Why the rise of AI means your company must adopt an upskilling program

In the ever-evolving landscape of modern business, one concept stands out as crucial for survival and success: upskilling, writes Sally Elson.

As we witness the inexorable rise of artificial intelligence (AI) and automation, the imperative for companies to adopt comprehensive upskilling programs becomes more apparent than ever. The benefits are manifold, not just for employees but also for the organisation as a whole.

Consider the seismic shifts occurring in the job market. What was once considered a stable career path may now be rendered obsolete by the rapid advancement of technology. Jobs that were not widespread a decade ago, such as AI specialists, now play pivotal roles in organisations. This evolution underscores the importance of upskilling – preparing employees for the demands of tomorrow’s workforce.

The benefits of upskilling extend beyond individual career growth to encompass organisational success. Enhanced employee engagement and retention are by-products of upskilling initiatives, leading to greater productivity and a more resilient workforce. As employees acquire new skills and knowledge, they become better equipped to make meaningful contributions to the organisation, driving innovation and growth.

From an organisational perspective, upskilling offers a strategic advantage in navigating the talent market. With new jobs emerging constantly, companies face the challenge of finding individuals with the requisite skills. Upskilling allows organisations to cultivate talent internally, tapping into the potential of existing employees who possess transferable skills. By investing in upskilling, businesses can harness the expertise of their workforce to capitalise on emerging opportunities, such as integrating generative AI into their operations.

So, how should companies start their upskilling journey?

Upskilling is not merely about acquiring technical know-how; it is about fostering a culture of continuous learning and adaptation as your business grows and evolves. Before you start your program, it is important to understand how the business is going to change over the next three to five years and what roles will become less necessary versus what new roles will be created. At MYOB, we have a strategic workforce plan that encompasses culture, capability, and capacity – essential elements for achieving long-term objectives. By aligning upskilling initiatives with strategic priorities, companies can cultivate a dynamic workforce equipped to meet evolving challenges head-on.

Identifying the right candidates for upskilling is crucial for the success of any program. Individuals who demonstrate a willingness to learn and adapt, coupled with a drive to advance their careers, are prime candidates for upskilling initiatives. Employees with a deep knowledge of the business and the customers but in a role that may not be imperative to business success in the near future are also great candidates for an upskilling program.

By aligning individual aspirations with organisational objectives, companies can ensure a mutually beneficial outcome for both employees and the business.

Implementing effective upskilling programs requires careful planning and execution. Balancing on-the-job training with formal education ensures a comprehensive approach to upskilling, empowering employees to thrive in an ever-changing environment.

Of course, embarking on an upskilling journey requires a commitment of time and resources from both employees and the organisation. Businesses that make the commitment will realise the long-term benefits far outweigh the initial investment, positioning companies for success in the digital age.

The rise of AI underscores the importance of upskilling as a strategic imperative for businesses. By investing in the development of their workforce, companies can future-proof their operations and seize opportunities for growth and innovation. As we navigate the complexities of the modern economy, upskilling emerges as a cornerstone of success in the age of AI.

Sally Elson is the chief people officer at MYOB.