Businesses are looking inwards for the skills they need
Global skills shortages in key growth areas have led many organisations to recognise that they will need to rely on internal skills development to close these gaps. In fact, 80% of organisations now recognise that they need to develop leaders differently. In Kiddy & Partners’ recent research, 40% of participating organisations reported that they expect they will need to put more emphasis on internal development and promotion to fill key positions over the next 5-10 years. Similarly, 75% of executives in a 2018 McKinsey survey said they believed reskilling would fill at least half of the future talent needs. Indeed, given that the half-life of a job skill is now thought to have decreased to around five years - meaning that every five years, a skill becomes half as valuable as it was before - reskilling will become unavoidable, regardless of promotion or role change. Even if you don’t change role, the role will change around you.
To succeed in this environment, organisations need to think broadly in terms of the pools from which they develop critical talent, and be innovative the methods they use to do this. For example, as revealed by the World Economic Forum’s Global Gender Gap Report (2020), women continue to be significantly under-represented in roles which reflect the professions of the future; in particular, roles requiring disruptive technical skills such as Artificial Intelligence, Robotics and Genetic Engineering, where significant growth is predicted. The WE Forum analysis reveals how in some of these areas, there is an opportunity to develop women who currently reside in professions with high skill similarity, and transition them into careers in allied professions with high future growth. For example, women make up 25% of Data Scientist professionals but they comprise 31% of those with a relevant skillset in all other occupations. Similarly, in Marketing today 41% of Digital Specialists are women, yet 53% of those in the talent pipeline are female. In fact, they highlight “all professions featured…currently under-utilize their available talent pools and thus can make further gains through a diversity and inclusion agenda.” Thus, it becomes clear why the diversity agenda is not a separate ‘nice to have’, but a critical component of strategic resourcing and business planning.