We live in a dynamic world where demand often outpaces the existing skills and qualifications of the workforce. This mismatch is known as the 'skill gap'.
Organisations looking to modernise business operations from legacy platforms often face a skill shortage. The same companies are reluctant to hire talent that do not have the in-demand skills required to drive modern enterprises. This fuels a collective skill gap in the global marketplace!
What causes the Skill Gap?
Technological Advancements
Rapid technological advancements have been a major reason for the increase in skill gap. The rapid increase in advancements often leaves little time and space for professionals to realign their skillsets.
Changing Job Markets
Changing job markets create new demand streams that are often not market-ready. This implies that these jobs are unable to find the right workforce to meet their production requirements.
Misalignment of Skills Learned in School vs Skills used in the Workplace
The education curriculum of schools and universities may not often be aligned with contemporary market requirements. Especially as our economy and industries are constantly evolving, most fresh graduates are tipped with legacy skills that may no longer be relevant in today’s industries.
Consequences of the Skill Gap
Unemployment and Underemployment
Individuals without in-demand skills may struggle to secure jobs in the modern market, leading them to accept lower pay offers.
Reduced Productivity
A shortage of skilled professionals hampers enterprise productivity due to a lack of essential talent pool.
Economic Impact
Skill gaps can hinder a country's global competitiveness, leading to lower productivity, a less-skilled workforce, reduced GDP, and potentially causing economic stagnation.
Addressing the skill gap is crucial for individuals, businesses, and the economy as a whole. SP PACE Academy plays a crucial role in supporting enterprises in closing the skill gap through Workplace Learning (WpL).
WpL Training Programmes
WpL aims to help enterprises adopt best practices necessary to build a sustainable workplace learning system. SP PACE Academy helps companies to identify critical skill gaps along with job roles which require reskilling or upskilling through Training Needs and Skills Gap Analysis and developing a Workplace Learning Blueprint.
Training by industry experts empowers working professionals with modern skillsets that further ensure better staff retention rate. The productivity cycle of enterprises gets boosted with skill upgradation leading to better profitability.
Consultancy Projects
In addition to training, enterprises are also welcome to engage SP PACE Academy to embark on consultancy projects to drive enterprise transformation.
Have business challenges that need to be addressed? SP PACE Academy will work with enterprises to customise training and WpL solutions, for example developing training roadmaps, On-the-Job (OJT) Blueprint and designing and implementing a Performance Support Process.
Summing up:
WpL opens the door to productivity enhancement and skill gap reduction for enterprises. It is aimed to empower employees to continuously acquire new skills and knowledge in their work environment, ensuring flexibility and in-demand competencies. This, in turn, elevates individual and enterprise-level performance ensuring better business outcomes. By investing in employee skill development, enterprises can better align their workforce with industry demands and get a competitive edge in a highly competitive business ecosystem.