HR Leader strategy series: The value of HR data and what it reveals
Top tips for HR Leaders in a digital world
Skills are an important element in HR practise and a cornerstone to managing a thriving business. The availability of key skills is one of the leading concerns for CEOs today. It begs the question: What does your current HR data reveal about the skills your company already has, in comparison to the key skills it needs?
The World Economic Forum estimates that globally across all industries we can expect a staggering 27% increase in new roles being created. The reskilling imperative comes to the forefront of your future HR strategy; to find win-win solutions for colleagues and your company’s bottom line. We can safely argue that although redundancy will decrease by approximately 10% in the next two years, emerging roles will certainly create opportunities for our colleagues, however it will still lead to losses for others.
Take stock of your skills
Taking stock of your company’s skills is often overlooked by many companies. In the greater HR practise, it simply doesn’t get a lot of attention. Having an “asset register” of key skills in your company doesn’t just tell us which skills we still need to invest in; it gives us a road map for a rapidly changing jobs landscape.
We tend to track skills like degrees, diplomas and soft skills. Whilst keeping track of formal education is critical in many industries, it’s important to acknowledge the skills which will identify which of our colleagues could transition into these emerging new roles in a few years’ time.
The table below illustrates some of the skills which have increased in demand in comparison to skills which have been on a decline:
According to some sources, replacing an employee can cost between 6 to 9 months of that salary to cover recruitment and training costs. This does not include the potential productivity and revenue losses as the new employee gets up to speed. The answer is a strategic upskill strategy to retain and grow the team members you already have and using your skills repository to identify the right talent for the right role and equipping them with futureproof skills. Buy-in of a motivated and agile workforce is key to take advantage of new opportunities through continuous retraining and upskilling.
If you haven’t already, focus on your skills repository for your existing team. Take a closer look at the emerging roles in your industry and match the skills required to your workforce. This exercise will provide a solid foundation in retaining your top members, identifying growth and recruiting the right skills in-house. It can literally set you apart from your competitors by leveraging information you already have.
In our next segment, we’ll look at the Offer and onboarding process. Nearly 60 percent of seekers have a poor candidate experience. We’ll focus on top tips to improve that score. If you prefer a personal discussion about People & Talent management, reach out to our Talent experts here.