Cultivating Future-Forward Workforces
Rapid technological advances, particularly in artificial intelligence (AI), continue to reshape the business landscape. Bryan Hancock, a partner from McKinsey and Company, speaks about the importance of interpersonal skills, creativity, and qualities that are more innately human.?
The trend is no longer, how can we turn our talent into machines? The objective has changed to how can we make ourselves more human? Reskilling is the new era in business.
Organizations across all sectors must embrace a culture of continuous adaptation and transformation in today's evolving markets to stay ahead. The key to enduring success is a commitment to lifelong learning and relearning.??
A recent study by Binvel, Y. et al., examined talent supply and demand in 20 economies as a whole and within three major knowledge-intensive industries—financial and business services, technology, media, telecommunications, and manufacturing—and at three distinct skill levels: 1. Highly-skilled workers (Level A), 2. Mid-skilled workers (Level B), and 3. Low-skilled workers (Level C).?
The results forecast the scale and impact of the talent crisis at each milestone regarding skilled employee shortages and what they imply in terms of lost opportunity for value creation. For instance, the United States’ financial services sector will suffer the most from stunted growth due to lack of talent, with $435.69 billion in projected unrealized economic output, equal to about 1.5% of the country’s economy.??
Findings indicate that the technology sector will experience a labor-skills shortage of 4.3 million workers by 2030. On the positive side, India is projected to have a skilled-labor surplus of around 245.3 million workers by 2030, the only country in the study expected to have a surplus, owing to its vast supply of working-age citizens and government programs to boost workers’ skills.
The solution to mitigate the risk is to make talent strategy a key priority and take steps to reskill and upskill your workforce.?
Unsure where to start? We will tell you! The secret to success is starting with a gap analysis.?
By mapping strategic capability areas into competencies (skills, knowledge, behaviors), we create a framework that benchmarks proficiency levels for roles within your company. We measure the gap analysis by comparing the status quo and the desired future state through self-evaluations. Our report on the findings will then suggest strategies to fill this gap (from upskilling and reskilling to executive search and talent hiring) and continue your trajectory of success.??
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Replacing a knowledge worker takes 8-12 weeks, plus another month or two to reach full productivity. Losing a team member bringing in $100,000 in revenue means a $25,000 income and profit loss over three months. (Hall, 2022). By nurturing and developing internal talent, companies save internal resources as well as budgetary ones.
Offering employees opportunities to learn new skills, grow in their roles, and generate career mobility results in higher retention. For every $1 invested in education, companies save nearly $3 (Guild, 2020).?
Considering gap analysis and the importance of reskilling and upskilling, recruitment becomes a necessity and an investment in the company's future. While there is a cost associated with hiring externally, particularly for executive positions, finding the right candidate can pay for itself within the first few months. This underscores the significance of strategic recruitment practices that align with the organization's growth objectives.
"These people got you here, but who is the person that will get us there?"
Sometimes, looking beyond the current talent pool is essential for propelling the organization forward and embracing new perspectives and expertise.??
At Novitalis, we are not just a service provider; we are your partner in navigating the unpredictable currents of today's business landscape. Whether it's conducting gap analysis, implementing immersive learning for upskilling and reskilling, or assembling high-performing executive teams, we have the expertise to drive your organization toward its goals. With our agile approach and unwavering support, we are here to ensure your success amidst constant change.??
Embark on the quest to cultivate a future-forward workforce, promising boundless returns on investment! Seize this opportune moment and connect with us – drop a DM or email us at [email protected]. Now is the perfect time to instigate a dialogue on upskilling, reskilling, and forging a recruitment strategy for the future.?
#Novitalis #Recruitment #Innovation?#ExecutiveSearch #Upskilling
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