Technology will certainly eliminate some jobs, but it will also create others that require new skills. Upskilling isn't just a new term for professional development; it's a focused effort on equipping employees with the skills they'll need to do jobs that don't exist yet.
While leaders worry that an investment in growth and training opportunities will simply provide employees with the skills to find a better job, it's more likely that growth opportunities will boost retention. Research from the Consumer Technology Association backs this up: High-skills training and professional development programs were listed among the benefits necessary for employee retention.
The best employees seek challenges and opportunities to learn. If you can provide those consistently, your team will adapt. Develop in-house training to educate your team on emerging tech, pay for employees to take a coding class, or have them attend a workshop on where your industry is heading.
AT&T is a good example of a company that's invested in employee education to get its team up-to-speed on emerging tech. "You can go out to the street and hire for the skills, but we all know that the supply of technical talent is limited, and everybody is going after it," Scott Smith, AT&T's senior vice president of human resources operations, told Harvard Business Review in 2016. "Or you can do your best to step up and reskill your existing workforce to fill the gap."