We are working on a framework to bring out the strengths of an in-house resource. We want to bring in the skills that an in-house resource already brings to the table. These are skills and competencies that an enterprise resource accumulates over time. This shows the need to teach an additional technical skill and make the resource relevant. In several cases, that skill is often a 5 to 6-month journey. But the journeys around the other skills are longer journeys.
The world of work is on the path of witnessing a significant transformation. The upcoming technological revolution is expected to drive a quantum leap in our abilities to organize human life, including business and trade. The corporate business models, operational workflows and the competency needs of modern organizations too are expected to evolve rapidly, following suit.
Draup’s research reveals that nearly 75% of all job roles is likely to undergo some form of digital disruption. With the introduction of AI and digitalization, the production is largely dematerialized, making manual work and existing skills obsolete. As a result, organizations are likely to experience a growing need for a workforce. Not only skilled in developing technology, but also incorporating novel technological processes in their everyday business workflows. Draup recognizes this workforce as ‘operator talent pool’ and opines that the effectiveness of procuring top-notch technology is brought out only when it is put in the hands of effective operator talent pool.
Largely, start-ups are looking at acquiring digitally skilled talent as the answer to this challenge. However, legacy enterprises and major corporations are found oscillating between choices of letting go of their in-house workforce or taking digitization slow. Companies are gradually realizing the advantages of retaining their in-house workforce and reskilling them as an option assuring a win-win outcome.
Reskilling the in-house workforce with learning and development programs will accelerate the digital evolution of traditional workforce, thus, catering to the digital talent demand. These skills not only help the employees in performing core tasks with higher productivity, but also increases their adaptability to new environments enabling growth and professional development.
Draup analysed various core hard skills attained by an employee in an organization with significant years of experience. Along with this comes company-specific skillsets mastered over a long period like understanding of business domains and company proprietary systems. Traditional workforce with these skills and experience are forefront candidates for reskilling in any organization.
On the flip side, if new talents replaced these employees, the time and resources invested in getting them to internalize the organizational operational workflows and would comparatively be much more than those spent on reskilling their existing workforce. US Bureau of Labour Statistics further confirms the efforts in this direction to be effective as it recognizes over 1.3 million employees to be reskillable, in US alone.
Draup’s Talent Intelligence Platform thus advocates reskilling of in-house workforce for organizations across industries and functions. It further facilitates these reskilling initiatives with its unique ‘reskill navigator’ and ‘path predictor’ features and thus enables organizations to address their skill gap challenges. Draup’s cost-benefit analysis model further estimates that reskilling an existing employee to be 22% cheaper than hiring a new employee.