3 Tips on How to Pick the Best Reskilling Provider
Companies and employees are facing increased uncertainty as the nature of jobs (and how people perform them) is changing. New technology provides unique and creative solutions, but ultimately leads to wider skills gaps.
According to a report by the World Economic Forum, half of all employees worldwide will need reskilling by 2025 due to tech-driven displacement. New, disruptive technology is introduced to the market each year, sometimes making established workforces obsolete.
Not only is tech-driven displacement a factor, but skills are losing their value faster. The half-life of a job skill today is about five years—and falling. Meaning that skills will be half as valuable within five years’ time. The value can be even less in tech.
It’s no surprise then that organizations are finding reskilling and upskilling to be increasingly critical for workforce retention and supplementing hiring solutions. Though finding a provider that’s a good fit and the cost of a reskilling program, averaging $24,800 per individual, present obstacles for companies that are just getting started.
To support your organization’s reskilling journey, we’ve identified three factors to consider when selecting a provider as a talent solution.
1. Identify the talent needs of your company.
As your company identifies its skills gaps and looks toward a solution, you’ll quickly notice that not all providers are the same. Reskilling providers vary in program length, cost, communication, the courses they teach and outcomes.
The first task is to identify what your company needs to fill your workforce skills gaps. In the tech space, this could be a specific coding language, tools your company utilizes or an out-of-date tech stack. Once you’ve identified where your skills gaps are, it’s time to fill them.
In the past, companies utilized external hiring as a workforce solution, but reskilling offers a more targeted approach that can even be a retention driver. Companies aren’t chained to only one solution either. Depending on your organization’s needs, a combination of external hiring and reskilling can be the best solution.
2. Determine your timeline and reskilling strategy.
Treat reskilling like a business investment with clearly defined goals, measurable outcomes and a timeline that works best for your needs. It’s easy to get lost and even overwhelmed trying to solve everything at once with only one provider. Factor in your goals and timeline to help make your decision.
Consider these questions when choosing a partner:
- How many employees can I reskill with this solution?
- How do I identify employees to be reskilled?
Both questions go hand-in-hand when factoring in your overall strategy and timeline as the number of employees, and which employees to reskill, will greatly impact your outcomes. To determine if a partner meets your needs, it’s best to start small and then scale up. Despite their appeal, companies should avoid a “one size fits all” solution to save on time and cost.
Reskilling providers like Tech Elevator will assist organizations to determine their class size and help identify employees best suited for reskilling with its results-proven Aptitude Test. Flexibility with a reskilling partner is key to the success of the program and Tech Elevator will scale with your organization’s needs to best match your goals.
3. Evaluate your provider’s track record. Identify the outcomes.
Along with starting small and scaling up with your reskilling partner, make note of program outcomes. Evaluate what worked and what potentially didn’t to see if your current provider(s) are a good fit for your organization. Consider factors such as communication with your team, the flexibility of the solution and transparency with outcome data.
As your organization samples solutions to determine your choice provider(s), look at testimonials from companies they’ve partnered with in the past and if the data isn’t there, it could potentially be a red flag.
Factor in communication and how well providers work with your team to implement the solution. In Tech Elevator’s partnership with PunchCode, Program Manager Tasean Young described Tech Elevator as an extension of the team, which made for a smoother implementation process. The first few weeks of implementing a reskilling program can be the most difficult. It’s vital that communication and support are at the forefront to ensure a successful program.
Furthermore, determine your partner’s values and whether they align with your own. Not only could this affect your communication throughout the program, but also the success of your program. For example, if your company has a large DEI initiative, then see if your provider can assist with these goals. Your reskilling solution can also be a diversity driver for your company and support your company’s values.
Choose your reskilling provider and start your journey today.
Choose a partner with proven outcomes that will guide you through your organization’s reskilling journey and answer any questions that you have along the way. The process can be daunting, but that is why a good reskilling partner is there to help.
Explore our reskilling solutions and talk with our team today.