What is upskilling? Get paid to advance your career

Why does this matter? From the perspective of individual professionals, it means opportunity abounds to unlock a rewarding, lucrative career by harnessing the right new skills.

Individuals who engage in digital upskilling tend to earn more, experience increased job satisfaction, and progress further in their preferred career paths. Apart from these benefits, upskilling is becoming increasingly crucial to remain competitive in the job market throughout the next decade and beyond.

Interested in learning how you can future-proof your career without quitting your job? Then read on. Below, we'll cover the following:

Upskilling is the process of improving your professional skill set. It typically refers to the training involved when mastering new skills and technologies, such as tools, coding languages, or frameworks. The ultimate goal of upskilling is to broaden the depth of knowledge of your work, allowing you to take on more responsibilities and pursue career advancement opportunities.

Upskillers come from all ages and industries. They're usually professionals who want to progress in their current careers through continuous learning. Upskilling can be undertaken via structured learning on the job, studying and practicing on your own time, or a combination of the two.

Many companies undertake the task of training employees via dedicated upskilling programs with the goal of developing more productive, innovative teams. But upskilling can also help employees themselves unlock significant economic and career benefits.

75% of employees who participate in an upskilling programme with Multiverse saw a salary increase since starting the program.

Furthermore, research by The Department for Culture, Media and Sport(opens new window) (DCMS) shows upskilling is essential for job security. With 48% of UK businesses "recruiting for roles that require hard data skills,” the demand for employees with data skills is strong. Of the 48% of businesses surveyed, 46% have struggled to fill these roles over the last two years.

In other words: There aren't qualified workers to satisfy the spiking demand for next-generation digital skills at work.

Upskilling isn't just crucial for job security now. It will also help you future-proof your career over the next decade and beyond.

Take the fields of data analysis and AI as an example. DCMS data suggests the demand for data analysis will increase 33% by 2026. Meanwhile, Multiverse research(opens new window) suggests 81% of tech firm leaders expect to increase their investments in AI over the next three years.

While both upskilling and reskilling aim to address professional skills gaps, they serve different purposes in professional growth:

Both strategies are critical for adapting to changes in the job market, whether you're looking to climb the ladder in your current career or pivot to a new one. Identifying your unique skill gaps will help you determine whether upskilling or reskilling is the right path for your goals.

For more information on whether upskilling or reskilling is right for you, check out our companion blog on the topic.

Those who upskill have the potential to earn more, excel in their career, and learn durable skills that can be applied on the job. Upskilling can future-proof your career, leading to greater job security, continuity, and satisfaction. Let's take a closer look.

According to AND Digital, more than a quarter of UK employees didn't receive promotions due to a lack of digital skills, and 10% missed a pay increase for the same reason. This highlights the importance of having the right skills for career advancement and earning potential.

1 in 3 professionals who upskill through Multiverse either received a promotion whilst on programme or within 6 months post-programme. Additionally, according to Multiverse’s ROI of AI report(opens new window), 56% of workers receiving AI training are likely to negotiate for higher pay in the next 12 months.

Investing in your skills can directly impact your career progression and earning potential. You don't have to climb the career ladder in a traditional sense (i.e., advancing to management) to upskill and increase your salary. You can become a master in your field, progress to a senior specialist, and then command more money for your skill level.

As an example, consider the impact of seniority on Data Analyst salaries. The median Data Analyst in the UK is around £37,000. But Directors of Data Analytics with advanced skills and experience earn £95,000 on average before other incentives and bonuses. (Source: Glassdoor).

When you upskill, you can create meaning in your work. The increased purpose at work leads to higher engagement. According to Gallup(opens new window), engaged employees are less likely to switch jobs, which indicates job satisfaction.

Job satisfaction is even likelier if you upskill in highly relevant areas to your existing role. For example, employees who feel their skills are irrelevant are ten times(opens new window) more likely to start job hunting. In this case, upskilling won't just mean more job satisfaction but more job continuity.

As many as 85% of all jobs(opens new window) available in 2030 have yet to be invented, meaning they'll demand new skills. The future aside, 61% of businesses already feel limited "by an insufficient digital vision and strategy."

