The outbreak of COVID-19 caused shockwaves throughout the business world. Companies had to adapt their strategies to stay afloat rapidly, emphasising the importance of having human resources that can adapt quickly to change. In today's market, it is more important than ever to have the skills to change and learn quickly to stay employed.

Since the Coronavirus outbreak, businesses have placed greater importance on reskilling and upskilling employees. This is because skills shortages were already high before the pandemic. Recent research has proven that this issue hasn’t gone away. In fact, 42 percent of surveyed businesses are placing greater importance on reskilling and upskilling efforts after the Coronavirus outbreak.

Reason #1: Continuous Learning and Development

Organisations need to invest in learning and development to create a workforce equipped to handle the challenges of the post-pandemic world. This will not only help to identify skills gaps but also provide insights into which employees have the potential to lead in the new world of work. Developing internal talent is more cost-effective than recruiting from outside and has the added benefit of engaging and empowering employees who may be facing burnout.

If a company invests in its employees' learning and development, they will likely stay with the company for longer. Employees appreciate this investment, feeling that it shows the company values them. This positive feeling can lead to increased productivity and motivation in the workforce.

Reason #2: An Established Learning Culture Leads to a Competitive Edge

Organisations must focus on internal reskilling and learning to stay ahead of the curve. This means investing in things like learning management systems (LMS), career coaching, and the development of managers and leaders. Although this might seem like an inefficient use of resources during tough economic times, it's essential for the company's long-term success, especially if they want to develop and hire talent from within.

Without this investment, the workforce will be unprepared for the future, and skilled employees will leave for greener pastures, where their abilities are more appreciated.

Reason #3: Redundancies

Many organisations are facing the reality of large-scale redundancy. And while the UK unemployment rate in April 2022 was estimated at 3.8 percent, a number 0.2 percentage points lower than the previous quarter, there is only a slight difference compared to pre-COVID metrics, which should be alarming in and of itself. 

This means that there is a risk of reduced business performance and productivity. Organizations must ensure that they give survivors enough time to learn the new skills required to manage increased workloads and responsibilities. In a time where many employees are now expected to do more with less, adaptability is key.

The outbreak of COVID-19 has led to a sharp increase in the need for businesses to digitalize their operations and offerings. This is because more customers are now interacting with businesses online, and there is a greater demand for digital products and services. As a result, organizations need to use more advanced technologies and fill the technological talent gaps created by the pandemic.

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