Hybrid work culture, workplace diversity & inclusion, and the use of Learning Management Systems have gained huge prominence. Organizations are shifting into a new and changed business landscape. Thus, it is crucial to decipher the role of L&D talent in the current scenario. Companies everywhere are grappling to fill roles, which suggests that regardless of millions of candidates seeking job opportunities, employers are still looking for the right candidate with the required skills.
What Causes Talent Shortage?
The Spring 2022 Labor Market Outlook states that 45% of companies face recruitment challenges in the form of ‘hard-to-fill vacancies.’The talent shortage is driven by multiple factors, such as changing technology, lack of experience, less investment in employee training, and more. In addition, the “Great Resignation” in 2022 also gained huge momentum due to economic disruption, disengaged employees, and the quest for achieving goals for career growth, work-life balance, and changing work environment.
According to a survey, 76% of employees said their future employer would be more appealing if it offered better and more consistent training to prepare them for the future of work. Despite the skills gap and talent shortage, L&D teams must look for different ways to attract and retain top talent. They must rethink their L&D strategy to close the skills gap.
How to Identify Skills Gaps and Decipher L&D Shortage?
You need to assess employees’ current skills and the skills they must develop to achieve organizational goals. First, organizations can create skills maps to measure individual performance and analyze if further training is required. Employees must either learn new skills or hone existing ones to stay engaged, motivated, and resilient for future work. Second, employers can conduct surveys and one-to-one meetings to identify what employees think about their competency level. Ask employees about their current skills and what skills are required to meet the company’s vision and goal to identify the gap. Once the gap is discovered, the next and most important step is to fill those gaps.
This skill-gap analysis helps organizations identify the skills that exist internally and what skills are further needed to accomplish business goals. Let us see how different organizations adopt an L&D strategy to engage and retain a skilled workforce.
Talent recruitment is a costly and time-taking exercise. When organizations upskill and retain their existing employees, they save costs and keep employees’ knowledge within the system. So, it is a great approach to upskill employees, thus improving their capability, bolstering their loyalty toward the company, and improving their career paths. As per the Workplace Learning Report, 76% of Gen Z learners believe learning is the key to a successful career. So, organizations must invest in Gen Z workforce who want to learn new skills and grow in their career paths.
On-Demand Learning to Close Skills Gap
Hybrid work has become the new norm, which, in turn, has increased the scope for blended learning to attain new skills. Blended learning enables learners to access relevant training material, tools, and other resources- whenever and wherever required. It enables learners to complete training per their availability and work schedules. The on-demand blended learning approach helps learners acquire skills whenever needed, which results in improved engagement and retention levels.
Foster Continuous Learning Culture
Organizations must embrace a culture of continuous learning to motivate employees to develop new skills and improve performance. Organizations must provide the right tools and resources to foster a learning culture.
- Conducting regular meetings to review performance and assess individual career paths
- Creating interactive videos and templates to guide employees on what skills they must acquire next and
- Arranging a mentor or coach can promote continuous learning in the workplace.
Do you know when the L&D function is functioning properly and can decode talent shortage? When employees engage in your training programs; when they learn new skills and apply them at work; when they give positive feedback; when their performance accelerates; and retention improves. So, implementing an effective L&D approach can address the shortage of skilled talent and make your organization remain competitive.