Three things companies need to do before growing their own talent
Demand for tech skills outpacing the supply, and many companies are finding it difficult to hire the talent they need
76% of global companies struggle to fill IT and tech workers' vacancies. While employers have their plates full to attract and retain top candidates in the industry, it is consuming their time and energy to address the specific wants and needs of the pool. There are new issues that they need to engage in. For some companies, it has arrived early, causing staffing issues and dislocations in business operations. Reskilling the pool to fit business requirements is the coming big thing that will consume business leaders. With the demand for tech skills outpacing the supply, many companies are finding it difficult to hire the talent they need.
To address this shortage, they are investing in programmes to develop and train their own employees, as well as initiatives to attract and retain top talent. This includes offering continuous learning opportunities, flexible work arrangements, and competitive compensation packages. Companies that focus on developing their own talent are better equipped to stay ahead in a rapidly changing industry.
Evaluate the employees' current abilities and capabilities
Companies must have a clear understanding of their employee's skills and competencies in order to effectively develop their own talent. Companies are able to make educated decisions regarding which skills they need to focus on developing by comprehending the strengths and weaknesses of their current workforce.
This can involve conducting regular performance reviews, seeking feedback from employees and managers, and tracking employee engagement and satisfaction. Employers that focus on supporting their people in career advancement will attract, retain, create, and curate the next generation of talent at scale. Based on the World Economic Forum’sFuture of Jobs Report, 50% of all employees will need reskilling by 2025 as the adoption of technology increases. 40% of employees will require reskilling of six months or less.
Reskill digital skills learning from the Tech Academy programme
By 2025 there will be 149 million new digital jobs, in areas such as Privacy and Trust, Cybersecurity, Data Analysis, Machine Learning, AI, Cloud, Data, and Software Development. Companies can provide access to training programs, mentorship opportunities, and regular performance feedback to support employee development. As one of the recruitment agencies in Malaysia, ManpowerGroup Malaysia has developed a Tech Academy programme to reskill IT employees based on the skills needed by their future employers before they start working. Demand will continue to grow for specialized skills — of more than 140,000 tech workers laid off since March 2022, 72% found new jobs within three months.
By investing in the growth and development of their employees, companies can create a culture that values learning, and help employees feel valued and motivated to continue to grow and develop.
Create a talent development strategy
After evaluating their skills and competencies, companies need to create a talent development strategy. Setting goals and criteria to gauge progress as well as specifying the training and development programs they must build are all aspects of this process. For instance, a business may wish to raise the proportion of staff members who hold a specific certification or have successfully completed a particular training course. The talent development strategy should be constantly monitored and revised and should be in line with the whole business strategy.
Now is the time for business leaders to identify and understand the skills needed for their employees to retain good talent for the future of the company. Identifying skill gaps and finding a good training programme to ensure top performance and the grow the company.