Turn tech challenges into opportunities with smart upskilling
Tech leaders across industries face relentless pressure to stay current with technological advancements. We’ll explore how Morgan Stanley, FactSet, and the U.S. Coast Guard (USCG) are no exceptions—with each facing unique challenges but shares a common obstacle: rapid technological changes that demand continuous adaptation.
Morgan Stanley and FactSet address the complexities of integrating generative AI into their operations, managing evolving tech stacks, and supporting clients in a fast-paced environment. Keeping up with these changes requires a comprehensive plan to close skills gaps and maintain competitive advantage.
On the other hand, the USCG confronts its own hurdles, including modernizing legacy infrastructure, addressing technical debt, and boosting cybersecurity.
The rapid pace of innovation makes continuous tech skill development key.
New tools and technologies emerge frequently, and organizations must adapt quickly to maintain their edge. Failure to keep up could mean falling behind competitors or facing increased operational risks. A strategic focus on upskilling helps these organizations to build agility, respond swiftly to changes, and turn challenges into opportunities for growth and efficiency.
5 tried and tested tactics to boost your tech upskilling
Upskilling in technology should not be a one-size-fits-all endeavor. Different teams and roles within an organization have distinct needs, and a personalized approach often yields the best results. Here are several strategies that have proven successful for top-performing organizations:
1. Make learning fit into your team’s schedule
Morgan Stanley has discovered that high performance correlates directly with the amount of time employees dedicate to learning.
Through offering flexible learning options, such as expert-led webinars, themed learning blocks, and incentives like prizes, the company creates a culture where learning is encouraged and seamlessly fits into employees’ busy schedules. This led to a 46% year-over-year decrease in the number of days employees need to upskill.
Short, targeted learning sessions help employees manage their time effectively without feeling overwhelmed. Allowing learning to happen in manageable chunks guarantees steady progress and keeps employees engaged.
When learning is directly aligned with job roles and responsibilities, employees are more likely to participate actively and apply new skills in real-world scenarios.
Key takeaway: Implement bite-sized training courses and allocate dedicated learning time to encourage employee upskilling. This approach reduces learning fatigue and improves retention.
2. Use data and insights to close skills gaps faster
Morgan Stanley and FactSet use data analytics to understand and respond to upskilling needs effectively. Detailed metrics on course popularity and learner engagement reveal which skills are in demand and where gaps exist.
Morgan Stanley’s use of skill- and role-based self-assessments resulted in a 56% increase in overall skill levels.
These insights help organizations align learning content with strategic business goals. Skill assessments also help employees recognize their own gaps, which can motivate them to engage more deeply with training opportunities.
Rewarding employees for identifying and closing these gaps turns learning into a positive experience and instills a culture of continuous improvement.
Key takeaway: Use data from learning platforms to align team interests with business needs. Treat skill assessments as a tool for growth, not evaluation. Reward employees for identifying and closing knowledge gaps.
3. Create custom learning paths that drive real results
USCG took a proactive approach by designing personalized learning paths for its teams. Through focusing on critical areas like cloud and cybersecurity, the USCG made sure its workforce gained relevant skills to tackle specific challenges.
Tailored learning paths let security and cloud professionals earn certifications and deepen their expertise, while others developed a foundational understanding of technology key to their roles.
The impact has been major: a 40% improvement in personnel upskilling and rapid skill development across critical teams. Customized training makes sure all employees, regardless of their role, receive the required skills to contribute effectively to their teams and projects.
Key takeaway: Develop a skills inventory to map required skills for each role, and create custom learning paths to fill gaps, helping employees learn what they need to succeed.
4. Boost skills with hands-on learning that sticks
Hands-on learning is widely recognized as the most effective way to acquire and apply new skills. FactSet maximizes this approach by providing hands-on labs that cater to all levels of experience, from new hires to senior engineers, which has proven highly effective.
Practical learning environments allow employees to experiment and learn by doing, which can lead to better retention and application of new knowledge. By offering sandboxes, projects, and hands-on labs, organizations provide a safe space for employees to test their skills, learn from mistakes, and gain confidence.
Key takeaway: Enhance video content with hands-on labs, sandboxes, and projects to cater to different learning styles. This method increases engagement and accelerates the learning process.
4. Get a head start on emerging technologies with focused upskilling
FactSet’s early decision to upskill for generative AI paid off big. Through focusing on this emerging technology over a year ago, the company increased prompt efficiency by 20%, translating to an average savings of 1,580 hours over three months.
Adopting a proactive approach here made sure the workforce were prepared for current demands and were positioned well to leverage future opportunities.
Targeted upskilling in emerging areas lets organizations build expertise before competitors, leading to a faster time-to-market and greater operational efficiencies. Strengthening foundational skills first makes sure employees are ready to handle new technologies with confidence.
Key takeaway: Strengthen foundational tech skills before advancing to emerging technologies. Develop a targeted upskilling plan that aligns with organizational goals.
Action plan for building a winning tech upskilling strategy
To gain the most from tech upskilling initiatives, organizations need a clear, strategic plan tailored to their unique needs. The strategy should consider factors such as the organization’s current technology landscape, skill gaps, and future goals.
Design an upskilling strategy that fits your unique needs
A comprehensive upskilling strategy must focus on flexibility, personalization, and hands-on learning experiences. Selecting the right platform is key to supporting this strategy.
The platform should promote diverse learning formats, track progress with data analytics, and provide tools for self-assessment and personalized learning.
Through aligning upskilling efforts with business objectives and employee interests, organizations can instill a culture of continuous learning and agility, helping them stay competitive in a rapidly changing technological environment.
Final thoughts
Are you ready to take on a data-driven, hands-on approach that transforms learning from a checkbox to a game-changer? The future of your brand may depend on how boldly you invest in the skills your people need today to conquer the challenges of tomorrow.
