Companies can either upskill or perish

Covid-19 might have started as a health emergency, but it is now recognised the world over as a full-blown economic disaster.

Many businesses – young and old – perished and many resorted to taking cost-saving measures, including salary cuts. Crores of people have lost their jobs and many start-ups are in serious trouble.

While the pandemic is to be blamed, we must also accept that many businesses did not see the writing on the wall. They simply didn’t have teams with the right mindset and skills to adapt to sudden change. Many of these companies would have been on the ropes even with a far less significant event than the pandemic.

Most businesses have not realised that skill training enhances their employees' productivity and performance, and satisfies their ambition, which is essential for the overall growth of any company.

Skill training, besides reigniting employees’ enthusiasm, is also one of the best available tools for employee retention.

In the post-pandemic phase, the winners will be the companies that are following the 95:5 rule of income.

Our research has indicated that that the most successful companies spend 95% of their time focusing on income-creating activities and only 5% focus on expense control.

Companies must focus on building their product portfolio, ramping up services, growing their teams and most importantly, upskilling their employees.

One can see training as an added expense or an investment - and the latter perspective is far more positive than the former.

Employees who are more skilled and know exactly what they are doing will help their organisation bring in more business than employees who are solely acting on instinct.

Skill training equips employees with a map that will help them navigate the murky waters during a crisis like the one we are facing right now.

Once the pandemic subsides and we return to the new normal, a skilled team in a growth-focused organisation will ensure that they dominate the space they operate in.

(The author is the founder of a skill training academy)