Technology is advancing at a rate faster than ever before. Itâs not only FinTech, blockchain, cryptocurrency, and artificial intelligence, but also the entire data computing system is on the verge of change with Google and IBM making quantum computing a possibility.
This poses a difficult challenge for businessmen. While they want their employees to have maximum productivity during work hours, and learn new technologies and skills on their own time, this is not a practical approach. Employers need to develop a culture of learning and support employees in their upskilling journey.
Else, they risk their employees being unable to cope with changing technology and scale back efficiency. This will inevitably lead them to become redundant in their roles as employers look to hire fresh talent that are more technologically literate. And businessmen know that the cost of hiring new employees, risking their organisational fit and work ethics, is an expensive endeavour.
And while every business wants to save money in todayâs global economic climate, it is in fact worth investing in re-skilling and upskilling employees, in order to save money in the long run. Moreover, without companies across countries investing in upskilling employees, there will soon be a shortage of talented individuals who are up to speed with the latest technology and have the soft skills to work well within organisations.
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