Does your approach to skills management benefit employee retention?

This article is an extract from a longer article that originally appeared on the Workday blog.

We’re experiencing seismic, global shifts in the world of work. Leaders and employees alike are still figuring out how to adjust to hybrid and flexible work as the new normal, and companies continue to struggle with how to diversify their workforces. 

That’s where skills management comes in. Skills management is the practice of identifying and tracking the skills of employees, mapping those skills to jobs or roles in the business, and measuring how effectively employees use their skills to operate and respond to market shifts.

The importance of managing employee skills is moving into the forefront as organisations need to navigate these big changes in the business landscape: 

  • Democratisation of work: The pandemic has democratised work by making it more accessible. Companies rely more on employees with the right skills even if those skills are outside their specific role.  

  • Technological progress: Digital transformation has accelerated during the pandemic. Artificial intelligence and machine learning technologies, for example, have enabled companies to adjust to new business models, create efficient business processes, and create new products or services.

  • Tremendous uncertainty: As the pandemic has worn on, uncertainty has become part of the business landscape. As a result, business leaders have adopted agile operating models to navigate change.

Having insight into the skills of employees is beneficial for strategic initiatives across the organisation, not just in HR. Organisations with a skills-based strategy are more responsive to change and emerging opportunities, whether that’s getting new products or services to market faster or redefining how work gets done.

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