Sponsored by: Cornerstone
Learning is the most important thing we do at work.
I know that’s a bold statement. I’m sure you’re already trying to think of things you do at work that are more important than learning. But the truth is that learning is the foundation of how we grow and perform.
Think about the learning opportunities at your organization. Are there company-sponsored places you can go to learn? Or do you simply rely on Google and YouTube?
The reality is that many organizations rely on employees to find their own learning and development opportunities. So, what’s the problem with this?
The problem is that this lack of prioritization for development opportunities at work won’t get us through the current talent and skilling shortages many industries are facing or help us grow into the future of work.
These aren’t problems that will go away on their own, either. In fact, the current skilling and talent shortages are keeping business leaders up at night. According to a recently published Cornerstone People Research Lab survey, 48% of all employers placed skills and talent shortages within their top three concerns over the next three years.
This urgency from business leaders is further evidenced in PwC’s Annual Global CEO Survey, where 74% of CEOs reported being concerned about the availability of key skills.
Cornerstone’s survey also found that while ‘laggard’ and ‘average’ organizations show a consistent employer-employee confidence gap in skills development, high-performance organizations are ahead of the game.
Let’s explore how high-performance organizations approach skills development and why it works.
High-Performance Organizations as a Model for Success
High-performance organizations put their money where their mouth is. For example, when asked when they would prioritize skills investments for their company, 72% of respondents reported that prioritization was expected to occur within the next year or had already begun. Meanwhile, 68% of lagging organizations plan to invest in skills development within three to five years.
According to our research, high-performance organizations aren’t just investing in one or two learning and skill development areas either. Nearly all high-performance organizations are prioritizing learning and development technology, learning content, formal education or university learning, mentoring and coaching programs, and on-the-job skills training.
Meanwhile, only 34% of lagging organizations prioritize formal education, and 52% invest in mentoring and coaching programs. There’s more than a 30-point gap between high-performance organizations and laggards.
High-performance organizations are also increasingly adopting an internal talent marketplace mindset. They are using skills data and skills development programs to promote internal mobility. Ninety-seven percent of high-performance organizations agreed that the role of talent development is to improve employee growth. Employees also agree – 82% of employees at high-performance organizations reported feeling that their company had insight into the gaps between current skills and those needed in the future.
Developing internal talent is the number one way high-performance organizations plan to fill skills gaps. Meanwhile, lagging organizations plan to hire externally to fill those gaps over the next three years.
Up-Leveling Your Skilling Strategy
So, where do you start in up-leveling your skilling strategy?
First, take inventory of the skills currently available in your organization. Then, predict what skills are most important to the future success of your organization. Once you understand what skills gaps exist, you can chart a plan to help close them.
To do this, AI-based skills assessment and pathing technology can help identify those gaps between existing and future skills and make intelligent job and career recommendations based on skills.
Once you connect skills development to career growth, employees can more easily chart their desired career path by seeing an integrated view of the skills needed and how it translates to internal mobility.
This kind of growth investment isn’t just good for your people – it’s good for business. According to a 2021 Gallup survey in partnership with Amazon, skills training is one of the top perks younger workers look for in a new job. Further, 61% of respondents also said that upskilling opportunities are important for staying at their job. Seventy-one percent agreed that job training and development increased their job satisfaction. More satisfaction leads to better retention. Better retention means better success and outcomes for a business.
The takeaway is simple. When organizations adopt an internal skills marketplace and an internal-first hiring mindset, employees stay engaged and happy, and your business increases its chances of successfully navigating the future.