Skills: The new currency of success
And what this means for L&D
In today’s fast-paced world, skills are like money. Imagine you’re trying to buy a snack, you’ve got cash in hand, but the store only accepts a special token that you don’t have. Frustrating, right?
That’s exactly what’s happening today as a new generation enters the workforce and technology grows exponentially. For L&D, developing the human skills of employees is essential in closing these skills gaps.
Learn about how thinking about skills as a currency can help L&D:
Companies want talent, but there’s a shortage of the right skills. 360 Learning’s David James explains how many of these skills aren’t taught in the classroom, instead, they’re often picked up on the job. This leaves employees at a disadvantage from the get-go.
CEOs and business leaders are increasingly aware of this issue and there is a major missed opportunity if we don't act. According to David, closing the skills gap can potentially release a whopping $6.5 trillion into the global economy by 2030, cha-ching!
As technology evolves, the skills landscape is shifting rapidly. For learning and development professionals, this is a wake-up call. It’s no longer just about delivering courses; it’s about developing the unique qualities of learners. The focus is on building future-proof skills that matter. If skills really were a currency, human skills are the gold standard.
Organisations are facing an uphill battle when it comes to filling roles. A tight labor market means there’s intense competition for talent. David discusses how many companies are overly reliant on external hires, which can lead to engagement issues. When you bring in someone new who doesn’t quite fit, it can disrupt team dynamics. A skills-based approach considers the possibility that a team has the right people, but the wrong skills, and offers L&D teams a chance to shine.
L&D need to be actively involved in investing in the potential oftheir people. Conducting skills mapping is a game-changer and technologies can help speed up the skills mapping process. By understanding the specific skills required for each role, organisations can better align training with actual needs.
David sees that people are increasingly finding value in online training programs to develop their skills. But there’s a issue—generic, one-size-fits-all training content just isn’t cutting it. Employees crave learning that they can relate to.
Think about it: would you want to receive money in a different currency that you can spend? Exactly. Tailored content is key in allowing you to develop skills that relate and are relevant to you.
As we move forward, organisations that recognize and invest in their employees’ skills will thrive. It’s all about creating a culture of continuous learning and growth.So, what can you do? Whether you’re a L&D leader or an employee, embrace the shift. Advocate for personalised training solutions. Push for skills mapping and upskilling initiatives.
According to David, L&D should not “rely on the goodwill and intention of a motivated, self-directed learner” but should provide them the guidance and support in resources to invest in their skills. By addressing the skills gap, L&D can safeguard not just their organisation, but entire economies.
Skills are not just a buzzword; they are the bedrock of success in today’s job market. The more you invest in your own skills, the richer you become in this new currency.