EdTech Trends 2023: Reskilling and Upskilling of Employees Is Essential To Retention

Table of Contents

1. Introduction: EdTech as the Lifeline of Learning

2. The Rise of Moonlighting and Its Challenges

3. Using EdTech to Enable Existing Talent

   • Understanding Upskilling

   • Understanding Reskilling

4. Corporate Learning Trends for 2023

5. Conclusion: Choosing the Right E-Learning Partner

Introduction: EdTech as the Lifeline of Learning

Over the last 3 years, education technology has been the lifeline of learning, be it within the academic or corporate space.

It has provided an accessible, cost-effective and flexible solution to those who wish to explore traditional and alternative learning opportunities.

From personalizing the learning experience to ensuring higher student engagement, to fostering career enhancement, and developing a skilled labor pool, EdTech unlocks myriad benefits for the economy.

In our latest blog, we address how this powerful learning tool helps to reskill the workforce, bridge the unemployment gap, as well as offset retention rates!

2023 will see a rise in EdTech being deployed as part of a company's core strategy to retain its talent.

But what has led to the growth of this trend?

The Rise of Moonlighting and Its Challenges

The modern workplace is empowered by the use of smart technology, eliminating traditional barriers, and making work-from-home a mainstream practice.

This autonomy and flexibility have made it possible for employees to take up more than one job, it is commonly called, "moonlighting."

When an employee is engaged in both, a part-time and full-time job, it can have negative consequences for the full-time employer.

From a decrease in performance to a lack of concentration, fatigue, and tiredness, and an increase in leaves of absence.

The challenge is, therefore, to be able to retain employees and ensure that they are working to their full potential.

This is where EdTech becomes so relevant.

It helps to increase employee engagement, motivation and satisfaction, leading to a better retention rate.

Through the processes of upskilling and reskilling, EdTech increases an employee's propensity to contribute more and earn more within their existing jobs.

Using EdTech to Enable Existing Talent

Corporates are leveraging education technology for the purpose of making their employees competent, proficient, and job ready.

As discussed, this has a positive effect on the retention rate and levels of motivation.

The two main ways of achieving this learning are through upskilling and reskilling.

Understanding Upskilling

Upskilling refers to employees imbibing new skill sets so that they can perform their current jobs better.

Employees work to strengthen their existing talents, whilst also acquiring new ones such as digital skills, analytical skills, innovation skills etc.

The aim is to ensure they are keeping up with changes in industry requirements.

Understanding Reskilling

Reskilling takes learning one step further to include disruptions within the industry, for e.g., Artificial Intelligence (AI) and Virtual Reality (VR).

To this end, it looks to infuse new skills sets within employees which will allow them to perform newer roles such as training employees to use AI-powered tools, or training for fast emerging fields like cyber-security.

The objective is to be prepared for when certain jobs become obsolete.

EdTech is proving to be the best solution when it comes to helping corporates thrive during a time of uncertainty.

Corporate Learning Trends for 2023

The current year is poised to witness tremendous growth in the corporate learning space, a trend that has been on a fast track since before the pandemic.

Companies will leverage online training platforms to create specific skill-based courses and programs.

Everything, from sales training to service training, product training to process training, and leadership training to behavioral training, will be offered.

In particular, emphasis will be placed on the development of technical and digital literacy skills.

As job descriptions continue to evolve, companies are left with two choices:

1. Hire new talent

2. Fill the gap through upskilling or reskilling (retain existing talent)

EdTech equips corporates with the tools to train and develop their workforce so that they can keep up with the requirements of 2023.

Conclusion: Choosing the Right E-Learning Partner

Are you currently seeking to explore the right e-learning modules for your employees?

Camu could be the partner you're looking for.