How are organizations preparing for the future of work? Do they have the right skills to succeed?
In challenging and competitive markets, education is important to a corporation's readiness to secure desired capabilities.
Deloitte's research study in 2020 identified that 53 percent of businesses consider that around half of their employees will need to improve their competencies together with qualifications in the upcoming 3 years. And although a majority of participants in their studies stated that reskilling the personnel was essential for the advancement of their business goals over the upcoming 12-- 18 months, just 10 percent assert they are all set to resolve to tackle this.
The impact of COVID on an ever-changing landscape
In the meantime, Covid has increased the requirement for adjustment. Corporations are bending over backward to maneuver the fast-changing abilities landscape.
With roles transforming at an increasingly rapid pace, the skill sets landscape is changing gears substantially as well as leaving initiatives leading to lay out demanded skills not only difficult but also of limited validity. Actually, barely 20 percent of respondents asserted that their corporation can anticipate which skills their business will require in 3 years.
How did Banco Santander decide to eat the monster?
One example of an organization that succeeded in this task is Banco Santander. The bank carried out a strategic workforce planning exercise to map out the skills that they will need by 2025.
The exercise required visualizing future functions along with jobs, determining the capacities desired to perform those duties and even measuring the future need for each skillset by examining anticipated service along with ability patterns.
This revealed that Santander's staff had the solid technological abilities to satisfy future needs while identifying a need for focus developing capacities such as resilience, communication, and knowledge-sharing.
Throughout this project, the C-suite served as its advocates and supporters guarantee full alignment with other business requirements.
Santander introduced an upskilling as well as reskilling strategy to grow the needed skill sets and other important capacities while triggering strategic initiatives in Human Resources to bridge the gaps.
Their assumptions are that developing these capabilities will not just prepare its employees to serve their customers much better while advancing their company culture along with their ways of operating.