The Skills Management Revolution
2020 was a challenging year, COVID-19 affected the health of millions around the world and the instability of the job market – disrupting jobs, skills and companies. It has been a major learning curve for us all, but one positive to have certainly emerged is that the “future of work” has arrived – and it looks like it’s here to stay. We’re all learning to live with this new normal and businesses, to be successful, must constantly learn too.
Companies need to manage and measure everything – people, time, money, resources – in order to operate at the optimum level. But can learning be measured in the same way?
Most managers agree that their most valuable asset is their team – acquiring and retaining the right people with the right skillset is all important. But skills can be developed in employment, allowing the workforce to develop, grow and reach for new heights. So it is all important that we learn to manage these skills as well.
The corporate learning industry is undergoing
a revolution similar to the once experienced in marketing 12 years ago. Managers insist that the process must be driven by data and the ROI requires a proven track record. Now more than ever, business leaders must be certain that what they see supports their strategy and the company’s KPI. If it doesn’t support the company’s business goals, there is no justification for its existence.
Skills management is one of the greatest challenges faced by the business world today and here’s why. The World Economic Forum published a report which revealed that by 2025, 85 million jobs may be lost while 97 million new roles are likely to emerge. It may sound like good news, but the truth is that job creation is slowing down while job losses are accelerating.
The gap in skills and difficulties in attracting the right talent are perceived barriers to adopting new technologies which would create many of those jobs. Indeed, more than half of companies believe the skills gap is the prime barrier.
But it’s not only the rapid shift in technology which has changed the way we work. The advent of Covid-19 has accelerated the evolution of working practices as companies have been forced to rapidly adapt to the new reality. The ultimate goal has been to do more with less – or at least with the resources we currently have at our disposal.
Eight out of ten (80%) companies accelerated digitalization for work, while also providing more opportunities for remote working, according to the report. In addition, 42% of companies accelerated the digitalization of upskill and reskills and 35% accelerated the implementation of those programs.
Ultimately automation and the global pandemic have created a huge double challenge for business. At the forefront of these challenges is the need to invest in L&D which has become an engine for change.
L&D is the People’s R&D
Companies, on average, are now aiming at offering just over 70% of their employees the chance to reskill and upskill by 2025, while almost all business leaders now say they expect employees to pick up new skills on the job. Investing ample resources in this area, namely time and money, will see companies get a lot back in return.
This is not just about learning, but about managing the skills available within your company and ensuring that you develop the right skill set for upcoming challenges in the near future.
Our extensive experience working with leading firms throughout Europe and Israel has proven that skills management is vital to the transformation of all businesses, whatever the industry: financial, accounting, consulting, tech and much more beyond. The process allows you to optimise your workforce with internal mobility programs, or simply by expanding the skills of your staff to enhance performance.