Factors that determine the frequency of upskilling
The frequency at which people undergo upskilling is highly dependent on the nature of the business and the industry in which it operates. Some businesses require their employees to undergo continuous training to keep up with emerging technologies, changing regulations, and customer preferences. In contrast, other businesses may not require training as frequently, as the industry in which they operate is relatively stable.
Another factor that determines the frequency of upskilling is the type of skills required for a specific job. Some jobs, such as those in the technology industry, require employees to have updated skills as new developments emerge in the sector. In contrast, other jobs, such as those in accounting or law, require foundational skills that remain relatively unchanged over time.
The rate of change within the industry or job role is also a significant determinant of the frequency at which people need to upskill. If the rate of change is high, then the employees must undergo frequent training to keep up with the latest developments. However, if the rate of change is slow, then employees may not need to undergo as much training or upskilling.
Additionally, an employee’s career aspirations and the training and development opportunities can also affect how frequently an individual undergoes upskilling. Employees who are interested in advancing their careers will need to undergo training more often than those who are not interested in career progression. Similarly, companies that invest in their employees’ development through training and development opportunities tend to have higher employee retention rates and a more skilled workforce.