Leaders need to reconsider their narrow focus on utilising prior experience and academic accomplishment as stand-ins for the abilities they seek in hiring if they hope to overcome the talent shortage and competitive labour market that many organisations are currently experiencing.
One of the conclusions of the most recent Putting Skills First report from the World Economic Forum (WEF) and PWC was this. The paper focuses on how organisations might reduce the amount of the growing skills gap in local labour marketing by re- and upskilling employees. This is crucial because, according to six out of ten firms, skills shortages in the local labour market are preventing them from transforming their operations, and over half of the employees surveyed (58%) think that within the next five years, the skills required for their jobs would change dramatically.
One strategy to close skills gaps and reduce labour shortages is to use a “skills-first” approach to talent recruitment and development. This strategy looks at whether a candidate has the necessary abilities and competencies for a given function rather than how they gained those qualities.
Six important lessons from leading businesses are highlighted in the WEF report, which can assist improve the skills of-first approach to leadership: using technology to scale with the help of tools and technology that are accessible to all employees; coordinating it with business needs to encourage more employees to take on the challenge; maintaining effective communication to ensure that all parties are clear about the goals of learning new skills and their potential to advance in people’s careers; gathering data and evaluation for iteration so that leaders can analyse and use as a means of learning; and using leadership from the education sector and governments to incentivize organisations to push for re-skilling and upskilling their workforce.
According to the WEF research, implementing these strategies can enhance established processes, cater to the skills gaps in our economies, and make investments in the next generation of workers.
