By the time ChatGPT arrived on all our computers, we started to realize that things are changing quite fast, and new and emerging technologies are affecting the way we look at work now and in the future. So, many of us are now scrambling around to figure out, what changes will happen, and how does and will generative AI change the work environments we're used to. They are all great questions and need to be asked and answered.
To minimize the effects of emerging changes, it is time to list, communicate, and visualize the future skills your company and jobs you have, will need. “GartnerTalentNeuron™ data shows the total number of skills required for a single job has been increasing by 10% year-over-year since 2017.” McKinsey defines 58 skills “all citizens will benefit from having … that help them fulfill the following three criteria, no matter the sector in which they work:
- add value beyond what can be done by automated systems and intelligent machines,
- operate in a digital environment,
- continually adapt to new ways of working and new occupations”
And, as most of us know, the World Economic Forum has also published its list of Future skills, including analytical and creative thinking, resilience, attention to detail, and empathy.
Needless to say, more focus needs to be put on future skills and building processes that will keep up to speed with the changing environments. There are so many benefits, for both the company and its employees and we wanted to list a few of them for you.
Benefits for the Company
Making strategic and future skills visible allows the company to adapt more quickly to changing market conditions, emerging technologies, and evolving industry trends. This agility enables the company to stay ahead of the competition.
By possessing the skills necessary to succeed in the company's strategy, better alignment between individual goals and the overall strategic objectives creates meaning and purpose and they result in better productivity and employee engagement.
Having the right skills enables employees to perform their tasks more efficiently. With the right skills, for example manual tasks can be automated, releasing more time to focus on tasks and relationships that matter.
Not only is this a process and way of working -kind of a thing but also a technological one. With the right technologies and software and the skills to use them efficiently, you will get more out of them. These activities will lead to streamlined processes, reduced errors, and improved productivity, all of which contribute to the company's bottom line.
Skills aligned with the strategy can foster innovation within the company. With the right culture and freedom to innovate, employees who understand the strategy are more likely to come up with creative solutions and ideas that align with the company's long-term goals. Adding the skills needed to succeed, will help a wider population to understand the strategy, creating an even larger pool of potential innovations. These can result in products and services that will keep you in business, your customers satisfied, and your competitors behind.
Better Decision Making
Employees equipped with the necessary skills are more capable of making informed decisions that align with the company's strategic direction. Clearer decision-making processes lead to more effective problem-solving. Individuals and teams can analyze issues, identify root causes, and generate more innovative solutions. This leads to quicker and more effective decision-making processes.
Talent Acquisition and Retention
Most of us already know that the cost of replacing an employee varies from 30-150% of their yearly salary, depending on the size of your business. This amount represents a substantial expense for any size business. So, employee engagement, motivation, purpose, and productivity all make sense also from a business and profitability perspective. Companies that invest in their employees' skill development demonstrate a commitment to their growth and success.
Providing employees with a roadmap of the skills they need for future success makes them feel valued and invested in. Engaged employees are more motivated, productive, and likely to contribute positively to the company's goals. The same applies to new hires or those in your talent pool. If you can provide them roadmap options for their professional growth, you are creating an advantage in the talent acquisition market. In summary, visualizing the needed future skills can lead to higher employee satisfaction, engagement, and retentionrates.
As industries and markets evolve, the skills required to succeed will change, as mentioned in the intro. Companies that are proactive in identifying these changes and providing the necessary training keep their workforce adaptable and better prepared for future challenges.
Benefits for Employees:
Knowing the skills needed to succeed in the company's strategy helps employees identify areas for personal and professional development. This, in turn, enhances their career growth prospects within the organization. Employees can start building and executing personal roadmaps and growth plans, supporting them in staying relevant in their current or growing into a future role. They can identify areas where they need to improve and set goals with actionable milestones that will help them take the steps needed to develop those skills.
Knowing which skills are important for the company's future success allows employees to align their career aspirations with the organization's direction. This can lead to more targeted career planning and faster career progression, which will keep people motivated. It is always cheaper to train, re- and upskill your employees than recruit them from the outside.
Employees who possess skills aligned with the company's strategy are more likely to be seen as valuable assets. This can contribute to their job security, as the company recognizes their contributions and invests in their development.
Understanding the required skills encourages employees to continuously improve and acquire new abilities. This keeps their skills relevant and up-to-date, making them more versatile, valuable and capable of implementing the strategic and business development initiatives.
The worst feeling at work is when you have no idea or clue, how to solve an issue or complete a work assignment. Even though work is done in teams, each person is an individual contributor, bringing their personal skills to the table. Knowing that they possess the right skills gives employees confidence in their abilities. This will lead to improved job performance and interactions with colleagues, clients, and stakeholders.
Recognition and Reward
Employees who align their skills with the company's strategy are more likely to be recognized and rewarded for their contributions. This can take the form of promotions, bonuses, and other forms of recognition.
In conclusion, when both the company and its employees are aware of the skills needed to succeed in the company's strategy, it creates a symbiotic relationship where the organization benefits from a skilled and motivated workforce, while employees experience career growth, job satisfaction, and personal development.
Talbit and its Future Skill -functionality will help you design and communicate the skills your organization needs, to succeed. Talbit will also create visual skill gaps for those skills, helping you make more informed and data-driven decisions on how to acquire those skills.