Skills Gap Is Real And Can Be Overcome With Real Solutions
Businesses and their people not open to re-skill themselves are going to experience a tough time in the future
Without adapting to changes, long-run growth is almost impossible, and this is practical to both businesses and professionals. Many companies are failing to bring fruitful results in today’s competitive business scenario, and the principal barrier to their growth is the skills gap in employees. Although these companies are not reluctant to invest in advanced technologies, inefficient teams with a scarcity of talent are not paying them off.
The future will be all about new job creations and more role substitutions. As per the research firm Gartner, AI will lead to the creation of around 2.3 million new jobs and elimination of 1.8 million jobs in 2020. On the other hand, AI augmentation is likely to create $2.9 trillion in business value and recover 6.2 billion hours of worker productivity in 2021. Not only this, a survey by EY and Nasscom says that 9 percent of the workforce will be assigned with new jobs in the future, and 37 percent will fall in the category of radically changed skill-sets.
Amidst the gradual emergence of novel technologies and new business models, there is one thing that is more than certain; businesses and their people not open to re-skill themselves are going to experience a tough time in the future. If they want to dispel this threat, forecasting about the future and setting skill benchmarks based on the future demands should be the mandatory practice for them on a sincere note. And, to ensure success in this direction, employers must work towards re-skilling of employees in the functional, technical, and interpersonal departments. Re-skilling is a strategic phenomenon which could be achieved easily following the listed suggestions.
KPI Tracking - Predict the workforce’s learning and performance
One of the most effective ways to find out what hindrances a business is encountering is using Key Performance Indicators to evaluate and track employee. KPI’s throws light on how an employee contributes to the business by assessment of his performance on various attributes such as career graph, duration of employment, compensation, and professional achievements. Technology plays a crucial role in this direction. Using Predictive Intelligence and analytics, the companies can identify the ongoing trends in the market and the topmost skills they will need in order to achieve both the short-term and long-term business objectives. This will help them empower the workforce through the on-point skill development programs and training, which in turn, will wheel the growth of the organization. The predictive technology can also be used to take a proactive approach to employee training and development. It allows the trainers to get the real-time progress of the employees throughout the training and can help them improve their weaknesses and further strengthen their strengths.
Converting monotonous job roles into dynamic ones
It’s just that the age-old traditional practices will gradually remodel with AI and its tech-driven tools. Humans will soon have more prowess when it comes to resolving complex problems. And those whose roles may get replaced in the journey will find higher-value-added jobs over the years. For instance, a financial analyst’s role will get substituted by an adviser or a customer service executive by that of a customer interaction executive.
AI will also create new and meaningful job roles. According to a recent TeamLease report, India's IT industry will see an addition of around 2.5 lakh new jobs in 2019. AI will create 2.3 million jobs and eliminate only 1.8 million jobs. HR executives and managers will thus be able to focus more on improving employee experiences. It will delight employees and motivate them to work smarter. It will also bring a significant impact on the business and hence reshape the entire work culture. AI is a game-changing tool to make HR pros more analytical, agile and tech-savvy.
Peer-learning in a collaborative environment
The peer-learning in collaborative space is always proven effective when it comes to encouraging teamwork and leadership skills amongst the employees. Through collaboratively working on peer-learning projects and in group discussions, the employees are themselves able to come up with new and innovative ideas to work out the future plans and serve the customers well. The employees are open to learning, interpretation, and feedbacks, which boost their self-esteem and responsibility. Counted as the topmost agile learning practice, the peer-learning and collaborating teams reduce the communication gap amongst the employees. The team members will be to address each other challenges and issues internally without involving the C-level suite.
AI will give birth to an augmented work culture that will be based on how well companies fuse AI into the abilities of human to spawn collaborative results. A few most interesting job titles will be Man-Machine Teaming Manager, AI Business Development Manager, Bring Your Own IT Facilitator (BYOITF), Data Detective and AI-Assisted Healthcare Technician.
Overcoming Skill Gaps
Employees talent is boon to an organisation as long as it helps to meet business goals and targets. Competition is getting tough in the market with each passing day, and for staying ahead in this competition, businesses have no better option than re-skilling their employees. HR experts believe that if organisations regularly invest in the training and development of their employees, then they will never suffer setbacks due to skill gaps. Besides, adequate efforts must be made to recruit talent from diverse experience and background at various positions and levels. Further, to avoid skill gap recurrence, top management must keep sharp eyes on industrial developments and should try to prevent them by through regular in-house training programmes and arranging mentorship sessions from them by industry experts on the frequent basis.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house