You need to upskill if you want to meet the existing demand and future-proof your career. Digital skills like data analysis and AI will be more in demand. Whether you upskill in these areas or in general, you'll likely experience more job security.

From choosing a goal to upskilling for free without quitting your job, here are five ways to advance your career in 2024.

When upskilling, first define what you want from your work and life. Do you want a career that matches your interests? A role that offers work-life balance? Maybe you have a specific salary range in mind because you want to start a family.

Consider your answers carefully and use them to pick your goal. With your end goal in mind, you can plan and prioritise the steps needed. Plus, when you understand why you're upskilling in the first place, it's easier to stay focused — even if things get challenging.

Example:

Let's say your goal is to get a pay rise. You're currently a Junior Data Analyst. If you increase your skills, you'll be in a solid position to get a Senior Data Analyst role. That progression comes with a salary increase.

You choose to upskill through an Advanced Data Fellowship programme, which you can do alongside your work. You can get your promotion mid-way through the programme and meet your goal of a pay rise.

If you know you want to upskill but need to clarify your end goal, do your research. Start with a brainstorming session and think about job titles, roles, or progression routes that appeal to you.

If you're unsure where to start, check out different career options for Upskillers and narrow down based on your interests. You can then research existing professionals in those fields through platforms like LinkedIn. That will give you an idea of what upskilling steps you need to take.

Example:

It's been a few years since you progressed from a Junior to a Senior Data Analyst. Your new career goal is a different role in a similar field. You remember a former colleague who pivoted from a Senior Data Analyst to a Business Analyst position.

The idea has always stuck in your mind, but you need help figuring out how to switch roles. You head to LinkedIn to revisit your old colleague's professional profile. You then double-check the skills and certifications they have that are relevant to their Business Analyst role.

One of the fastest ways to understand something is to talk with someone with real-life experience in that area. In the case of upskilling, this involves finding a mentor you can chat to about your next steps.

When you find a mentor, you can ask them how they went from A to B and what specific skills they need for their current role. If you don't have an existing colleague or professional in mind, consider joining professional communities or groups. You can find these groups on LinkedIn for free or join paid Professional Slack communities.

Example:

As a Senior Data Analyst considering a pivot into Business Analysis, you reach out to your old colleague through LinkedIn. You meet for a virtual coffee and learn how they pivoted from data analysis to business analysis. They upskilled with a Business Analyst apprenticeship and had a new role with higher pay in just over a year.

A real-world project will help you practice and develop skills to meet your career goals. You could start a personal project in your own time or volunteer for a relevant project at work.

If you choose the latter, consider speaking to your Line Manager about your upskilling goals. They might have a relevant project you can get started on straight away. Doing this also keeps you top of mind for progression opportunities that match your career goals.

Example:

After researching your colleagues' professional skills and speaking to them directly, you're sure you want to become a business analyst. You have enough data analysis experience but never had to present your findings to stakeholders.

Your colleague mentioned that presentation skills are a critical difference between data and business analysts. So, you set yourself a personal project to practice your presentation skills. You decide to focus on presenting your data insights in a way that shows real-world business potential.

Future-proof your career with Multiverse’s upskilling programme. This programme provides a structured curriculum and personalised coaching to help you achieve your unique career goals. You’ll develop versatile and transferable skills that enable you to adapt to changes in your industry.

Unlike other programmes, the upskilling certification has no opportunity costs. Our on-the-job training programme is designed to fit the schedules of busy working professionals so you can keep working full-time while you learn. It’s also totally free with no strings attached.

There’s never been a better time to upskill for the future. Emerging technologies like artificial intelligence, big data, and cloud computing are reshaping industries and driving innovation. Learning how to use these cutting-edge tools can help you keep up with the ever-changing digital landscape and advance your career.

Multiverse’s upskilling programmes are the ideal way to upgrade your toolkit without sacrificing your current career for costly formal education. We offer training in critical skills like advanced analytics and technology consulting.  Our programmes will help you enhance efficiency, gain marketable skills, and save money. Get in touch today(opens new window) to learn more.