Skills Gaps – Which Skills Should You be Targeting for Business Success?

In today’s rapidly changing business landscape, it’s more important than ever to ensure that your organisation is equipped with the skills it needs to thrive. With new technologies emerging at an unprecedented pace and the disruption caused by the global pandemic to the way that we work, identifying and addressing skills gaps has become a top priority for many organisations.

In a previous blog post “Skills Gaps – How to Prevent Them from Damaging Your Organisation” we considered what skills gaps are, why they are such a problem and what to do about them. In this blog post, we will focus on identifying which skills are the most critical for your organisation to succeed.

Skills Gaps – a Real Business Challenge

To re-iterate the challenge, identifying and addressing skills gaps has become a top priority for organisations around the world. According to the McKinsey report on ‘Beyond hiring: How companies are reskilling to address talent gaps’, which draws on the McKinsey Global Survey on future workforce needs, 43% of respondents surveyed said that they were experiencing existing skills gaps in their workforce and 44% said that they would do so within 5 years. In other words, 87% in total. In the same report, all respondents classified closing potential skill gaps as a priority for their organisations, although relatively few indicated that their organisations were ready to respond.

As organisations wrestle with the skills gap challenge, it’s even more critical to take a targeted approach by identifying the most critical skills gaps for business success. Let’s take a look at what’s required:

1. Conduct a Skills Assessment

The first step in identifying skills gaps is to conduct a comprehensive skills assessment of your workforce. This involves taking a close look at the skills and capabilities of your employees and identifying where there may be gaps in their skillset. This can be done through a combination of surveys, assessments, and interviews. For example, you could ask employees to rate their own skills in certain areas, or have managers assess their team members’ abilities. You could also administer skills assessments or use data analytics tools to identify areas where employees may be struggling.

By conducting a skills assessment, you can get a clear picture of where your organisation’s strengths and weaknesses lie and begin to address any skills gaps that you uncover.

The ability to capture employees’ skills assessments and manager validations is functionality provided by our Lexonis TalentScape software service.

2. Monitor Industry Trends

Another key factor in identifying skills gaps is staying up to date with industry trends and changes. The skills and capabilities that were important in the past may no longer be relevant in today’s fast-changing business landscape.

For example, with the rise of digital technology, skills such as data analysis, digital marketing, and programming have become increasingly important. Similarly, with the growing focus on sustainability and social responsibility, skills such as environmental management and corporate social responsibility are becoming more valuable.

Staying on top of industry trends and changes can help you identify which skills are most critical for success in your specific industry and ensure that your workforce is equipped with the knowledge and expertise needed to thrive.

3. Capture Employee Feedback

Your employees are often the best source of information when it comes to identifying skills gaps. They are on the front lines of your organisation and can provide valuable insights into which skills are most important for success in their specific roles.

By listening to employee feedback, you can gain a better understanding of which skills may be lacking and where additional training or development may be needed. This can be done through regular one-on-one meetings with employees, employee surveys, or even through social media and other communication channels.

Our Lexonis Essentials platform enables organisations to capture feedback from employees who are subject matter experts using Job Role Surveys.

4. Utilise Workforce Analytics

Workforce analytics are another valuable way for identifying skills gaps in your organisation. By analysing data on employee skills and competencies, learning, and development, you can identify patterns and trends that may indicate where additional skills training is needed.

For example, if you notice that a particular team or department is consistently falling behind in key performance indicators, it may indicate that they need additional training in certain skill-specific areas. Similarly, if you notice that certain employees are struggling with specific tasks, it may indicate that they need additional support or training.

5. Stay Ahead of the Curve

Finally, it’s important to stay ahead of the curve when it comes to skills development. This means not only identifying skills gaps but also proactively developing the skills and capabilities that will be most critical for success in the future.

Taking Action to Address Skills Gaps

Identifying skills gaps is only the first step. Once you have identified where your organisation’s strengths and weaknesses lie, you need to take action to address any gaps that you uncover. This may involve providing learning and development opportunities, hiring new talent with the necessary skills, or outsourcing certain tasks to third-party providers.

It’s also important to remember that skills development is an ongoing process. As the business landscape continues to evolve, new skills and capabilities will become increasingly important. Organisations that prioritize skills development and stay ahead of the curve will be well-positioned to succeed in the future.

Conclusion

Identifying and addressing skills gaps is critical for success in today’s fast-changing business environment. By conducting a comprehensive skills assessment, staying up to date with industry trends, listening to employee feedback, utilizing data analytics, and staying ahead of the curve, organisations can identify the most critical skills gaps and take action to address them. With the right approach to skills development, organisations can position themselves for success in the years to come.

Learn more about how Lexonis helps organisations to address the skills gap conundrum by attending our webinar, How to Stop the Skills Gap from Damaging Your Business: 5 Steps to Skills-based Hiring and Development.