IMPACT OF SOFT SKILLS TRAININGS ON BOTTOM LINE. SKILLS GAP SKILLS GAP IS A SIGNIfiCANT GAP BETWEEN...
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Transcript of IMPACT OF SOFT SKILLS TRAININGS ON BOTTOM LINE. SKILLS GAP SKILLS GAP IS A SIGNIfiCANT GAP BETWEEN...
![Page 1: IMPACT OF SOFT SKILLS TRAININGS ON BOTTOM LINE. SKILLS GAP SKILLS GAP IS A SIGNIfiCANT GAP BETWEEN AN ORGANIZATION’S CURRENT CAPABILITIES AND THE SKILLS.](https://reader038.fdocuments.us/reader038/viewer/2022103123/56649db65503460f94aa8463/html5/thumbnails/1.jpg)
IMPACT OF SOFT
SKILLS TRAININGS ON BOTTOM LINE
![Page 2: IMPACT OF SOFT SKILLS TRAININGS ON BOTTOM LINE. SKILLS GAP SKILLS GAP IS A SIGNIfiCANT GAP BETWEEN AN ORGANIZATION’S CURRENT CAPABILITIES AND THE SKILLS.](https://reader038.fdocuments.us/reader038/viewer/2022103123/56649db65503460f94aa8463/html5/thumbnails/2.jpg)
SKILLS GAP
• SKILLS GAP IS A SIGNIFICANT GAP BETWEEN AN ORGANIZATION’S CURRENT CAPABILITIES AND THE SKILLS IT NEEDS TO ACHIEVE ITS GOALS
• DESPITE A LARGE POOL OF UNEMPLOYED WORKERS, EMPLOYERS CONTINUE TO STRUGGLE TO FIND SKILLED TALENT TO FILL THE GROWING NUMBER OF JOB OPENINGS IN THE COUNTRY.
![Page 3: IMPACT OF SOFT SKILLS TRAININGS ON BOTTOM LINE. SKILLS GAP SKILLS GAP IS A SIGNIfiCANT GAP BETWEEN AN ORGANIZATION’S CURRENT CAPABILITIES AND THE SKILLS.](https://reader038.fdocuments.us/reader038/viewer/2022103123/56649db65503460f94aa8463/html5/thumbnails/3.jpg)
WHY DOES SKILLS GAP EXIST?
• A MASS OF RETIRING EMPLOYEES, COMBINED WITH THE YOUNG WORKFORCE’S WANING INTEREST AND DEFICIT OF TRAINING PROGRAMS IN GENERAL, HAVE CONTRIBUTED TO THE INDUSTRY’S GROWING SKILLS GAP
• THE TOP REASON FOR THE SKILLS GAP IS THAT THE SKILLS OF THE WORKFORCE DON’T MATCH COMPANY STRATEGY, GOALS, MARKETS, OR BUSINESS MODELS.
![Page 4: IMPACT OF SOFT SKILLS TRAININGS ON BOTTOM LINE. SKILLS GAP SKILLS GAP IS A SIGNIfiCANT GAP BETWEEN AN ORGANIZATION’S CURRENT CAPABILITIES AND THE SKILLS.](https://reader038.fdocuments.us/reader038/viewer/2022103123/56649db65503460f94aa8463/html5/thumbnails/4.jpg)
Soft Skills Ranked 1
Ranked 2
Ranked 3
Leadership/executive-level skills 54% 18% 24%
Basic skills (the traditional building blocks of business-level competencies that are most commonly associated with elementary language arts and mathematics)
5% 14% 7%
Profession- or industry-specific skills 37% 32% 19%
Managerial/supervisory skills 38% 48% 28%
Customer service skills 8% 13% 20%
Communication/interpersonal skills 16% 26% 33%
Technical/IT/systems skills 17% 16% 13%
Sales skills 9% 12% 5%
Process and project management skills 17% 27% 44%
Other 6% 1% 14%
What are the specific skills gaps that your organization is experiencing now?
Respondents were asked to rank their top three choices. N=377
![Page 5: IMPACT OF SOFT SKILLS TRAININGS ON BOTTOM LINE. SKILLS GAP SKILLS GAP IS A SIGNIfiCANT GAP BETWEEN AN ORGANIZATION’S CURRENT CAPABILITIES AND THE SKILLS.](https://reader038.fdocuments.us/reader038/viewer/2022103123/56649db65503460f94aa8463/html5/thumbnails/5.jpg)
Reasons for Soft Skills Gap Ranked 1
Ranked 2
Ranked 3
Skills of the current workforce do not match changes in company strategy, goals, markets, or business models
58% 40% 46%
Not enough bench strength in the company's leadership ranks 55% 48% 22%
Recent merger/acquisition where the organization brought in new employees or current employees are not up-to-speed on the new industry
8% 12% 9%
Training investments have been cut or there is a lack of commitment by senior leaders to employee learning and development
41% 36% 46%
When hiring for certain types of jobs, there are too few qualified candidates (i.e. a gap in the pipeline)
30% 35% 38%
Lack of skilled talent in one or more of the company's lines of business
18% 39% 49%
Why is there a skills gap in your organization?
