While organizations are investing significant sums in technology, the maximum impact of those investments can only be realized through people. Employers that make reskilling and upskilling part of their value proposition and total rewards strategy will have a good story to tell their employees and their community, giving them an advantage in attracting and retaining talent.
Most employers recognize the value of investing in their human capital. Two-thirds of the employers surveyed by the WEF expect to see a return on investment from reskilling and upskilling within one year. On average, employers expect to offer reskilling and upskilling to approximately 70 percent of their employees by Companies surveyed also indicated that 40 percent of workers would require six months or less of reskilling, and 94 percent of business leaders said they expect employees to pick up new skills on the job.
Understanding how current and future workforce architectures relate to each other is essential to building a tailored plan for closing skills gaps. Ultimately, such plans will likely involve a combination of reskilling, upskilling and hiring new talent.
Data Driven Status Quo Analysis Organizations should build a data baseline to understand their skills prevalence and gaps, helping them craft a holistic reskilling strategy. The baseline should include data on future skills prevalence, workforce mix, automation risk and future skills pay gaps. By benchmarking against peer organizations as well, businesses can gain insights into what competitors are doing to close skills gaps.
Designing a skills framework defining future requirements Organizations should assess, define and structure future skill requirements through a capability model for the entire organization and different business lines on the basis of the business strategy.
Such an approach enables a clear direction on reskilling and tracking the progress. Building skill requirements into job architecture Organizations should define the skill requirements by role, building those requirements into the job architecture to provide a sound foundation for human resources solutions and interventions.
Doing so provides insights on the proximity between roles and reskilling potential. Total rewards The first step in data benchmarking will reveal information about any pay gaps. Too often, businesses value skills appropriate for former or current business models, undervaluing the skills that will be essential in the future. A rewards strategy should be developed to ensure that high-potential employees are valued for their future skills, not only present-day contributions.
Reskilling process design The gathered data and defined models, combined with a workforce planning derived from the business strategy, will help define the operative upskilling and reskilling strategy, resulting in provided learning as well as career opportunities to the employees.
Roll out Engage employees during the build-out of career pathways and development. This ensures that the workforce understands required reskilling areas and enables individual ownership of the reskilling path. One of the gap analysis examples is of an airline company. The company might look at the gaps between its current position and the desired position it had set some years ago. The gaps may have been because of a lack of customer satisfaction.
The aim of the management is to maximize customer satisfaction, but the target may have been out of reach. Now, the gap has a chance for a fulfillment through continuous work towards customer satisfaction. The company may use PEST analysis to see whether any external factors are influencing their goal of providing customer satisfaction, and if there are, they need dealing, appropriately. Another gap analysis example might be of a car manufacturer to see why are so many orders of cars unfulfilled.
The management would have found many gaps reasons of delay in orders which might include faulty assembly plants, labor going slow deliberately as a union act, distracting activities while work including mobile phones and any activity which might be the reason of the slow pace of entire process.
All these gaps would be bridged through necessary corrective measures. Another gap analysis example is of a departmental supermarket. These supermarkets have different compartments for different types of goods. The supermarket, probably, may be facing an issue of lower sales than the expectations. Consequently, upon doing the gap analysis, the management may find several gaps due to which this low sale might be occurring. These gaps may include problems such as wrong setting of goods on the supermarket shelves, lousy staff which is not helping customers find the goods they are looking for.
Further more, no banners of department names, prices not put on the goods and less variety of brands available at the supermarket can also be the reason. These gaps can also be taken care of if necessary corrective measures are taken. Last gap analysis example we will quote is about a packaged snacks company. The company might be facing a bad cash flow and can be on the verge of bankruptcy. Upon performing the gap analysis, the company may find problems:. All these GAP analysis examples have some things in common.
Once the goal setting in an organization happens, the gap analysis is done by taking the current performance of the business into consideration. GAP identification is done by comparing the expectations of the performance to the actual performance. Lastly, necessary steps are taken to bridge the gap which is due to the inconsistency between the actual and planned performance of the business.
Save my name, email, and website in this browser for the next time I comment. This site uses Akismet to reduce spam. Learn how your comment data is processed. Dealing with order fulfillment Another gap analysis example might be of a car manufacturer to see why are so many orders of cars unfulfilled.
Addressing low sales Another gap analysis example is of a departmental supermarket. Tackling poor cashflows Last gap analysis example we will quote is about a packaged snacks company. Upon performing the gap analysis, the company may find problems: Fewer promotions given wrong and inefficient supply channels, High prices in comparison to competitors Creditors given relaxation in paying back the amount they owe All these problems are solvable if correct measures are taken.
Author Sobiya.
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