Hire for Skills and Not Qualifications

Traditionally, organizations had a rigid culture that emphasized qualifications and experience as important parameters of professional expertise. However, with the onset of pandemic and mass-layoffs that took place in the past years, the dynamics of hiring is changing at a rapid pace. The new approach to hiring should emphasize on skills rather than qualifications. Post-pandemic skill based hiring has seen a rise and is here to stay.

Several popular online job platforms saw a rapid increase in job postings advertising skills and responsibilities instead of qualifications and requirements in the past year. Today's hiring managers recognise that skill-based hiring can fill the void left by inflation or other similar circumstances. Skill-based hiring also makes it easier for the organization to get the job done quickly and efficiently.?

Even the top companies across the country are relying on a skill-based hiring model as it helps them to broaden their talent pool in no time. In addition to that, it is also reducing the need for on-the-job training and? aiding in hiring strong candidates, leading to faster company growth.

Another major reason contributing to the growing popularity of skill-based hiring is the changing global economy. With drastic shift in the global economy lately, it is inevitable for employees to upskill and reskill in sync with the recent trends. However, this is another aftermath of the pandemic, and it has forced the employers to re-evaluate their hiring and training models.?

Benefits of Skill-based Hiring?

• Emphasizes Practical Knowledge- In Skill based hiring, there is an increased emphasis on practical knowledge rather than mere degrees and qualifications. This in turn, cuts down the time and cost involved in onboarding the employees for a specific role.??
• Skills are transferable- Skill based hiring helps in bridging talent gaps in organizations as they are transferable. Skills are overlapping in several organizations and hence they are able to safeguard them better in case of need or unfavorable market conditions.?
• Right candidate for right position- Skills-based hiring not only increases the likelihood of finding the right candidate for the desired job but also leads to maximizing their productivity. Further, it also allows companies to better organize their existing talent.?
• Diversity-hiring- It elevates hiring diverse talent and creates fair opportunities across communities. By rolling out a wider net for talent and open candidate aperture in a highly competitive labor market. ?

Ways in which companies can upskill/reskill existing talent

There are several ways in which companies can upskill and reskill their existing workforce, thereby increasing the overall productivity:

• Support New Career Path?

Many significant businesses throughout the world have spent millions, and in some cases billions, "future proofing" their staff by giving them the skills necessary to adapt to changing work environments because they see the need to upskill their current workforce as urgent in recent years. By creating internal programs, companies can identify and address skills gaps and thus work in the required area.?

• Assign Rewards for Learning

In order to promote upskilling and reskilling, rewards can be used as an effective method to motivate employees. Managers should promote the idea that continuing education is essential for professional development and can be completed during work time. Encourage employees to schedule time in their calendars for learning each week or month as this will help them inculcate a learning mindset.?

• Prefer skill-based Approach in Hiring

Employers can expand their talent pools by focusing on skills, which enables them to find the best candidates for difficult-to-fill positions. Rather than putting an unnecessary barrier to admission, like a requirement for a four-year degree, highlighting the desired skills—the candidate's capacity to do specific tasks—achieves the same outcomes.

Is Skill-based hiring here to stay?

The shift away from degree-based hiring will ultimately prove beneficial for all parties concerned. Companies are waking up to the idea that degree-based hiring is potentially depriving them of qualified candidates. Plus having industry-specific skills makes the employees more competent and worthy.?

Hiring pattern is changing predominantly in the corporate space as the focus of today’s recruiters is on desired skill as it helps work better on the grassroot level.?

Conclusion

In a highly competitive environment where thousands of applicants have lost their jobs in the last few years and are reapplying now, skill-based hiring helps fill skill gaps. Additionally, it will allow companies to flexibly and accurately adjust to the changing dynamics of the market. It will help you stay ahead of the competition and thrive in volatile market conditions.