Skills gap skills gap is a significant gap between an organizations current capabilities and the skills it needs to achieve its goals Despite a large pool of unemployed workers employers continue to struggle to find skilled talent to fill the growing number of job openings in the cou ID: 177105
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Slide1
Impact of Soft Skills Trainings on Bottom LineSlide2
Skills gap
skills gap
is
a significant gap between an organization’s current capabilities and the skills it needs to achieve its goals.Despite a large pool of unemployed workers, employers continue to struggle to find skilled talent to fill the growing number of job openings in the country.Slide3
Why does skills gap exist?
a
mass of retiring employees, combined with the young workforce’s waning interest
and deficit of training programs in general, have contributed to the industry’s growing skills gap.the top reason for the skills gap is that the skills of the workforce don’t match company strategy, goals, markets, or business models.Slide4
Soft Skills
Ranked 1
Ranked 2
Ranked 3
Leadership/executive-level skills
54%
18%
24%Basic skills (the traditional building blocks of business-level competencies that are most commonly associated with elementary language arts and mathematics)5%14%7%Profession- or industry-specific skills37%32%19%Managerial/supervisory skills38%48%28%Customer service skills8%13%20%Communication/interpersonal skills16%26%33%Technical/IT/systems skills17%16%13%Sales skills9%12%5%Process and project management skills17%27%44%Other6%1%14%
What are the specific skills gaps that your organization is experiencing now?
Respondents were asked to rank their top three choices.
N=377Slide5
Reasons for
Soft Skills Gap
Ranked 1
Ranked 2
Ranked 3
Skills of the current workforce do not match changes in company strategy, goals, markets, or business models
58%40%46%Not enough bench strength in the company's leadership ranks55%48%22%Recent merger/acquisition where the organization brought in new employees or current employees are not up-to-speed on the new industry8%12%9%Training investments have been cut or there is a lack of commitment by senior leaders to employee learning and development41%36%46%When hiring for certain types of jobs, there are too few qualified candidates (i.e. a gap in the pipeline)30%35%38%Lack of skilled talent in one or more of the company's lines of business18%39%49%Why is there a skills gap in your organization? Respondents were asked to rank their top three choices.N=377Slide6
Impact of
Soft Skills Gap
Ranked 1
Ranked 2
Ranked 3
Lower productivity
77%
40%38%Slower time-to-market16%8%6%Less profitable10%24%20%Challenges to recruitment17%9%14%Less efficient42%69%38%Unable to expand or grow16%12%23%Less new product development4%8%8%Harder to compete8%25%22%Higher expenses7%13%38%Missed opportunities
31%26%
14%Other9%3%
17%
What are the business impacts of having a skills gap
?
Respondents
were asked to rank their top three choices.
N=377Slide7
In demand soft skills
Organisational skills (87%),
Verbal
communication (81%), Teamwork and collaboration (78%),Problem-solving
(60
%),
Tact
and diplomacy (59%),Business writing (48%), andAnalytical skills (45%).Slide8
Soft skills vs profitability
There has been a lot of research published recently that shows there is a direct correlation between profitability and employees' personal excellence.
Research on more than 200 000 managers and workers at multiple companies during a 10-year period links employee recognition with financial performance. According to the data, companies that effectively recognised personal excellence tripled profitability in comparison with firms that didn't.Slide9
Soft Skills
Training Costs
Impact
Improved Performance
Writing Skills
$ 390,000
Reduced average
bug fix from 21 days to 12Access to online writing courses including time to take and complete 5 courses each and successfully complete writing evaluations to prove increased skills. 2 HR reps needed to administer program and build writing evaluations.Collaboration Skills$ 660,000Reduce release cycle of new products to 90 days from 180$1,200,000 in new sales with 90-day product release target, plus payroll gains and cost savings of $144,000Delegation Skills$ 1,720Goal to reach 100% productivity in 8 weeks compared to 12Managers reached full productivity by learning to effectively delegate tasks and assume manager’s role in 8 weeksProblem Solving Skills$ 340,000Goal to reach 4.5 rating or better from 3In the 12 months after the training program really began to show modifications in behavior as proven by reaching 4.5 customer satisfaction scores 85% of the timeExampleSlide10
Soft skills vs leadership
Leadership development has been the top priority in a
survey for the past three years, as many organisations have believed that the secret of greater success lies in more effective leadership.Issues of personality, attitude and behaviour have a big impact on performance in the workplace because they affect how well people are able to communicate face-to-face and work effectively with others
.
Other key areas of focus
are
customer service training, professional skills development and compliance training.Slide11
Thank you