Avoiding the Skill Gap Plateau
For many businesses that are either going through a growth phase or looking to invest towards better business standards, an evaluation will need to take place regarding the development of its current employees alongside that growth. Do they align? If not, then you’re in the middle of a skills gap.
This is a common scenario. One study found more than 50% of HR managers believed that their company was facing a skills gap, while nearly 60% said they would be providing upskilling or reskilling training this year. Taking the time to allow your current workforce to build and grow alongside the business rather than hiring externally is not only investing in them but also for the sake of the business. McKinsey & Company’s 2021 Global Survey found 78% of leaders believe “skill-building is crucial to long-term growth.” Furthermore, Indeed noted that organisational benefits from employee training included; increased productivity (3 out of 4 people feel more engaged if they have job satisfaction), more alignment with the organisation’s goals, better employee morale and workplace environment and the ability to promote from within as opposed to hiring externally.
In 2013, author and business speaker Dan Pink was quoted saying “leadership is about creating other leaders.” A near decade later and that statement still holds true. Companies recognise the challenge around building the next generation of leaders in order for their organisation to progress towards their long-term goals; developing the next generation of leaders is the top challenge for 55% of CEOs according to a recent survey. This makes sense because 63% of millennials believe they aren’t being fully developed as leaders by their employers for management positions. Without this acknowledgement retention becomes increasingly difficult as opportunities to develop and progress within other organisations become more appealing.
Another key area of focus should be towards career pathing. In order to reward employees and make them feel valued, the organisation’s current leaders should demonstrate an ability and willingness to offer unique and personalised opportunities to their employees. Doing so will instil a sense of personal worth to the individual, rather than just being a number, and can have positive results towards the business in relation to retention and motivation. LinkedIn’s Global Talent Trends 2020 report found 81% of talent professionals believed internal progression improved retention, with 69% saying it also accelerated internal productivity.
So, the question surely comes down to those in the current roles. Are you doing enough? Have you involved those you believe suitable for these roles if they are getting the support and training required to take that step? If not, what can you do to overcome that?