Reskilling Vs Upskilling: Learning Key Differences For Career Growth

The ability to adapt is more crucial than ever. Whether it’s the lure of a new industry, the necessity of a changed job market, or simply seeking personal growth, career changers are increasingly finding themselves at a crossroads, contemplating the next step.

Central to this decision-making process are two concepts: upskilling and reskilling. Understanding these can light the way to a successful career transition.

Up to 1.4 million workers will need reskilling by 2026. For roughly 70% of them, the change will occur because their type of job will cease to exist. Fifty-five percent of the automotive, aerospace, supply chain and transport industries already need to engage in reskilling. The Harvard Business Review stated BCG data shows, for example, that 68% of workers are aware of coming disruptions in their fields and are willing to reskill to remain competitively employed.

The Difference Between Upskilling And Reskilling

Upskilling builds on your existing skill set to enhance your capabilities within your current role or industry. It’s about deepening your knowledge and skills to keep pace with advancements and increase your value in your current career trajectory.

Reskilling, however, involves learning new skills for a different job or industry. It’s a more radical approach to skill development, gearing you towards entirely new career opportunities that differ from your previous roles.

Examples of Upskilling

• A digital marketer learning advanced data analytics to measure campaign success more accurately.
• A software developer mastering a new programming language to build more complex applications.
• An HR professional taking courses on new HR technologies to improve recruitment processes.

How People Can Upskill

Upskilling primarily involves seeking additional training or education in areas that complement your current job or career path. This can be achieved through:

• Online courses or webinars
• Professional certifications
• Attending workshops, conferences, and seminars
• Reading books and industry publications

Upskilling Platforms

• Skillsoft: the platform helps companies provide leadership and business, technical skills and compliance and ethics resources to employees.
• DevSkiller: these courses are crafted to cater to the needs of businesses focused on critically evaluating and substantially advancing the competencies of their technical teams.
• Learnify Pro: an educational platform delivering personalized learning paths tailored to various industries through an analytics-driven approach.
• BusinessAcumen Edge: a platform that merges business and leadership education to cultivate strategic and managerial skills.
• FutureLearn: this company collaborates with numerous universities and organizations to offer diverse courses and degree programs; it bridges the gap between academic theory and practical industry skills.

Examples of Reskilling

• A retail manager training to become a web developer.
• An accountant learning UX design to shift into the tech industry.
• A teacher transitioning into corporate training and development.

How to Reskill

Reskilling usually requires a more structured learning pathway than upskilling. This might include:

• Returning to education for a new degree or diploma
• Participating in intensive boot camps or training programs
• Gaining practical experience through internships, volunteering or part-time work in the new field

Reskilling Platforms

• EY Skills Foundry: a workforce upskilling and reskilling platform that helps businesses adapt at pace by equipping people with the skills needed to transform continuously.
• Thirst: a learning platform that makes sure your people get the lightning-fast upskilling and reskilling they need for their role and career goals

ROI On Investment

The return on investment (ROI) for upskilling and reskilling is substantial, touching on both quantitative and qualitative benefits. Quantitatively, upskilling and reskilling can lead to higher salaries, improved job security, and increased employability in a rapidly changing job market. Qualitatively, these processes enhance job satisfaction, foster a culture of continuous improvement, and contribute to a more adaptable and resilient workforce.

For organizations, investing in the upskilling and reskilling of employees can reduce turnover rates, improve productivity and ensure a competitive edge in their industry. While the initial cost and time investment might seem daunting, the long-term benefits for both individuals and organizations far outweigh these initial expenses, making upskilling and reskilling a wise investment in the future of work.

Whether you’re upskilling to climb the ladder in your current field or reskilling to jump into a brand-new one, your commitment to personal growth will be your compass.