How do you conduct a skill gap analysis?
It is imperative to understand the key trends in the industry before you run a skill gap analysis. You should also study the future industry projections to know what the competitive landscape will look like and the kind of skills which will be in demand a few years down the line.
There are a few skills identification software that can provide standardised models of the skills required as per industry and function. The software models will give you a starting point to figure out the relevant target skills.
Further, you can reach out to hiring managers and talent acquisition experts for on-the-ground knowledge related to the skills they are trying to find in candidates. They can help you validate the key trends which you find through your research.
Now that you know the target skills for job roles in your organisations, it will be easy to measure the gaps between the required skills and the actual skills. You have to essentially build a competency matrix for your organisation.
Below is an example of a simplified skill (or competency) matrix.
While there are many ways of doing this, you can go for technical assessments to measure current skills. Platforms like Yaksha can help you build customised technical assessments specific to job roles.
These skill gaps can be verified on an individual level with the managers. You can also take information from the employees’ performance reviews. You can get even better clarity by having personal interviews with the employees.
The end result of measuring the skill gaps is a skill matrix. While there are two ways you can take action – hire or upskill. In a lot of cases, it makes sense to upskill rather than hire as hiring costs are much higher as compared to a training program. Basically, why replace when you can repair?
This report will help you determine which employees need to be upskilled and the technologies they need to be upskilled in. The skill gap analysis empowers the Learning and Development team to decide topics for training and development exercises keeping in mind the business objectives.
A skill gap analysis is not a once-in-a-blue moon task. It needs to be done regularly if you want to stay aligned with your business goals. It might be tedious but it has its benefits. Yaksha Assessment Platform can help you determine skill gaps of your employees with its customised and role-specific technical assessments.