How do you cope with the potential skill gaps and shortages when using pay for skills and competencies?
Pay for skills and competencies is a compensation strategy that rewards employees for acquiring and demonstrating specific abilities and knowledge that are valuable for the organization. It can help attract and retain talent, motivate learning and development, and align pay with performance. However, it also poses some challenges, such as how to cope with the potential skill gaps and shortages that may arise when using this approach. In this article, we will explore some of the ways you can address these issues and ensure that your pay for skills and competencies system is effective and sustainable.
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Skills assessment and mapping:Begin by thoroughly evaluating the current skills within your team and identifying what's missing. This helps you focus on where to invest in training or when to hire new talent.
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Agile skill development:Adopt an adaptive learning approach, encouraging your team to continuously update their skills. This future-proofs your workforce against evolving industry trends and emerging technologies.