To close the gaps in a company, investing in a skills-building program is essential, as reskilling is considered the preferred strategy over having to hire new employees.
Businesses know the value of a skills-building program and what it can offer the business, which is why they are acting quickly. On the other hand, there are still many organisations who think that hiring new employees is a better option.
There is a four-step approach that can be used to effectively achieve success. It goes without saying that this approach will not work for all businesses, however, it will significantly increase the likelihood of success if followed correctly:
Evaluate
The first step is to identify the skill gaps. Consider the business strategy and necessary skills needed to achieve the business goals, then assess the current skills. You can make use of digital tools to assist in building a base to identify skills and lack thereof. During the evaluation process, it is important to do so fairly. Skills should be evaluated in a specific skill pool. Once the skill pool has been assessed, the skills of the current workforce should be compared to the identified gaps as well as future needs.
Plan
No matter the urgency to solve the current needs, this process should not be rushed. Planning is key, and by taking stock of possible scenarios you are sure to find the best tactics and strategies to be implemented into plans, while supporting employees through the change. If there is an overlap between the current skills and needed gaps, taking the approach of reskilling and upskilling is most effective. There should also be a sense of transparency between the business, HR, and finance departments. The collaboration will assist in determining talent needs and will allow for the creation of reskilling journeys to help close identified gaps through digital tools.
Act
Once a plan has been decided on, it is time to act. If opting for reskilling or upskilling, to achieve the best results you can make use of a mix of job learning and formal instruction. Special learning designed to speak to adults is key. Employees should be able to build new skills while still applying them on the job, both in simulated environments and in their newly assigned role.
Refresh
Continuous refinement should be applied through thoughtful experimentation. Data from your performance management system can be used to update your skills inventory. You should strive to get the right people in the right with the right skills in the right roles at the right time.
Investing in redeployment, upskilling, and reskilling will show your employees that they are valued within the business, learning new skills is extremely powerful and will allow employees to feel inspired and will empower them to want to increase productivity. Research has shown that 94% of employees have stated that they would consider staying at a company that has invested in their development.
Companies that invest in redeployment, upskilling, and reskilling will see results and they will better position themselves for future success.
Read more about CA Financial Appointments and the various services we have to offer:
https://ca.co.za/
This article was originally published on:
https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/the-organization-blog/piecing-together-the-talent-puzzle-how-to-bring-a-redeployment-or-skilling-program-to-life
