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Why You Need to Prioritize Upskilling Your Workforce By 2022, more than half of all employees will need reskilling and upskilling.

By Jeff Mazur

Opinions expressed by Entrepreneur contributors are their own.

According to a 2020 report from the World Economic Forum, at least 54% of all employees will need to enhance their skills to meet changing work requirements by 2022.

With a strong imperative and short timeline to reskill and upskill employees, the implications for entrepreneurs and small business leaders in the early stages of their companies' life cycles are significant. How can they balance the need to dedicate resources to external growth while also turning inward to cultivate new skills in roughly half of their team members?

Naturally, the workforce has been rapidly transforming for decades. The shift to online and virtual dependency spurred by the pandemic caused it to speed up even more. And as the needs of companies change, the skills required of workers are evolving along with them. This includes both hard and soft skills — workers need more digital skills as well as a mindset of continuous learning, adaptability and flexibility.