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skill development

Five Types of Skills Development Without Breaking Your Bank

The technology landscape is constantly shifting, prompting companies and workers to frequently update skills development programs for employees. In fact, according to Deloitte’s 2020 Global Human Capital Trends 53% of respondents believe that more than half of their team members need to change skills within three years. 

In order to stay competitive, companies need to ensure that their workforce has up-to-date skills in the latest technologies. Here are five ways to provide skills development for your professional teams that won’t break your bank.

1. Online Learning

Online learning has emerged as one of the most popular methods of skills development for organizations across the globe. With technologies like artificial intelligence, machine learning, data science, autonomous tech and more changing our work, online learning is one of the fastest and the most efficient ways for employees to develop new skills. 

Online learning also offers the flexibility to learn anytime and anywhere. Partners like Udacity can help you create effective upskilling programs that will ensure skills development for your teams.

2. On-the-Job Training

Formal or informal on-the-job training programs are highly recommended for skills development.

While a formal on-the-job training requires proper infrastructure,  informal training can be peer-to-peer. Not only will peer-to-peer training help  upskill  employees, it’ll also enable better relationships within the organization.

3. Industry Events and Workshops

Industry events and workshops provide quick access to the latest trends in your field. Often dubbed as a waste of time, industry events can be great sources for your team’s skills development if you choose the right one.

Not to mention, the abundance of networking opportunities for industry professionals. 

4. Mentoring

Most working professionals realize the importance of having a mentor at work for their professional skills development. But many find it challenging to find the right mentor. An internal mentorship program could be the solution. 

Identify the skills that your team needs and then find the right people within your organization who excel at those skills. This is similar to informal on-the-job training with the major difference being that a mentor relationship is typically long-lasting. 

5. Learning and Development Initiatives

While learning and development sounds expensive to many organizations, it can be one of the most important and effective ways to invest in your employees

L&D initiatives encompass training, coaching and learning for individuals and teams and benefit everyone — your company, your employees and your customers.

Do it the right way and you can reap the advantages of this investment in terms of productivity, commitment and loyalty. One of the ways could be to partner with specialists like Udacity who can help you with all that you need to upskill your team.

Start Your Skill Development Journey Now!

If you have been thinking about skills development for your team then there is no better time to start than now. 

Connect with our Enterprise team and begin your journey towards skills development for your employees. 

Ritika Pradhan
Ritika Pradhan
Ritika is the Content Manager at Udacity and is passionate about bringing inspirational student stories to light. When not talking to the amazing Udacity students, she can be found reading an article or watching a video on the internet.