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Be it any industry, the workforce requires a particular skill set to perform their roles most effectively to achieve their goals undoubtedly. Every company requires continuous upskilling of employees, and there is never a time when the skillset available is enough. Most companies are finding ways to address the skill gap through various tactics and methods. Reskilling employees to close these gaps in time is most important for the company’s future performance.
According to a study, 83 percent of respondents report a skills gap in their organization, and 78 percent expect their organizations will have a skills gap in the future. In addition, almost three-quarters say that the skills gap affects their organization’s service delivery, customers, or future growth. Looking at the statistics, it is evident that though most organizations understand, very few prioritize the skill shortages and equip their workforce with the skills they need the most.
Skill gap is the gap faced in the performance of an individual due to lack of specific skillset while performing their job. It is the level of difference between the ideal performance and the employee’s actual performance.
It is a crucial component in the employee development strategy. Addressing the skill gap can be a focus area to achieve short-term goals or long-term goals. The short-term goals aim at bridging gaps to address immediate business shortcomings through training and development.
For long-term goals, it is imperative to plan and strategize the process and address and set right the root causes. The aim is to provide training and learning to avoid competency gaps and achieve the best performance levels from individuals.
This is the first and the primary step to identify the skill shortages to determine the performance gaps and address them to rectify the root causes. In addition, this process provides a clear idea to the examiner to understand what the employee lacks and the individual’s immediate and long-term training needs.
You should use multiple data gathering methodologies and various data sources to get various perspectives on the performance gaps you encounter. Collecting data from multiple sources can help cross verify, bring accurate analysis, and increase the probability of having the perfect data on the required skillset.
It is the most effective method to determine learning and development strategy after knowing the training needs. In addition, it affects your L&D strategy in the long run.
Every employee has a KPI on which his performance is analyzed and judged as his contribution to the business. KPIs indicate competency gaps in the workplace. They determine the present work performance, future progression, career path and decide increments, promotions, and even retention.
Thus, measuring an employee’s skill set and success in performing his job can be more accurate by comparing with his KPIs. Moreover, it is one of the best sources to identify skill gaps and gather data.
The LMS platform provides 360-degree feedback on users using the platform. Feedback from peers, managers, customers, partners and other reports is combined. Employees’ performance issues can be tracked with the feedback from others, and also, employees give their feedback. The combined feedback effort helps identify the skills gaps. The identified gaps can be further analyzed and considered for skill development.
One of the best results from employee assessments is identifying skills gaps. The methods that can be used for employee assessment can be many. The most common methods used are tests and quizzes. But other ways for the practical evaluation can be used, like using practical activities that include role-playing, etc. In addition, assessing real work scenarios gives an accurate picture of skill gaps at the workplace and identifies training requirements. The best method to employ is using an LMS, like Paradiso LMS. It can readily help identify skills gaps and also address them through skill development.
Another approach to identify skills gaps is by studying LMS reports. LMS reports can be compared by benchmarking top performers in the organization. The best performance statistics set a reference point for identifying significant skill gaps in the performance of employees at the workplace.
The ideal competencies observation and analysis allows you to prepare a skills gap template that gives you a standard reference to analyze the skills gap of employees at the workplace. You can plan the training programs by taking inputs from reports and the analyzed gaps to make appropriate interventions. Future reports can help you decide your success in addressing the skills gap and improved knowledge.
Covering everything through the set methods is difficult like supposedly an employee does not have the proper equipment, software, an unsupportive and incompetent manager, inappropriate work culture, etc. Therefore, it is best to cover data gathering and thorough skills gap analysis as much as possible. Using multiple data sources and formal and informal ways of approaching employees both provide the most accurate data on skills gaps and the performance of employees.
Reskilling Programs always pay off. Earlier the reskilling more is the benefit, as the employee and the company do not lose on their best performance. Many organizations have seen a significant change by employing skill gap analysis and skill development programs. As per recent findings, more than half the organizations opting for a reskilling program have seen results and returns more than investment in it.
Furthermore, there are many more benefits like improved employee performance, employees following a common business goal, knowledgeable teams at the workplace, higher employee satisfaction, and greater ownership among individuals. Reskilling programs encourage individuals to map their individual goals with company goals and make it a win-win at both levels.
More and more tasks today are getting automated, and employees need to be specifically skilled to cope with the new age of technology and work. In addition, there are different jobs as per different roles, and every individual needs to have a specific skill set to meet his KPIs. Therefore, understanding these skills, identifying the skill gaps, accurately carrying out skill gap analysis, and focusing on skill development are the most crucial steps in reskilling programs to meet learning and development goals.
Strategizing how to close skill gaps, make learning plans, and build the missing capabilities by tying up with third-party organizations is also a cost-effective solution for skill development. Paradiso is an eLearning service provider and is the most effective solution for all corporate training and learning needs.
Paradiso ONE Platform is an easy-to-use, highly customizable, secure, scalable, and integrated enterprise-level SINGLE Corporate Training Platform. It provides end-to-end solutions, including skill gap analysis, automatic training assignment, online and offline training management, analytics, social and informal learning through curated content, and an off-the-shelf course library.