The Chefs' Warehouse [NYSE: WH]

Over the last couple of years, you may have heard the terminology “Upskilling.” It’s a buzzword that has become more popular. So, what does it mean to upskill? According to Merriam-Webster, “upskilling is acquiring more advanced skills through additional education and training.” The concept is not new, but the terminology is. As an individual, how do you distinguish yourself from other candidates? Some people upskill by getting advanced degrees, certifications, or through their experiences.

Upskilling is essential for a couple of reasons. First, the economy is uncertain. The country has been questioning whether we will be hitting a recession. In 2022, Amazon, DoorDash, and H&M laid off thousands of workers. Approximately, there were 15.9 million layoffs in 2022.

In 2023, Tech companies and Fortune 100 continued with the layoff. Meta laid off 10,000 of its workers, and Disney and Accenture followed. Amazon did its second round of cuts by eliminating 9,000, bringing its total to 27,000.

Employees need to continue to enhance their skills to keep relevant and provide some mitigation to this unstable environment.With technology and information coming at us faster than ever, there is a challenge to keep updated with everything.Not having that continuous mindset can put you behind in an ever-increasing competitive world. In my career, I have seen employees not keeping up in their profession and becoming “extinct” as their skills were not up to par.

The question is, “How are you distinguishing yourself in a sea of equally qualified individuals? In some cases, if all qualifications, education, and experience are equal, what will you need to stand out from the other candidates when you interview?

 Employees need to continue to enhance their skills to keep relevant and provide some mitigation to this unstable environment. 

Some employees can distinguish themselves by taking charge of their learning and career paths through their company’s learning and development opportunities. Employees who take advantage of upskilling can benefit in several ways, such as job promotion, higher salary, and having an edge over other candidates in the job market. Those interested in developing their skills can contact their manager or HR for feedback and development plans to gain the proper experience or education.

Employees can upskill through peer coaching, job rotation, take on a new project, or help with an acquisition. The other way is through education. Employees can use inexpensive learning platforms like Coursera and Linked In if your company doesn't sponsor learning or education. Both organizations partner with reputable partners to provide more robust content.

Finally, companies must figure out the best way to upskill their employees. It can be challenging as not all employees want or think they must develop. Companies need to strategize the best way to allocate their resources and build their talent.

While many companies want to make learning accessible to all employees,some should consider their focus on those who want to learn and move up within the company rather than provide for the masses. Upskilling provides many benefits for the companies: It closes in on the skill gap, promotes internal promotions, and creates a competitive advantage.By investing the talent, companies can differentiate themselves from competitors.

It looks like Upskilling is here to stay.It’s vital that you take the first step towards your personal and professional development.As the world is rapidly changing, Upskilling is vital to staying relevant in the workplace.