This is a fascinating report, McKinsey & Company. To address one of the points—upskilling. We see this all the time, and it's a real test of #management. If you ask any manager, leader, or person responsible for others, "Who is the most talented in your team?" they will have a good gut feel. They will also have a gut feel for who is not the most skilled/capable/talented. Most of the time, they are spot on.
What is often missing, however, is documentation. What skills should exist (today and tomorrow)? Where are people in terms of their current capability levels? Where should or could they be with appropriate training? Who gets trained first? Which processes are prioritised? It's a bit like peeling back an onion, one layer after another. It's easy to give up and rely on gut instinct, but that only gets you so far.
We genuinely believe that simple, visual metrics like the Skills Matrix can help. The idea is that one report shows the top skills, all team members, and a range of capabilities, often depicted with colour (think #RAG). The simplicity of the reporting provides an informed view of a team's capability within 5 seconds from 5 feet! The true acid test is to inform managers, leaders, and team members themselves about the current state of skills capability in their teams.
If every organisation used a skills matrix, we would see a significant improvement in organisational efficiency both globally and regionally.
While you may think that this would detract from providing opportunities to the unemployed, think bigger—MUCH BIGGER. In fact, what you end up with are organisations that can rapidly upskill internal resources, create economies of scale to become more competitive, and result in more growth. Once these optimised teams have absorbed the additional resources created from upskilling, they can look to employ additional talent (the unemployed) and engage and upskill them rapidly, continuing the evolution.
Key here: start with a skills matrix. https://lnkd.in/eUEhti3n
#skillsmatrix #effectivetraining #effectivemanagement #effectiveleadership
Labor markets in advanced economies are tighter than they have been in decades—and the trend is set to continue, imperiling GDP growth.
Explore labor market trends in 20 charts. 📈 mck.co/laborshortages
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2wMcKinsey & Company, The tight labor markets highlighted in the McKinsey report reveal a critical challenge for economies worldwide. It's not just about numbers—it's about missed opportunities for growth and innovation. By embracing skilling and flexible work arrangements, businesses can tap into diverse talent pools and boost productivity. Encouraging longer careers and supporting women in the workforce are pivotal steps towards inclusive economic expansion. The call for investment in AI and automation underscores the need for adaptive strategies in a rapidly evolving job market. Addressing these dynamics isn't just about economics; it's about shaping a future where everyone can contribute meaningfully to progress and prosperity.