Skills: the new currency
Recent events confirm that capitalism has lost ground to trade protectionism and the rejection of globalisation. The recent US presidential election result and the United Kingdom’s decision to break away from the European Unit (aka ‘Brexit’) evidence this, and we are witnessing similar sentiment in key EU markets such as France, Germany, Austria and Sweden.
But what does all this mean to business?
While individual companies cannot do much about what is going on at a geopolitical level, they can gear up to deal with the inevitable consequences of changing economic policies. In this ‘new’ world, critical skills will become increasingly scarce – not to mention in very high demand. So, rather than fight a losing battle to compete for new talent, organisations must develop innovative new ways to develop the skills and knowledge of existing employees, share expertise and retain valuable talent.
And with skills fast becoming a new currency, business leaders must ensure that the investments they’re making today deliver immediate competitive advantage as well as a sustainable skill bank for the future.
Invest and reap rewards
According to a Gallup survey, profitability is 22% higher in organisations that have high
levels of employee engagement. By focusing on skills development at an individual level: employees feel more confident, valued and engaged – all significant drivers of better performance and reduced attrition.
We have proven time and time again that it is most effective – i.e. you get the biggest bang for your buck – when you focus on performance improvement investments that underpin the organisation’s business objectives, while recognising the individual’s specific competency requirements and skill gaps.
The successful organisations will be the ones that embrace this approach and best empower their employees to access customised knowledge and build their skills. They will be the ones that recognise the value of those skills and endeavour to make every employee the best they can be.
Clearly, a key to this working in practice is technology. In particular, powerful solutions that pinpoint the skills and knowledge that drive positive business outcomes, identify skills gaps at an individual level, and enable targeted and SMART performance improvement initiatives at scale.
Granted, all this moves away from traditional ‘one size fits all’ – i.e. ‘easy’ - employee improvement methods, but if that leads to more purchases being completed, more customers being retained, and the retention of critical skills within the business, then that’s definitely money well spent!
Silver Lining’s PerformanceDNA can do all this and more, so let’s talk!