Are you ready to future-proof your workforce? A staggering 62% of executives responding to a recent McKinsey survey believe that advances in automation and digitization will force them to retrain or replace more than a fourth of their workforce by 2023.
Aligning Talent and Business Strategies
Your talent and your business goals must be aligned. The right workforce is key to success. According to a recent benchmarking report, executives attribute 64% of the success or failure of strategic initiatives to their employees. However,
- Fewer than two out of five of executives say that talent strategy is their top priority
- Less than 17% believe they have the right employees to execute their business strategy
- Only 12% feel that their talent strategy and business strategy are aligned
Without the right people in place, business goals will be impossible to achieve. Will you discover talent from without, or from within? Undervalued talent inside your organization could be key to bringing your dual goals into alignment.
Forecasting Workforce Needs
Project your business goals for the next few years, then project the number of employees and skills needed to achieve those goals. Pay close attention to roles that may be affected by automation or augmentation.
Estimate the impact of technological advances and digitization across all roles. Predict what soft and hard skills will be required as core tasks change. Remember, the goal is to correctly identify the skills your business will need to meet future objectives in both short and long term projections.
Conducting Internal Talent Reviews
How you evaluate your existing talent to identify knowledge and skill gaps is key to identifying candidates for learning and development (L&D) programs. This can be accomplished by:
- Using skills assessments to quantify the existing skills of each employee
- Adding information from short interviews to clarify employee career goals
- Locating talent gaps and sorting them by priority and difficulty of filling externally
- Previewing potential upskilling opportunities with top candidates
Gauging Employee Readiness
Once all necessary skill-sets have been identified, turn back to your existing employee profiles. Look for workers who have already proven themselves to be both capable in their current role and ambitious to do more. Deploy employee surveys to identify which employees are interested in upskilling, and what skills they believe would be most beneficial.
Using updated skills profiles for each employee to lay out and execute an internal recruitment initiative. Look for adjacencies, or jobs that share skill-sets that are similar. You may be able to shift some employees into adjacent roles and create new strategic flows for lateral and upward career paths.
Getting Managerial Buy-In
Employees who already possess in-demand skills can be targeted for potential retraining and shifted into advanced positions. This may meet with some pushback from managers who don’t want to lose high-value employees.
Getting managers on board is crucial, however; 56% of employees would commit to L&D if their manager suggested it. Look for ways to ensure positions can be filled with equally competent workers as upskilled employees move into new roles.
New Hire or Upskilled Talent?
Conservative estimates put the cost of hiring a new employee at nearly $4,500, with specialized tech roles tipping the scale at double or quadruple that cost. In contrast, upskilling an existing employee typically costs a company less than $1,500. A savings of $3,000 per employee reskilled vs. employee replaced with a new hire makes retention and retraining the more attractive option.
However, to accurately identify and evaluate candidates for upskilling, organizations need high-quality workforce data. According to a report from PWC, 86% of CEOs say correct “people data” is vital, but less than a third believe the workforce data they currently have is adequate.
How Censia Can Help Surface Upskill-Worthy Candidates Within Your Organization
Censia has the capability to deliver the workforce data required to accurately evaluate retraining and upskilling opportunities among your existing employees. Simultaneously, our proprietary data platforms helps surface replacement candidates for jobs upskilled workers vacate.
Building an Ideal Candidate Model for your future upskilled employee is the first step. From there, you can match this model against your existing workforce’s Complete Talent Profiles, and develop a list of strong candidates for an upward or lateral move through retraining.
Intelligent Passive Sourcing that includes your own employees allows you to instantly rank your workers and match results against your internal files. This can help you create personalized learning plans to upskill specific candidates for future advancement. Internal Mobility Matching reveals who is ripe retraining and promotion.
Integrating Censia into your existing ATS provides added value and insights, letting you uncover the exceptional talent hidden within your organization. Making the commitment to upskill and retrain these previously underutilized employees could give your organization a much-needed competitive edge. The perfect time to begin this process is now.