By Umme Sutarwala - March 16, 2022 3 Mins Read
In today’s competitive labor market, succession planning should be a key component of any company’s workforce management and growth strategy. Constructing a pipeline of talent capable of taking on increasing levels of responsibility and leadership in a company is critical to its success, especially in the ever-changing IT industry.
A study by Gartner emphasizes the gravity of the talent shortage. Only 20% of employees have the abilities they need in their present and future responsibilities, according to a top consultancy firm in 2018.
Things were pretty much the same two years later: According to TalentLMS, nearly half of respondents in a 2020 research were concerned that their shortage of skills will force them out of work in five years, and more than 80% wanted their employer to give reskilling or up skilling possibilities. This is yet more evidence that businesses are underutilizing captive talent that could be retrained for new positions.
Employers want a new training model that keeps up with the rate at which technology skills become obsolete. Clearly, the previous approach of one-time instruction is no longer effective. In reality, the education system as a whole – where people are taught for the first two decades or so and then apply what they have learned over the next 40 years, with updates – is ripe for a change.
Businesses require lifelong learning rather than sporadic training. Employers need to provide a structure that allows employees to access training on-demand, in tiny chunks, at any time during their careers.
Coaching is a valuable tool for assisting top personnel in identifying and achieving personal goals that are aligned with the company’s strategy. It can be especially effective if they use a ‘programmatic’ approach, in which groups of people are trained in response to a specific strategic challenge over a certain period of time. This can hasten the impact of coaching, both for high performers and for the entire business.
Overly rigorous work methods make it impossible to nurture talent. Employees must grow both personally and professionally, and they must have some control in order to do so efficiently. Businesses can meet these demands by providing flexibility. Employees who have control over their hours, for example, can arrange their work for firms during peak periods, increasing their efficiency. Adopting a hybrid working structure could have a number of advantages.
If businesses don’t allow employees to be flexible, they risk them getting dazzled and not generating the finest results possible. Workplaces can’t work at optimal efficiency if employer-employee relationships are strained, therefore meeting their demands as much as possible is essential.
Allowing employees to work remotely is a terrific approach to foster their independence. They may prefer working without someone watching them, which is a good thing. Employees can push themselves to their limitations, recognize their own ingenuity, and request assistance remotely if they need it.
Umme Sutarwala is a Global News Correspondent with OnDot Media. She is a media graduate with 2+ years of experience in content creation and management. Previously, she has worked with MNCs in the E-commerce and Finance domain
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