How to "Recession Proof" Your Career with Upskilling and Reskilling
INTRODUCTION
Keeping your skills sharp and relevant is critical to perform well and manage change. But you don’t have to rely solely on your organization's learning and development opportunities. In addition to the training offered at work, you can pursue an educational degree program to help you build new skills and sharpen existing ones.
In many ways, upskilling is the new learning and development. Whether you want to earn more money, transition to a different career, achieve a better work-life balance, or improve your job security, upskilling and reskilling can provide the knowledge you need to pursue those goals.
Chapter 1
Upskilling and Reskilling: What's the Difference?
Upskilling and reskilling are related terms often used interchangeably when discussing the need for relevant, up-to-date skills in today’s job market. However, they are not the same. Consider these differences:
- What is upskilling? Upskilling means developing new competencies to help you perform your role at a higher level.
- What is reskilling? "Reskilling" involves adding knowledge and skills to enable you to perform a new or very different role.
A great way to think about the difference between upskilling and reskilling is that upskilling helps you in advance in your current role, whereas reskilling equips you with skills to perform a different role.
For example, if you work in law enforcement, you might pursue a BA in Criminal Justice as a form of upskilling. But if you wanted to transition from law enforcement into a role in which you could serve a wider community and provide support in times of crisis, you might reskill with a BA in Emergency Management and Homeland Security.
Despite the differences, upskilling and reskilling are both essential for just about any role. Over time, the need for new, more efficient ways of doing things will naturally require enhanced skills for managing uncertainty, using data, and making better decisions.
In fact, a McKinsey survey found that 69 percent of businesses are doing more skill-building now than before COVID-19—more than any other action to close skill gaps. Moreover, because of advancing technology and the need for re-engineered processes, the World Economic Forum predicts that half of all employees will need reskilling by 2025.
Chapter 2
The Importance of Upskilling and Reskilling: Key Benefits
Given the pace of change in most organizations today, there are several reasons to consider upskilling and reskilling. Both are valuable tools to help you reach your personal and professional goals.
Here are the key benefits:
Better job Stability
In a recent ADP survey, only 25 percent of people said they think their job or industry is secure. Fortunately, upskilling and reskilling deliver new skills in support of long-term job security. For example, if you’re a teacher who pursues additional education to become an intervention specialist, you can branch out into roles supporting children with special needs or disabilities.
Improved Productivity at Work
You can work more efficiently with a more diverse range of skills in your toolkit. A TalentLMS survey found that 81 percent of employees reported being more productive at work after upskilling and reskilling training.
Greater Satisfaction and Feeling of Fulfillment
Pursuing an education to either boost existing skills or learn new ones can help you get more aligned with the vocation you seek, which can be incredibly rewarding. A joint Gallup and Amazon study found that 71 percent of employees who participated in upskilling said it enhanced their satisfaction at work.
Career Growth
According to one estimate, it’s not unrealistic to seek a promotion every three years or so. Upskilling with professional certifications and continued education can help you get there. It also allows you to show off your capability to perform new tasks outside your normal scope of responsibilities, which can help your chances of promotion.
Chapter 3
Knowing When It's Time For Upskilling or Reskilling
It’s always ideal to expand and diversify your skillset so your knowledge and capabilities remain fresh. Therefore, there’s never really a bad time to be thoughtful about adding some upskilling and reskilling into the mix.
If you’re thinking of getting started with a program to help you build new skills, you’re not alone. A global UiPath survey revealed that more than 8 in 10 surveyed employees wanted more opportunities to upgrade their existing skills or learn new skills that could help them advance in their careers.
Here are some of the telltale signs that now may be a great time for you to boost your skills:
You’re looking for a challenge and want to keep your existing skills sharp. Surveyed employees in a LinkedIn survey said that staying up to date in their field was their top motivator for learning.
- You want to position yourself for a salary increase and career advancement. Putting your newly acquired skills to work can give you the financial and promotional recognition you desire.
- You’re considering applying for a position in a new industry or organization. According to a Citrix report, 82 percent of employees believe it will be necessary to reskill or upskill at least once a year to maintain a competitive advantage in the job market. With new skills, there will be more positions you may be qualified to perform with your current employer or a new one.
- You want to achieve a better work-life balance. As you gain new skills, you may be able to explore job opportunities that offer more work flexibility.
- You want to take the next step in exploring your passions and calling. Psychological studies have found that exploring different activities and exposing yourself to new challenges can help build more passion for your work.
Chapter 4
How MVNU Online Can Help You Develop New Work Skills
In today’s topsy-turvy economy, upskilling and reskilling can ease your concerns about recessions, layoffs, or overall job security. Whether you want to become a subject-matter expert in your current field or learn new skills that will enable you to transition to a new field, earning a college degree can be an invaluable asset.
Designed with busy adults in mind, Mount Vernon Nazarene University (MVNU) offers several online degree programs to help make your career aspirations a reality. With many undergraduate and graduate degree programs to choose from, you can build your knowledge and skills while continuing to work.
"Earning your degree from MVNU Online can immediately affect your career growth and prospects. Through challenging coursework and projects that introduce you to real-world practices in your area of concentration, you’ll gain actionable takeaways you can apply in your current job or new career. "
You’ll also get support for taking the next step in your career. With a strong alumni network across multiple industries, MVNU can help you expand your network and make connections to fuel your next career move.
Start Advancing Your Skills and Knowledge Today
Earning a new undergraduate or graduate degree can do wonders for your career. It offers an ideal mix of coursework and skill-building experiences that prepare you to pursue the career of your dreams. Ultimately, you’ll be knowledgeable about the latest research and thinking in your field, and you’ll be ready to apply those lessons on the job.
When you earn your degree at MVNU Online, you don’t have to worry about taking classes during work or traveling to a faraway campus. You can take online classes on a schedule and timetable that work for you.