Managing skills in the digital age means harnessing technology to enable a data-driven approach to lifelong learning and smarter upskilling.
To meet the challenges organizations are facing related to skills and the fact that their needs are changing continuously, they need a robust strategy designed to effectively upskill their existing workforce, as it not enough to rely solely on recruitment. In fact, nearly 90% of HR and learning leaders feel skills gaps continue to grow.
Employers Know There’s a Problem to Fix
More than two-thirds of employers (67%) in a recent CareerBuilder survey are concerned about growing skills gaps. And their concern is well-warranted: more than half (55%) of respondents have seen a negative impact on their organization caused by extended job vacancies, which create productivity issues, higher voluntary turnover and revenue loss.
- Productivity loss: 45%
- Higher employee turnover: 40%
- Lower morale: 39%
- Lower quality work: 37%
- Inability to grow business: 29%
- Revenue loss: 26%
Creating a flexible and adaptable workforce in today’s business environment must recognize that employees will only consider variable job transition options. For example, they won’t move to a role where compensation is far less than what they’re used to.
Benefits of a skilled workforce include:
- Skill levels linked to business value result in $70,000 in annual savings and a 10% increase in productivity when teams are well trained
- 35% reduction in time spent searching for sales content
- 22% faster rollouts of products and processes
- Up to 80% of managers believe effective training is critical to project success and meeting project deadlines
In The Digital Age, Change is Constant, Competition For Top Talent is Fierce
According to a report by the World Economic Forum, in collaboration with The Boston Consulting Group, managing skills in the digital age requires organizations to harness technology that enables them to leverage a data-driven approach to lifelong learning and smart upskilling.
Doing so requires learning and development professionals to play an important role in fostering a culture of continuous learning within the organizations. With so much turmoil in the world of work and a backdrop of digital transformation, upskilling is increasingly important for future success.
But how do you deliver the right learning at the right time? What does a strategy that delivers the skills organizations need look like? And where and when does an organization need them?
Uncover the strategies you need to effectively address skills-related challenges within your organizations in our upcoming webinar with David Perring, Director of Research at Fosway Group, on June 26. Perring’s presentation will focus on:
- Research and data on increasing skills gaps
- Insights into the war for talent and the importance of learning in winning that war
- Learning approaches and what will make learning fit for the future, including agile delivery
- How harnessing learning and talent technology enables faster upskilling
- Creating ongoing learning experiences that embrace the full learning cycle – not just one off interventions (the PLASMA model)
- A look at nudge theory and how this can be adopted using your learning systems