2. Assess the team's current skills and knowledge to identify what's missing
To address tomorrow's workforce needs, take stock of your team's skills and any gaps in them. But first, let's take a step back and define exactly what we mean by these terms:
- Upskilling – teaching people additional skills and expanding their capabilities within the same job profile. This is especially relevant as digital technologies present new opportunities and jobs that require more specialized skills
- Reskilling – the process of learning new skills that prepares people to perform a different job. It is also self-promoting and enables employees to embrace change instead of having it dictated to them
It is important to assess the skills your organization will need to take on the evolving roles created by digital transformation. Then compare the results against existing in-house skills to see where you have gaps and needs. In a recent global survey of senior finance leaders conducted by Genpact, only one-quarter of participants acknowledged that they are actively addressing this pressing talent gap.
By tailoring training programs to address this skills shortage and bringing in external hires, your team will be better placed to meet your business' goals and retain talent. Not acting is not an option. Your company's capabilities will grow stagnant, and become less competitive. It is very important that finance organizations make this pivot to maximize productivity in the most cost-effective and efficient manner.
Reskilling should not be viewed as mandatory or require compliance. Instead, messaging from leadership should emphasize it as a means of remaining relevant and enhancing career-development opportunities.
Here are the key ways to bridge the growing talent gap in finance:
- Identify key skills: Identify a subset of the key skills needed to support your company's vision and strategy; for example, expertise in mobile, cloud computing, digital security, AI, robotic automation, blockchain, and data science
- Training strategy and delivery: Define a strategy to bring in the necessary knowledge (internally or through third-party partnerships) and deliver it to employees
- Customized learning: Make sure content and the way it's delivered is flexible and customized to individuals or departments to make it more relevant and interesting
- Focus on career growth: Provide opportunities for employees to upskill/reskill with the goal of furthering career opportunities within the organization by, for example, creating new job roles
- Self-service capabilities: Give employees access to self-evaluation tools and the training they need to close skills gaps
This is how you help promote the shift from traditional left-brain actions – such as journal and invoice processing, or help-desk support – to right-brain thinking – including decision-making, business partnering, and innovation – to build a more adaptive, effective team.