How upskilling your workforce can help drive business growth without breaking the bank

Helping your employees to develop their skills is vital to the success of a business and is a vast influence for business growth with increased productivity and profits. With the various funding streams available, there is no excuse not to invest in your employees and therefore, your business.

Upskilling is beneficial in this day and age as the modern world is moving fast, businesses are having to adapt to ensure their employees can cope with the ever-changing demands of industry. Upskilling has various advantages which include saving businesses money and improving employee drive and motivation.

When it comes to upskilling your employees and using it as a way to drive business growth, businesses need to consider their objectives and business goals and ways in which they can achieve these and any potential future challenges. Businesses also need to assess gaps in their current employees’ knowledge and skills, once this has been gauged, businesses are able to hone in on the right skill sets which suit their objectives whilst boosting the productivity and efficiency of their employees through training and development.

Upskilling your employees in-house can be beneficial in filling skill gaps, raising productivity and boosting business growth. Companies are able to develop the abilities of their employees and encourage improvement through training. When you invest in your employees by implementing training plans and development opportunities, you are also investing in your business. By offering development and training for employees, this can help meet businesses growth ambitions as well as employee morale, turnover and job satisfaction.

Through upskilling businesses and employees can take advantage of economic benefits, these include individuals benefitting from higher wages and in-house career prospects and businesses can benefit from increased productivity and morale, therefore, an increase in profitability for your organisation.

NPTC Group of Colleges has a dedicated Business Develop Unit which comprises of a team of Business Engagement Advisors who work across all industry sectors to advise on the best options for your organisation.  They are able to tailor support and will work closely with you, advising of the different funding streams available, upskilling your workforce doesn’t have to be a costly process.  Training can take place in college or on site at your premises and can vary from short half day training sessions up to degree level courses.

NPTC Group of Colleges are able to offer onsite assessment for your staff who have the skills but not the formal qualifications. Apprenticeships can also be used for existing staff that are already within the organisation.  This is a cost and time effective way of upskilling staff as the majority of the work is completed in the workplace. Investing in your staff can increase staff morale and reduce staff turnover and help you achieve your training goals, and with various funding pots available, training is accessible without affecting your bottom line.

Here are a few examples of funding support:

Skills Development Fund: With funding from the Welsh Government, this funding pot continues to help target job-specific skills gaps and increase employment opportunities for the unemployed and to upskill those currently in employment. It provides opportunities to develop in a wide variety of topic areas. The fund covers the full cost of the course and can provide learners with an accredited qualification.

Upskilling at Work: This is a Powys based funding scheme supported by the European Social Fund via the Welsh Government and is designed to enhance skills and increase productivity. This fund provides employers the opportunity to gain subsidised accredited qualifications for their workforce.

Skills for Industry 2: This project is part funded by the European Social Fund, through the Welsh Government and offers subsidised, sector focused training to reduce skills gaps and help businesses in South West Wales evolve, grow and prosper.

Apprenticeships: The funding provides organisations and individuals in Wales with the opportunity to gain valuable accredited qualifications and workplace experience whilst earning a wage. Within the College, we have a work-based learning department that deals specifically with the delivery of apprenticeships – Pathways Training. The cost of delivery of the qualifications is fully funded.

Further Education funding: We provide further education courses to many students across south and mid Wales via the Welsh Government FE core funding stream.