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Grow In Ways You Can Control: Reskilling in a Tech Downturn

We’re either growing or declining. We can tell you which one we prefer 🙂

The winds of economic change are shifty. Shifting too, but also kinda shifty? We had to look it up to make sure our feelings matched our vocabulary, and yes…feeling something is untrustworthy, and how people “shift around when they are nervous” does kinda hit it on the head for us…how about for you?

And it’s clear that everyone is paying attention…to which leaders see reskilling in a tech downturn as an opportunity to emerge stronger through the power of reskilling…and which leaders are short-term thinkers.


Why Reskilling in a Tech Downturn Works

In rapidly evolving economics and tech changes, clinging to outdated skill sets can leave your company feeling (and being) stuck in the past. Reskilling, however, equips your talent with the tools to:

Adapt to Shifting Trends: Closing skills gaps (including how your team is leveraging AI – we can help you with that) to develop deeper knowledge and applied skills keeps your company at the forefront of higher-quality problem solving and innovation.

Boost Employee Morale, Motivation, & Meaning: We all know how layoffs and hiring freezes dent the feels that are correlated to company growth (ah hah! The shortest equation to remember…Employee Growth = Company Growth). Investing in their growth through reskilling shows your commitment to who you kept, fostering what you want when you need it most.

Maximize Efficiency: Upskilled employees are more versatile and adaptable, contributing to greater productivity and efficiency. We know you know…but sometimes it helps to summarize it for you.

Challenges and Opportunities

We get that the path to investing in a reskilling program or asking for a learning & development budget against the ever-present specter of budget constraints is real. There’s the logistical nightmare of identifying the skills gaps within an organization and the Herculean task of customizing training programs for diverse learning styles….yet, within these challenges lie opportunities (and a use-case for AI that – we’ve designed this before and would love to share with you!). This year has more tools and platforms available for cost-effective, scalable learning solutions. Moreover, the current economic climate has catalyzed an urgency to adapt, making the case for reskilling more compelling than ever.


Building a Reskilling Culture

Consider how you start (if you haven’t), or how you evolve your upskilling approach so that it’s really living in your culture as an ongoing engine of growth.

Identify Tech-Forward Skills: Analyze industry trends and emerging technologies to pinpoint your team’s skillsets to enhance competitive advantage. Harvard Business Review wrote this awesome piece on reskilling if you want to dig deeper.

Foster a Learning Environment: Encourage continuous learning through internal training, mentorship programs, and access to external resources.

Personalized Development: Tailor upskilling and reskilling programs to individual needs and career aspirations, catering to diverse talents. (Reminder, we have done this with AI so this doesn’t mean it’s a big price tag)

Culture eats technology (and strategy!) for breakfast. Technology alone won’t cut it. A culture that champions continuous learning is the cornerstone of any successful reskilling program. Senior executives embracing learning as a personal mantra sets a powerful precedent for the entire organization.

The success of any reskilling effort hinges on the commitment and involvement of leadership in a learning culture. Leaders do need to allocate resources (doesn’t have to be “big company” consulting funds – let us help you get the most out of your consulting dollars), champion the initiatives, and actively participate in the learning process – which, by the way, can be fun.

By doing so, they signal to the entire organization that growth and adaptation are not just expected but celebrated. Leadership’s role demonstrates an environment committed to growth in all ways. This mindset shift is crucial for creating a safe space for employees to take risks, experiment, and ultimately, learn.


Unlocking the Power of Data for Strategic Reskilling

Your workforce data (again, we can use AI to mine this) holds the key to optimizing your reskilling strategy:

Identify Skill Gaps: Analyze tech talent skill sets against future needs, pinpointing areas requiring targeted development.

Track Progress and Measure Impact: Monitor the effectiveness of training programs and adjust them as needed, ensuring maximum impact.

Optimize Resource Allocation: Direct resources towards the most impactful upskilling and reskilling initiatives, maximizing your investment.


Beyond Survival: Empowering Career Growth

Reskilling isn’t just about weathering the storm; it’s about opening doors for your employees:

Career Transitions: Equip individuals with the skills to explore new roles and departments within the company, fostering internal mobility. There is fantastic data behind how valuable this is…where is your company on that journey?

Vertical Advancement: Prepare employees with targeted development programs for leadership positions, building future leaders from within.

Enhanced Job Security: A future-proof skillset enhances employability within and outside the company, giving your talent peace of mind. And having “alums” who are proud of the work they did at your company is a win/win/win.

Looking Ahead: The Future of Work & Reskilling In a Tech Downturn

We’re happy to report we have seen a sharp increase in clients asking us for upskilling and reskilling. As one highly respected Chief People Officer put it this month, “This is the year of GROW. I can’t grow the number of people on my team, but I can help them all grow in their skills and fulfillment.”

As we peer into the future, one thing is clear: the velocity of change is not slowing down. Automation, artificial intelligence, and other technological advancements promise to redefine not just how we work but the very nature of work itself. In this ever-shifting landscape, reskilling becomes not just a strategy for navigating economic downturns but a perpetual imperative.

Companies that anticipate the skills of tomorrow and invest in their employees today are the ones that will thrive in the future.

By embracing reskilling, companies can transform downturns into opportunities for growth and innovation. History has proven this to us again and again…so who will be the leaders that we write about in the future who did this well?

Companies that anticipate the skills of tomorrow and invest in their employees today are the ones that will thrive in the future.

The future of work is a canvas of endless possibilities painted by the brushstrokes of innovation and adaptation. In this future, the role of companies extends beyond generating profits; they become architects of human potential, sculpting the workforce of tomorrow. This vision of the future is not just inspiring; it’s attainable, with reskilling as the cornerstone of this transformative journey.

Are you wondering how to approach a reskilling strategy specific to your organization? Reach out for a coffee chat/zoom, we’d love to co-create with you!