandemic. PwC announced a $3 billion upskilling project in 2019. Amazon launched Upskilling 2025, a $700 million fund to reskill 100,000 workers, last year as well.

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