Please ‘mind the skills gap’ before taking your next big HR decision

We agree that we got you a bit off guard and kickstarted this edition of Skillology with a clickbait title.??

But as we have grabbed your attention and brought you here, we promise to take you on an enlightening adventure bringing the skills gap issue to the spotlight.??

With every passing quarter, the breadth of the skills gap is widening as many new skills are evolving, and several others are becoming obsolete.??

According to a report by Gartner, the number of skills required per role is increasing by 10% yearly. Therefore, if an individual requires ten critical skills to perform their role this year, they will need 11 skills in the next year.?

Similarly, a few years back, SPSS and SAS were the hot technical skills. But they are gradually becoming skills of the past and getting replaced by much more advanced skills like Python and Tableau .??

Well, this is just one example.??

There are plenty more to explore in different industries and sectors.??

Even as the gap is widening and as scholars and researchers present the skills gap as a red alert, some of us still consider the skills gap a lie.??

So, why don't we do a fact check and gain clarity on the reality of the situation???

As per a report from Mckinsey, 87% of companies worldwide expect a skills gap within a few years, paving the way for workforce disruption. Similarly, according to the 2022 Global Digital Skills Index, 76% of global workers need more time to prepare for the future of work.??

From this, it is evident in the daylight that the skills gap is a matter that every organization, serious about their future, needs to address. It is indeed time sensitive.?

But why is there a skills gap??

?Numerous direct and indirect reasons contribute to the skills gap we face now and will be confronting in a couple of years.???

Most of us find joy in blaming the unprecedented pandemic for aggravating the skills gap. Indeed, the pandemic added fuel to the fire. But it has become an old tale, and several factors also exacerbate the skills gap. They include:??

• Our traditional education systems with curriculums that are ten years behind the industry requirements??
• Technological and digital advancements??
• Ever-changing skill sets, aka the dynamic nature of skills?
• Ineffectiveness of Learning and Development initiatives??
• Inadequate budget for upskilling activities??
• Concerns with finding the right talent??

These are some reasons causing the skills gap in organizations.???

The prevalence of the skills gap can result in several roadblocks for a company and its employees.???

So, what are the issues faced by companies due to the skills gap??

The impact of the skills gap varies based on the industry, organization, geographical location, and the employees’ roles. It can affect your business as follows:?

• Lower staff turnover??
• Impact the work quality and productivity??
• Increase the time to hire and time to fill critical roles??
• Reduce revenue??
• Lesser number of skilled managers to train new employees??
• Lack visibility of available skills and skills required?

How to overcome the skills gap??

As we have explored the factors causing the skills gap and its impact, it’s time for us to discuss how your business can overcome the skills gap. They include:??

• Prioritize employer leadership initiatives in your organization??
• Create a robust talent supply chain??
• Focus on forming career pathways for your employees??
• Identify the skills gaps??
• Conduct training programs??
• Perform skills gap analysis via a skills intelligence platform??
• Give importance to adjacent skills and talent mobility??

By adopting these changes, your company can take a step toward overcoming its skills gap.??

By the way, this is just a preview of how to overcome the skills gap. You can learn more about each of these topics in detail here .??

Therefore, to wrap it up, please mind the skills gap and focus on addressing the issue to attain the desired results from your HR decisions.??