From the course: Upskilling and Reskilling Your Workforce
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Calculate upskilling investment
From the course: Upskilling and Reskilling Your Workforce
Calculate upskilling investment
- Every day, there are new skills emerging and others sunsetting, especially in fast-paced industries undergoing transformations, such as automation. It is impossible to keep up to date. So, how does a company decide when to develop an in-demand skill internally, versus when to hire for a specific skill? Whilst it is always a gamble, it does help to apply some cost and resource estimates to help you make the decision. This is a calculation we use to work with stakeholders to help prioritize investments in upskilling. The first step in the calculation is to determine how much time and cost will be required if you decide to upskill an employee. Now, this has to include everything. Of course, there are the normal costs, such as using a learning experience designer, QA, maybe translation, and even the time of an LMS administrator. Then there are the costs you might not normally factor in, such as subject matter expert…
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