What are the current and future skills gaps and shortages that talent managers need to address?

People are lacking skills as they don’t have the time to upskill while doing their jobs that demand more and outside duties. Organizations need to make on-goin training and investment in employees a priority

Similarly, we should be looking at internal skill gaps to determine if certain organizational goals can be achieved. For instance, if your company is preparing for IPO, certain skill sets will be needed to complete - this is similar to FedRAMP and other related monolith events/programs.

When the internal bench is weak and skill gaps exist, companies are forced to buy external talent. This drives up cost, disengages employees, and slows productivity as new talent acclimates to the company culture, products, industry, and role. This is especially pronounced when the bench is weak at the top resulting in a regular influx of new leaders and shifting priorities that stall forward progress.

The adversity to planning for human development is the reason this is a problem. Regretfully, employers focus on the bottom line and until the competency issue becomes an emergency and impacting the bottom line, it is rarely addressed.

As teams run leaner and leaner, it’s hard to always be proactive with skill gaps. In the enterprise tech industry, skills gaps evolve so rapidly, that it’s hard to stay out in front. A great example is generative AI and ChatGPT - it’s clear we do not have skill sets to harness these tools…yet.

I believe we also struggle with how to use a diverse workforce to its advantage. If we are not fully aware, we get stuck in "group think" and hire the people that look like us, think like us, etc. That is going to get us no further than where we are today. This is why it is incredibly important to focus on development of your current staff. Not only will it grow competencies you need, but can impact retention.

In my experience, every business will come with its own unique set of challenges. Skills gaps are inevitable, especially if your business is scaling and evolving.

To identify skill gaps and shortages you need to understand where the market and industry are going, follow future insights and innovations and have them aligned into the corporate and talent strategies. You need good workforce planning that looks at what are the mindsets, skills, and competencies needed for the future. Then map that against the analysis of your current talent pool and identify what are the gaps you have and a plan to fill the gaps. You will need a solid organizational development plan that strategically reinforces the desired future state and holistic development approach to bridge the gaps. You will also need to identify where TA will need to focus on hiring for the future new talent to minimize skills shortages.

From my talent management work, there are a set of skills that are future proof in nearly all roles and responsibilities. For example, as the world becomes increasingly digital, there is a growing demand for workers with digital skills. These skills include things like coding, data analysis, and cybersecurity or less technical aspects such as keeping up with the latest office and productivity system upgrades.

All of the items mentioned in the paragraph above are great places to get feedback. The challenge is taking the time to do so--and ensure that each of these tactics are used fully and appropriately so the information is of value.

From my experience, one of the biggest challenges is not only attracting talent with critical skills in a market with a shortage of those but also retaining them. Some steps to address gaps using Rewards in our favour are: 1. Continuous benchmark to understand how the market is paying for those skills/roles; been able to assess and adjust gaps in the market if needed. 2. Applying a premium pay strategy or setting a Skills-based pay for defined skills in the form of top-ups or pay adjustments. 3. It does not always come to base salary but depending on the rewards of your organisation you can also think of long term incentives (ESOPS, etc) for which the eligibility can be extended to those employees with critical skills identified.

To close the skills gap, you need to cast a wide net, invest in training, and get creative. Here are some specific actions you can take: Recruiting: Use a variety of channels to attract and hire the best talent, including online job boards, social media, and employee referrals. Development: Provide opportunities for learning and growth, such as training programs, mentorship programs, and job rotations. Internal Mobility: Move or assign employees to different roles or projects to optimize their skills and experience. Collaboration: Foster a culture of collaboration, knowledge sharing, and communication to leverage the collective skills and knowledge of your team.

Managers need to set aside time for teams to grow together. Training budgets outside of the company need to happen. Enablement programs, learning and development need to be key. Companies need to want to invest in their people and long-term commitment