Respondents were asked to rank their top three choices.N=377
![Page 6: IMPACT OF SOFT SKILLS TRAININGS ON BOTTOM LINE. SKILLS GAP SKILLS GAP IS A SIGNIfiCANT GAP BETWEEN AN ORGANIZATION’S CURRENT CAPABILITIES AND THE SKILLS.](https://reader038.fdocuments.us/reader038/viewer/2022103123/56649db65503460f94aa8463/html5/thumbnails/6.jpg)
Impact of Soft Skills Gap Ranked 1 Ranked 2 Ranked 3
Lower productivity 77% 40% 38%
Slower time-to-market 16% 8% 6%
Less profitable 10% 24% 20%
Challenges to recruitment 17% 9% 14%
Less efficient 42% 69% 38%
Unable to expand or grow 16% 12% 23%
Less new product development 4% 8% 8%
Harder to compete 8% 25% 22%
Higher expenses 7% 13% 38%
Missed opportunities 31% 26% 14%
Other 9% 3% 17%
What are the business impacts of having a skills gap?
Respondents were asked to rank their top three choices. N=377
![Page 7: IMPACT OF SOFT SKILLS TRAININGS ON BOTTOM LINE. SKILLS GAP SKILLS GAP IS A SIGNIfiCANT GAP BETWEEN AN ORGANIZATION’S CURRENT CAPABILITIES AND THE SKILLS.](https://reader038.fdocuments.us/reader038/viewer/2022103123/56649db65503460f94aa8463/html5/thumbnails/7.jpg)
IN DEMAND SOFT SKILLS• ORGANISATIONAL SKILLS (87%),
• VERBAL COMMUNICATION (81%),
• TEAMWORK AND COLLABORATION (78%),
• PROBLEM-SOLVING (60%),
• TACT AND DIPLOMACY (59%),
• BUSINESS WRITING (48%), AND
• ANALYTICAL SKILLS (45%).
![Page 8: IMPACT OF SOFT SKILLS TRAININGS ON BOTTOM LINE. SKILLS GAP SKILLS GAP IS A SIGNIfiCANT GAP BETWEEN AN ORGANIZATION’S CURRENT CAPABILITIES AND THE SKILLS.](https://reader038.fdocuments.us/reader038/viewer/2022103123/56649db65503460f94aa8463/html5/thumbnails/8.jpg)
SOFT SKILLS VS PROFITABILITY• THERE HAS BEEN A LOT OF RESEARCH PUBLISHED RECENTLY THAT SHOWS
THERE IS A DIRECT CORRELATION BETWEEN PROFITABILITY AND EMPLOYEES' PERSONAL EXCELLENCE.
• RESEARCH ON MORE THAN 200 000 MANAGERS AND WORKERS AT MULTIPLE COMPANIES DURING A 10-YEAR PERIOD LINKS EMPLOYEE RECOGNITION WITH FINANCIAL PERFORMANCE. ACCORDING TO THE DATA, COMPANIES THAT EFFECTIVELY RECOGNISED PERSONAL EXCELLENCE TRIPLED PROFITABILITY IN COMPARISON WITH FIRMS THAT DIDN'T.
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Soft Skills
Training Costs
Impact Improved Performance
Writing Skills
$ 390,000 Reduced average bug fix from 21 days to 12
Access to online writing courses including time to take and complete 5 courses each and successfully complete writing evaluations to prove increased skills. 2 HR reps needed to administer program and build writing evaluations.
Collaboration Skills
$ 660,000 Reduce release cycle of new products to 90 days from 180
$1,200,000 in new sales with 90-day product release target, plus payroll gains and cost savings of $144,000
Delegation Skills
$ 1,720 Goal to reach 100% productivity in 8 weeks compared to 12
Managers reached full productivity by learning to effectively delegate tasks and assume manager’s role in 8 weeks
Problem Solving Skills
$ 340,000 Goal to reach 4.5 rating or better from 3
In the 12 months after the training program really began to show modifications in behavior as proven by reaching 4.5 customer satisfaction scores 85% of the time
EXAMPLE
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SOFT SKILLS VS LEADERSHIP• LEADERSHIP DEVELOPMENT HAS BEEN THE TOP PRIORITY IN A SURVEY FOR
THE PAST THREE YEARS, AS MANY ORGANISATIONS HAVE BELIEVED THAT THE SECRET OF GREATER SUCCESS LIES IN MORE EFFECTIVE LEADERSHIP.
• ISSUES OF PERSONALITY, ATTITUDE AND BEHAVIOUR HAVE A BIG IMPACT ON PERFORMANCE IN THE WORKPLACE BECAUSE THEY AFFECT HOW WELL PEOPLE ARE ABLE TO COMMUNICATE FACE-TO-FACE AND WORK EFFECTIVELY WITH OTHERS.
• OTHER KEY AREAS OF FOCUS ARE CUSTOMER SERVICE TRAINING, PROFESSIONAL SKILLS DEVELOPMENT AND COMPLIANCE TRAINING.
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THANK YOU