Facing a tight job market and a lack of employees with the right mix of skills, some employers are investing in training that will prepare them for new jobs with better opportunities, called “upskilling” or “reskilling.” Preparing existing workers to take on new challenges in jobs earning higher pay can be a cost-effective way for businesses to stave off a looming staffing crisis, says Michael Hughes. “It’s often cheaper to retrain current employees than find and hire new ones, as the consequences of turnover can be felt at the bottom line.” Upskilling may also help advance racial equity by providing career paths to workers who are overrepresented in low-skill, low-paying jobs and underrepresented in jobs with greater opportunity.
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