It’s projected that by 2030 the growing capability gap, which is the difference between company output and the talent and skills capital needed to sustain that output, will escalate to an $8.4 trillion shortfall globally.
Why? The answer is simply that not enough people with the right skills will be available in the labour market. In short there is more demand than availability in a labour market that has grown increasingly tight and where there are other attractive options for young people or skilled talent to create their own enterprises.
Not only are you competing with other potentially more attractive talent brands and interesting jobs, you are competing with their desires with your bench strength. All of which means, you might not have the people to do what you need to maintain, sustain or develop the growth of your enterprise or organization.
The following slide details the Capability Gap & 2030 Impact with regional impacts for North America, Europe & Asia.
So what can you and your company do to maintain this critical balance? Here are 4 solutions.
1.) Don’t depend on the labour market to provide your enterprise or organization with the right skill sets. Your needs are unique. Those particular skills sets, complex skills and aptitudes must be developed and cultivated internally.
2.) Become more strategic with your talent and capability requirements to maintain momentum. You need an way to develop and manage this at a higher level of impact than traditionally achieved by internal training and development programs and performance management processes. Invest time in developing Talent Acceleration Strategies with development results that go beyond alignment with business results. Development outcomes need to translate directly into operational KPI’s and results with cultural impact in order to be sustainable.
3.) Look at lifecycle talent management and capability reskilling at scale for your existing staff. It is inevitable that internal redeployment needs will scale as quickly as your capability development needs do. Your organization needs a way to maintain these that aligns with point 2.
4.) Reconcile your current and future Capability Gap. This is the most time critical thing for your organization to do right now. Continually reassess your Capability Gap on a quarterly basis to keep pace with profit, service, goods, product and other corporate goals.
CLOSE YOUR CAPABILITY GAP WITH VELOCIFIED PERFORMANCE INNOVATION
VELOCIFIED makes it faster & easier to achieve full productivity in any talent role or job function in the shortest possible time. We run performance experience sprints that generate predictable performance 30-50% sooner. Improve business capabilities that drive growth, profit & results while delivering cost-savings efficiencies.