The rapid transformation of the workplace presents monumental challenges for companies worldwide. As industries evolve at an unprecedented pace, traditional Learning and Development (L&D) strategies fall short of meeting the dynamic needs of the workforce. "The conventional approach to L&D is becoming obsolete in the face of significant skills shortages," says Homam Karimi, CEO of Studytube.

According to a recent Gartner report, 58 per cent of the workforce needs to acquire fresh skills to effectively perform in their job. This stresses the urgency for organisations to revamp their L&D frameworks, with a sharp focus on cultivating skills that directly contribute to business performance. This means learning goes beyond being a secondary benefit offered to employees—it's essential for the organisation’s success and growth.

 

Adapting to the skills economy

With yesterday's skills it's impossible to perform well in today's jobs. Employees need to adapt, update and acquire new skills faster than ever before. 

"Take a marketeer, over the last years their job title has stayed the same, but their tasks and responsibilities shifted drastically due to technological advancements and a massive rise in collected data. Therefore, new and elevated skills in digital marketing and data analysis are required."

Not actively addressing these growing skill mismatches means people gradually becoming underqualified for their jobs. In this case, it puts customer engagement, competitiveness, and sales at risk.

 

Shift in the nature of work

The urgency to adapt in the skills economy is accentuated by a structural shift in the nature of work, compounded by changing employee aspirations and phenomena like the ‘Great Resignation’. Organisations face a critical challenge: the need to not only identify but effectively bridge the growing skill gaps amidst fierce talent competition. This skills crisis affects organisations badly, as it leads to a lot of hidden productivity losses. SME’s, for example, see a staggering 48 per cent experience increased workload as a result of skill shortages, 31 percent see the loss of sales as a result. And 25 percent see an overall productivity drop (source). This is where the promise of tech-enabled skills mapping products becomes not just relevant, but vital. AI-driven solutions can revolutionise talent management by enabling real-time skills mapping and assessment, ensuring organisations stay competitive in an evolving business environment.

 

Identifying the skill gap

This innovative approach to skill-based learning is designed to make the complex process of identifying and addressing skill needs within an organisation straightforward and effective. "It starts with understanding the specific skill requirements of each role," explains Karimi. "Leveraging AI or using existing company job profiles or skills matrices, we then create a skill map – an overview of all relevant skills with required proficiency levels for a specific role based on existing job profiles, bespoke skill campaigns, and compliance requirements."

Once the skill needs are established, you need to assess the current skill levels of an employee to identify skill gaps. This could be done through self-assessment, managerial evaluation, and 360 feedback, with the option to highlight focus skills for targeted development.

 

Personalised learning journeys

The next step is delivering a personalised learning offering based on the skill map, allowing workers to access a curated selection of learning resources. This offering is meticulously compiled from online training libraries, classroom training, eLearning marketplaces, and organisational-specific training, ensuring that employees embark on a learning journey that is both relevant and aligned with their individual and organisational goals.

 

Making impact transparent: measure skill progression

In an ever-evolving work environment, skill progression measurement marks a pivotal advancement in how we understand and value learning's impact. With traditional L&D metrics, like attendance and course ratings, you would not really know if your L&D has been effective. With our platform we enable you to measure skill progression, meaning an employee showed improvements in behaviour in their day-to-day job. This opens up a whole new opportunity to tackle a problem that companies have been struggling with for ages: showing what the actual impact of learning is

In the quest to navigate the complexities of the skills crisis, the shift towards measuring skill progression represents not just an evolution but a revolution in L&D. “Deloitte proved organisations that implemented skill-based learning are more successful, as they are 63% more likely to achieve their goals. These skill-based organisations also tackle some strategic challenges better, being 57% more likely to adapt effectively to change and even 98% more likely to retain high performers," says Karimi.

 

Join the learning revolution

L&D specialists and HR managers are invited to explore the potential of skill-based learning together. The future of work demands a new approach to development. And skill-based learning is the tool to navigate the skills crisis together.

An inspiring session at Learning Technologies (17-18 April 2024) will showcase how AI-driven solutions offer direction in this new era of learning by identifying relevant skills and individual skill gaps, connecting them to relevant learnings, and measuring their impact on organisations.

This presentation aims to educate on leveraging AI for targeted skill development, ensuring employees' learning is aligned with organisational goals and the demands of the future workforce.

Join Homam Karimi to learn about making business impact through skill-based learning in your organisation. Studytube's launch in the UK heralds a new era in L&D, where skill-based learning is at the forefront.

 

Homam Karimi 

CEO & Founder at Studytube