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Bridging the widening skill gaps
Bridging the widening skill gaps

Bridging The Widening Skill Gaps Of Knowledge Workers

Knowledge workers are an intangible asset of a business; however, without the right skill set, they fail to capitalize on lucrative opportunities. The skill shortage leads to poor performance and often affects the business goals. 

Whether it is BFSI or IT, every industry is challenged by the digital disruption that’s triggered changes in customer behavior. Most knowledge workers lack the necessary skills to address the changing market and customer demands. 

87% of companies say they have skill gaps or expect to within a few years.

Skill gaps can lead to higher risk in a digitally advanced world. For instance, if the knowledge worker fails to protect the data from malicious attempts, it can harm the company’s reputation, trigger legal action and even lead to hefty fines/ransoms. Accenture, a multinational IT consulting firm, was asked for a ransom of $50 million when their 6TB of files were stolen from their system.

Moreover, the rapid advancement in smart technologies, AI, and cloud computing is changing the way of work and widening the skill gaps. The knowledge workers need continuous skilling opportunities through on-the-job training to respond to challenges posed by digital transformation. 

As per research, 47% of employers have deployed on-the-job training to fill skills gaps.

Best practices for addressing the widening skill gaps in knowledge workers 

bridging widening skill gaps

Are the widening skill gaps crushing your business? If your company wants to stay competitive in the ever-changing market, your knowledge workers need the apt set of skills to stay productive and innovate. So it is imperative to develop rights skills. 

Here are a few best practices to address the widening skill gaps and prepare your knowledge workers to win in the digital-first world.

Finding the right ingredients for success – Skill identification

Every restaurant has a signature dish; it is crucial to determine the right ingredients to make a dish successful. Similarly, while upskilling the knowledge workers, finding the right skills for success is crucial. Each role in your organization will need a different set of skills. For instance, a business analyst will need consultative, analytical thinking, process modeling, and relation-building skills, while a financial analyst will need accounting, financing modeling, project financing, and problem-solving skills. 

So define skills for each role in your organization. You can take the help of modern technologies to map skills. For instance, Disprz LXP(Learning Experience Platform) enables you to identify and benchmark skills against industry standards through role-based skilling. You can determine and define functional, leadership, digital, and meta-skills for different roles. 

Analyzing if the necessary ingredients are available – Skill assessment 

Once you identify the ingredients for success, it is necessary to determine if those ingredients are available. If we apply the same concept to skilling, we need to find out if the knowledge workers have the essential skills for performing a job efficiently. 

So through self or manager assessment, you can find out which skills the employees have and which they need to develop to perform their tasks efficiently. It is crucial to determine each skill’s proficiency level by finding the skill score. For instance, you can ask the manager and employees to rate the employee on a scale of 1 to 5 for a certain skill. If both rate the employee 2 for a particular skill, then the skills score will be 2, and they will know where they need to put in more effort.

Commencing the journey to success – skill building 

78% of leaders say that skill-building is crucial to long-term growth.

Having the essential ingredients is crucial but using them in the right way is critical. Now that you have clear visibility into the skill score, the next step would be to focus on the skill-building process. 

Based on the learners’ interest and proficiency level for each skill, curate necessary resources and build a content repository to create a skilling journey. Leveraging the right skilling tool can help you simplify this process. For instance, In Disprz LXP, your learners will get an auto-created personalized journey based on their skill gap from a content repository that’s mapped to the skills. 

Moving beyond a limited buffet to an ala-carte meal – Personalized learning 

Wouldn’t you prefer a platter of your choice rather than a buffet with limited options? Give your knowledge workers the same freedom to engage in courses that align with their career aspirations through personalized learning

Interest-based learning experiences motivate employees to learn more and expand their capabilities. Moreover, AI-powered recommendations save them from the hassle of finding resources to enhance their skillset for moving to the next role. 

Conclusion

Skills are changing at a fast pace with new advancements in different industries. The widening skill gaps of knowledge workers need real-time attention to ensure breakthrough performance in any circumstances. So instead of focusing on the obsolete training methods, jump on the skilling bandwagon to make your knowledge workers more agile and future-ready. A skilling tool like Disprz LXP can help you in end-to-end skill development, from identifying the right skills to building them while providing an impactful learning experience.

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