To nurture and maximise potential talent, do you think that the current education system lends enough support? Taking the baton from the educators, how can organisations continue to develop talent?

That is one of the few questions that comes to mind as we look at the O.E.C.D. statistics on advanced countries’ literacy skills.

Taking the U.S. as a case study, its workforce has undergone significant revolutions in the past 30 years. The growing globalisation rate, changes in the economic structure and requirements, and increasingly sophisticated technology have resulted in the emphasis on an educated and skilled workforce. How can we ensure that our nation’s workforce remains competitive in the global economy? We have been relying heavily on the education system, which, at the current stage, is still largely based on a one-size-fits-all approach. However, we recognise that the current education system is insufficient to produce the desired workforce with required skills. Taking the baton from the educators, it is employers’ responsibility to continue developing talent by integrating them into the talent management process.

The need to build a talent factory

For any organisation to successfully achieve their business goals, we know that it is imperative for their talent strategy and initiatives to be aligned to their organisational strategy. Despite knowing this, and heavily investing in talent management activities, many organisations still struggle to fill critical positions. Many organisations are in dire situations as they face on-going economic challenges without the support of the education system in providing workforce-ready talent. A survey of HR executives from 40 organisations worldwide indicated that all of them do not have sufficient high potential pipeline to fill strategic management roles.

In today’s workforce the soft skills level is gradually diminishing. Firstly, the skills level of the existing workforce naturally depreciates over time due to rapid environmental changes and limited up-skilling opportunities. Secondly, new entrants, despite possessing high paper qualifications, lack the necessary soft skills to deliver on the job. Workforce skill sets need to keep up its pace with employers’ expectations, organisations’ growth strategies as well as global economic growth. The existing education system may well need a full-blown reform strategy to better equip the new entrants before they enter the workforce, as highlighted by the American Society for Training and Development (ASTD) and as seen in the Unlocking Britain’s Potential Campaign. In addition, employers need to actively develop and polish the skills of their workforce.

While there has always been heavier emphasis placed on academic qualifications for workplace readiness, it is important to note that workforce skills are equally valuable, if not more. Compared to two years ago, a study involving 407 HR professionals found that the two most desired skills for employees are adaptability/flexibility and critical thinking/problem solving, regardless if the employees were experienced or not. In another report, 84% of those surveyed indicate that there is a skills gap, predominantly soft skills, within their organisation. To address this, employers need to equip their employees with up-skilling opportunities as well as transition skill sets required for them to step up to greater responsibilities or to embark on new career paths. This will contribute to sustainability in workforce competence and talent pipeline.

Check out our next article to learn the key ingredients in building a talent factory!