The fast pace of technological innovation has become a big challenge for businesses. Is technical upskilling the answer for employers?
In a world of rapid technology changes, university graduates are being told that their learnt technical skills will become redundant within months of graduating. Meanwhile, employees are struggling to keep up with the pace of change and seeking further development so they’re not left behind.
As company margins tighten, however, many businesses are left trying to justify the cost of ongoing training for their employees. So is it worth investing in technical upskilling for your IT professionals?
Short term versus long term
In the short term, it may seem like a lot of money to invest in an IT training program for your staff. Businesses can expect to pay several thousands of dollars per employee for particular IT certificates and diplomas. But when looking at the big picture, investing in upskilling could save your company some serious cash.
For example, the cost of technical training can far outweigh the financial burden of experiencing a high turnover of staff looking for growth and training opportunities with other companies. An upskilling program is also attractive to future employees – if your company is renowned for recurring training, you will attract a higher calibre of applicants.
Government initiatives
For companies that need financial help with funding upskilling programs, there are a number of government-led initiatives to offset training expenditures.
Take a look at the Department of Education and Training’s
MySkills website, which has details on technology-related courses available across Australia. In NSW, the
Upskilled program partners with the Microsoft Academy to provide courses across networking, IT support, systems administration and website development. Meanwhile, the Advance Queensland Knowledge Transfers Partnerships
program provides up to $50,000 for businesses to hire a graduate to work on an innovative project. Companies can also search for government
grants and assistance that will help subsidise costs for their businesses.
While eligibility requirements differ between schemes, incentives are generally restricted to Australian citizens, permanent residents or NZ passport holders with more than six months’ residence.
Benefits of upskilling
Improvements in morale, staff retention and productivity are just some of the benefits businesses will reap if they choose to implement an upskilling program for their employees.
Without an upskilling program, your IT employees may look elsewhere for training and development. Keep their attention on your business with consistent and quality training programs, and avoid paying hefty recruitment costs to attract the best talent to your organisation.
Your company’s talent is your biggest asset so invest in it and see your employees invest in your business in turn.
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