Harvesting tomorrow: The upskilling revolution in the age of AI

When mammoth ribs were still a dinner staple, our ancestors faced the ultimate career change: the Agricultural Revolution. They traded in their spears for spades and their nomadic lifestyle for a 9-to-5 with Mother Nature. It was the original pivot—no trendy buzzwords, just good old-fashioned learning to coax carrots out of the dirt and keep goats from eating the whole farm.

Fast-forward to the present and here we are, inside our sleek headquarters, the air thick with urgency. The tech tides have turned. There’s Jenny, the chief technology officer, a mastermind of code with a trail of successful projects lighting up her career like runway lights. But the tech world shifted beneath her feet—new programming languages, emerging technologies and a different breed of tech geniuses entering the field. With its algorithms and neural networks, the AI revolution is reshaping how we work, live and think. It is reshaping the very definition of work. The call to upskill and reskill echoes with the same urgency once felt by our agrarian ancestors; only now, it’s in the digital fields of the 21st century that we must learn to thrive. 

Sure, comparing the AI revolution to the dawn of agriculture might seem dramatic—after all, one is about the birth of civilization, the other about the advancement of technology. Or maybe it’s not an exaggeration at all. Perhaps in a decade, we’ll look back and see this moment as a pivotal juncture where upskilling wasn’t just beneficial, it was existential. Only with hindsight will we truly grasp the magnitude of the transformation we’re part of. But one thing is certain: The time to cultivate our skills for this new era is now, planting the seeds for a future we can all harvest from.

But why invest in upskilling and reskilling our current workforce when we could simply hire new talent with the desired skills?

The ROI of upskilling and reskilling

The answer lies not only in the cost of recruitment and the loss of accumulated company knowledge but also in the immeasurable value of a loyal, evolved workforce. 

Think of it this way: Your company is like a ship. Your crew—the people who have weathered storms with you—know every creak and groan of this vessel. Upskilling them is like equipping them with state-of-the-art navigational tools. Sure, new sailors might know the latest techniques, but they don’t know your ship.

Let’s look at how some big names are changing the game with upskilling and reskilling.

McKinsey found that skill-building is a powerful glue for employee retention. According to an expert estimate, the cost of losing an employee is almost double their annual salary. 

It’s not just about retaining jobs or filling positions; it’s about fostering a culture of innovation that keeps them engaged, mirroring McKinsey’s insights on the link between learning opportunities and company performance. It is also immensely beneficial to the employees: Apparently, 46 percent of a person’s lifetime earnings come from the skills learned on the job.

Then there’s AT&T, proactively gearing up for the 5G future. According to Forbes, by training their existing team on upcoming technologies, AT&T is staying agile and ahead of the curve, which is critical. A company’s ability to pivot swiftly with market changes is often tied to its workforce’s adaptability.

PwC’s “New World, New Skills” approach makes fiscal sense too. First, companies can make two for every cent spent on upskilling internal employees. And then they have also seen that developing their team internally sidesteps the hefty price tag of external hiring. It’s a cost-effective strategy supported by data that suggests investing in the team you have is more economical than bringing in new recruits. 

With their “Trailhead” platform, Salesforce is doing more than just upskilling. They’re enhancing their brand’s appeal. A commitment to professional growth not only cultivates a more skilled team but also attracts talent, a point Forbes has made about the strength of employer branding.

PwC has done a very interesting number-crunching recently. They looked at what happens in two different situations: One where jobs get replaced by robots and automation and another where there’s a talent shortage. Next, they focused on two types of jobs: One that is high-skilled and another low-skilled. Their math shows that investing in upskilling can save a company at least 43 percent compared to letting people go. And during a talent shortage, that investment pays off in just six months. And that’s true for both high and low-skilled jobs.

In essence, these industry leaders show that investing in your people is more than a good deed, it’s also good business. It’s a strategy for those playing the long game, for companies that understand the value of developing from within to navigate the challenges of tomorrow. It’s a clear signal: The companies that invest in their people’s potential are building the scaffolding for the next big leap in business evolution. And that’s the true ROI we are after. 

The spirit of stakeholder capitalism

We are often handcuffed to immediate financial metrics when discussing return on investment. But, as our understanding of value evolves, so does our appreciation for the intangible. It’s the creativity, the problem-solving, the human flair for innovation that now fills the business strategy. These are the new intangibles; in this knowledge economy, they are the true north of competitive advantage.

It’s becoming increasingly clear that success isn’t just about crossing the finish line with the heftiest profits but about how we run the race—mindful of our team, the ground beneath our feet and the spectators cheering us on. This is the spirit of stakeholder capitalism.

At the core, this philosophy is a simple yet powerful idea: When you invest in your people, you’re not just priming your company for immediate gains; you’re building an ecosystem where everyone can thrive beyond their current jobs. This company looks beyond the quarterly reports to the broader impacts of its decisions.

Consider the craftsman meticulously selecting materials, aware that the quality of their tools and the integrity of their work will leave a lasting impression far beyond the immediate sale. That’s how futuristic companies approach upskilling and reskilling. It’s not a quick fix to plug a gap; it’s selecting the finest materials—their employees’ skills—and honing them with precision and care.

Thank you, old me

Much like how our ancestors adapted to the land, we’re learning to navigate the digital expanse. As we gear up for what the AI age has in store, we are all part of this grand upskilling and reskilling expedition.

So, as we stand here in this transformative chapter, it’s worth asking: Years from now, when we look back on the decisions we made today, will we see them as the defining moves that kept us thriving in a digital world? Will our future selves thank us for the foresight to invest in our most valuable asset—our people?