4. Challenge: Talent Retention and Skill Gaps

As organizations transition to shared services, there may be concerns about talent retention and skill gaps. Employees with the required skills might be hesitant to move to the shared services center, or the organization may find it challenging to attract new talent with the right expertise.

Solution: Invest in Talent Development and Strategic Recruitment

• Upskill Existing Employees: Offer reskilling and upskilling opportunities to existing employees, enabling them to transition to roles within the shared services center. This not only helps retain valuable talent but also ensures that employees have the skills needed to succeed in the new environment.
• Strategic Recruitment: Focus on recruiting individuals with the specific skills required for shared services, such as process improvement, data analytics, and technology implementation. Look for talent with a mindset of continuous improvement and adaptability.
• Create Attractive Career Paths: Establish clear career progression opportunities within the shared services organization to make it an appealing option for top talent.

Case Example: A healthcare company addressed skill gaps by launching an internal talent development program, offering certifications in process improvement and shared services management. This initiative helped retain top talent and close skill gaps.