Choppy economic seas ahead
Canada may not be in a full-blown recession, but that doesn’t mean that the economic picture is rosy. After months of rate hikes designed to tackle inflation, business activity has slowed while at the same time, millions of Canadians grapple with the lingering impacts of inflation, price rises, and continued supply-chain issues.
Despite the slump, the labour market in the country is tighter than some experts might have predicted. While jobs have been shed and the unemployment rate has ticked up, many Canadian employers still report difficulty recruiting the right kind of talent. In fact, according to a recent report from the Business Development Bank of Canada, 61% of Canadian entrepreneurs say hiring and retaining employees is a challenge as compared to just 40% just five years ago.
In this kind of business environment, it’s more important than ever to find great talent solutions that will help your organization weather the economic storm. And there’s no better way to do this than by partnering with upskilling experts.
The upskilling difference
Traditional training programs like those offered by colleges and technical institutes teach people a set of new skills. So, think of someone taking a night class to learn how to code or to understand business software, for example. But here’s the thing: Even if a person passes a training program like these with flying colours, it’s likely they lack other key skills they need to succeed.
That’s where upskilling comes in. Experts at community-based upskilling programs concentrate not only on technical skills, but also on building a range of soft and professional skills that more and more Canadian employers say they are looking for. From learning how to leverage social media platforms to boost employment skills to understanding the value of listening and teamwork, upskilling is about transitioning into a rewarding career and not just a job. While learning technical skills is undoubtedly a core part of that process, so too is acquiring the professional acumen needed to succeed in a new industry.
Adaptability and agility
Here’s one thing we know about slowdowns and recessions. Business survival often depends on an organization’s ability to adapt quickly. In today’s work world, that kind of capacity doesn’t simply come down from the top. Instead, business leaders need to ensure that workers at all levels benefit from a culture of learning that is sensitive to change, rewards initiative, and welcomes diversity of opinions and experience.
By upskilling employees, organizations can cultivate a workforce that is versatile and capable of pivoting to new roles and responsibilities as the need arises. And as a hiring tool, partnering with an upskilling organization is a low cost and risk-free way to build a diverse team that will open your business horizons to new possibilities and opportunities, even in a downturn. Why? Simply because upskilling organizations offer employers access to non-traditional pipelines of talent that are all too often overlooked.
Boosting productivity and retention
Investing in employee development during tough times sends a powerful message of commitment and support. By the same token, hiring a candidate who has completed an upskilling program and who is eager to begin a new career means bringing talent to your team that’s likely to stay for the long term. Employees recognize the value you place on their growth, and will repay you with loyalty and productivity.
There’s another reason why partnering with an upskilling organization makes economic sense during a downturn, and it’s this: Upskilling initiatives provide opportunities for career progression, which means that instead of leaving your team to pursue an opportunity for career growth, the person you’ve brought on board from an upskilling program will see a rewarding and challenging future for them ahead.
Cost efficiency
As we’ve said before, hiring a new employee is a major commitment and will cost you and your organization time and money. The problem is that when we are faced by the price of hiring a new employee and welcoming aboard someone who is unknown, we can be too risk averse. You might think that risk aversion is a good strategy during tough times, but actually the opposite is true. An economic downturn is an opportunity to welcome someone at a lower cost than when things are booming.
Partnering up with an upskilling organization can help you make a hiring decision that works in tough times, and one that will perform above expectations when the business cycle ramps up. Want proof? Employers involved with the flagship SalesCamp program from Palette Skills are learning right now they have risk and low cost access to motivated talent ready to make a difference. Employer partner managers at Palette Skills work with employers to manage onboarding and knowledge transfer to create a win-win solution that saves you time and money.
Aligning to the future
In the 21st century we know now more than ever that economic downturns are catalysts for industry-wide transformations. Recessions and tough times actually accelerate the adoption of innovative technologies and practices. When organizations partner with upskilling experts, they stay ahead by building a workforce with the skills and foresight to capitalize on emerging opportunities.
From sophisticated data analytics to understanding how to use artificial intelligence intelligently, bringing someone in from an upskilling program can change the way you do business. Why? A great upskilling program brings motivated participants together with current industry leaders dedicated to developing the next generation of leaders. During tough times, you can’t afford not to take advantage of talent that’s ready for the future.
New talent builds innovation
Partnering with upskilling experts during an economic downturn is not merely a strategic move; it’s a transformative investment in the future of your business. And here’s the thing: when you decide to work with an national talent platform like Upskill Canada, you are making a commitment to change and grow. From fostering agility and resilience to nurturing internal talent and staying ahead of industry trends, the benefits of upskilling initiatives extend beyond the challenges of a downturn.
Whether you are leading a large corporation, or building a lean start-up, it’s important to ask yourself how you can be involved as the Canadian workplace continues to change and grow. Take advantage of the countless training programs that are available, and make sure your organization is reaping the rewards of collaborating with Canada’s robust ecosystem of upskilling opportunities. Palette Skills and Upskill Canada are driving change by building inclusive opportunities and supporting innovative business.
At Palette Skills and Upskill Canada, we want you to get involved!
