How to Thrive in the Global Skills Shortage

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As Accenture CEO Julie Sweet recently shared, one of the most important skills that job seekers need today is the ability to learn. “We know that while we may hire you for a certain set of skills, the rate of change and the need for skills is quite rapid,” she said.

She’s right — Gartner data reveals that 33% of the skills needed three years ago are no longer relevant. But while it’s critical that companies hire people who are quick and eager learners, an organization’s work isn’t done once a new employee walks through the door.

In fact, the onus is on employers to ensure that workers have everything they need to continue to develop their skillset. And forward-thinking companies know that this isn’t just about offering the right learning content — it’s also about creating an environment where skills building is embedded into the workplace culture.

Get this right, and not only will your team members be better equipped to support your business, but they’ll also be more likely to stick around with you in the long run. Gallup finds that 48% of employees would consider switching jobs for better learning opportunities, 71% say that job training and development has increased their job satisfaction and 61% report that upskilling opportunities are an important reason why they’d stay at their job.

Despite the clear benefits of helping workers realize their potential at work, new research from Cornerstone finds that just 55% of employees are confident in their organization’s prioritization in developing new skilling opportunities for them. That number is down from 60% in 2020, an indication that things aren’t moving in a good direction right now.

So what should businesses do to boost workers’ confidence and reverse this worrying trend? In today’s article, I’ll discuss 5 tips that can help guide your company, not only through the global skills shortage but also well into the future. Below is a sneak peek — subscribe to my FREE newsletter and you’ll immediately receive the full article.

And be sure to join me and Katie Ballantyne, Vice President?of Product and Customer Experience at Cornerstone, for our live audio event TODAY (July 18) at 12 pm EDT. We’ll discuss 2022 workplace trends, the skills gap, employee?development, and how to become a high-performing organization.

Tip #1: Build a learning culture

Elizabeth Young McNally, a global leader at McKinsey, says that what’s missing at most companies is a long-term growth orientation that naturally favors learning. “Are [leaders] investing in the types of learning programs, reskilling programs, even being explicit in expectations of time spent on learning? How are they, in what we often call moments that matter — the beginning of a meeting or the end of a meeting — driving a culture and language of learning?”

McNally’s point here is well-taken, as multiple studies have confirmed that investing in skills development is a key driver of overall company performance. For example, Cornerstone’s research uncovered that low-performing organizations are nearly 3x more likely to have stalled their investment in skills development compared to high-performing organizations.

However, McNally’s other points around culture are equally important. Senior leaders and managers need to role model the desired learning behaviors and regularly communicate about the importance of skill-building. They also have to ensure that adequate time for learning is built into workers’ schedules, rather than forcing people to take the initiative on top of handling their other work tasks.

Tip #2: Offer a wide variety of solutions

In a time when people can learn almost anything from YouTube or the internet, business leaders may hesitate to invest in internal development resources. However, Cornerstone’s research indicates that organizations need to offer a wide range of solutions — including in-house tools — to effectively support employee growth and development. ?

That’s partly because today’s employees expect to have an abundance of options when it comes to their learning experience at work. Case in point: while 39% of workers said they rely on internet research to learn new skills, nearly the same percentage (36%) turn to their company’s skills and development platform. Other key resources selected by around one-third of respondents include managers, internal mentors, and internal career guides.

The most important area businesses should invest in? Skills development content, which nearly 80% of employees said they want more of from their employer. But leaders can’t afford to ignore other forms of support, for example, better career guidance and more coaching, mentoring, and career shadowing opportunities. Over 7 out of 10 workers would like to see more of these skills-related resources.

Don’t forget to join me and Cornerstone's Katie Ballantyne for our live audio event on July 18 at 12 pm EDT, where we'll discuss this important topic in more depth.

Want to read the full article? You can access it in the?Workplace Intelligence Insider Archives. To receive the new edition every Monday morning,?subscribe?for free.