The Covid-19 has already shown us that no one has control over the present and future. Even markets, individuals or the economy as a whole can not do anything. Many businesses have fallen into this situation, so the time for employee reskilling and upskilling is essential.

Most organizations cannot afford to hire a new workforce immediately or even retain their existing talent who have a good package. Then will this make sense to retrain employees to take much-needed positions?

Actually, some of the industry giants have jumped on the upskilling train long before the pandemic. Amazon, for instance, has invested $700 million into reskilling and upskilling programs, and Mastercard has been running its retraining program since 2016 to gain a competitive advantage over startups.

However, it would be ignorant to see upskilling just as a way to keep the company afloat in these difficult times. In the long run, upskilling and reskilling programs can improve employee engagement and retention, attract new talent, increase collaboration between departments and speed up the adoption of new trends within the company.