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The redefinition of the business world due to globalization, technological advances and customer expectations, among others, requires leaders to adapt quickly; otherwise the company will fall apart, even if it is at the top.
According to a McKinsey report, 87% of executives have or expect to have skills gaps in the next few years. It can be an overwhelming push to innovate coupled with a need for top talent.
1. Invest in the development and upskilling of employees
To fill skills gaps, companies must consistently develop their workforce. This means creating their own learning plans, providing training programs and motivating workers to learn new skills related to their job. By implementing a culture of learning, businesses can ensure they have a flexible workforce capable of meeting future challenges.
Example: AT&T is one of the companies that has successfully implemented extensive retraining programs allowing workers to acquire new competencies through online courses and certifications. The strategy allowed AT&T to move seamlessly into different business areas and technologies.
Practical tip: Establish an organized employee training program in your company. Motivate staff to set their own academic goals and provide them with all the necessary resources and support to achieve those goals.
Related: Can’t Find the Right Talent to Hire? Here’s the 5-step framework I’ve used to hire over 100 employees
2. Leverage technology for talent acquisition and management
Modern technologies can effectively identify and close skills gaps. Recruiting platforms using artificial intelligence are more efficient than traditional methods of finding candidates with the right skills. In addition, talent management systems can monitor employee performance, highlight skill gaps among employees, and suggest appropriate development programs.
Example: Unilever uses artificial intelligence to screen candidates during recruitment processes and predict their future job performance and organizational cultural fit. This accelerated the recruitment process and attracted high-quality employees.
Practical tip: To improve talent acquisition through HR practices, incorporate machine learning tools and artificial intelligence into your HR processes. In addition, use data analytics to understand the strengths and weaknesses of your workforce.
Related: Don’t Fall For These 3 Marketing Myths — Here’s What To Do Instead
3. Foster a culture of innovation and collaboration
To close the skills gap within the organization, it is important to encourage innovation and collaboration. Businesses can solve complex problems by creating cross-functional teams and fostering open communication with diverse skill sets and perspectives. This not only encourages creativity, but also allows employees to learn from each other and develop new skills.
Example: Google’s “20% time” policy – which allows workers to devote part of their working time to personal projects – has given rise to innovative products such as Gmail or Google Messages.
A practical tip: Foster a culture that encourages experimentation as well as collaboration between different departments. Create regulations that allow employees to pursue new concepts while collaborating with colleagues in different divisions.
4. Development of soft skills
Although technical skills are essential, soft skills such as communication, problem solving and adaptability are equally important. Leaders should emphasize building these skills in their employees to enable employees to successfully deal with the complexities of today’s business.
Example: IBM has included soft skills training in its leadership development programs because it recognizes that such skills contribute significantly to organizational success.
Practical tip: Add soft skills training to your growth plans. Motivate employees to participate in workshops and seminars aimed at strengthening interpersonal relationships as well as leadership skills among them.
Related: Why prioritizing soft skills in recruiting is essential for the modern workplace
5. Building a diverse and inclusive workforce
Inclusion and diversity are critical to closing skills gaps and fostering creativity. Companies that welcome different types of people can tap into larger talent pools while gaining insights from different perspectives. A workplace where everyone feels included creates an environment where individuals want to work harder and stay longer.
Example: Salesforce’s prominence as a technology industry leader is due in part to its focus on inclusion and diversity.
A practical tip: Create programs for inclusivity in your business. Set measurable goals for diversifying your workforce and ensure these policies guide all recruitment processes. Companies can also implement policies to engage global employees, not just local ones, through nearshoring or offshoring.
The business environment is constantly changing and leaders need to stay ahead of the curve to remain competitive. Companies can create a future-ready workforce by developing their workforce, leveraging technology, fostering creative thinking and building a diverse team. These strategies will not only improve team performance, but also set businesses up for long-term success.
Embracing these changes requires an environment that supports continuous learning and adaptation. By recognizing trends before they happen and investing in the right tools and strategies, leaders can ensure that their departments can operate successfully no matter how much things change. This type of leadership will lead to a more engaged and effective workforce that will lead to sustainable growth in your company while driving innovation all around it.