Lack of funds prevents firms from reskilling workers

Lack Of Funds Prevents Firms From Reskilling Workers

The lack of sufficient funds is the biggest challenge facing companies that want to reskill their employees, according to a survey by Infosys Knowledge Institute. The report noted that while companies acknowledge the importance of retraining and upskilling their workforce, many of them continue to undervalue and underfund talent and employee initiatives. The survey also found that organizations do not put much importance on “learnability,” or the desire to upgrade one’s skills.

Other challenges to the reskilling of workers are a lack of awareness, insufficient HR resources and employees’ resistance to change, the survey said. Meanwhile, individual skills such as empathy and adaptability are viewed as less important than collaboration skills such as teamwork, leadership and communication. The report said this is worrying as soft skills are just as important as technical skills when it comes to creating superior customer experiences.

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