Step 4: Gain actionable data
The data tells us that there are two ways to fill skill gaps – training and hiring. Decide which approach (or combination) works best for each gap you are trying to address based on the information available about what will be most effective in filling those needs, as well maybe considering some other factors such a social media presence or how quickly they can produce content!
Industry overview: IT, BFSI and HealthTech
Now we will deep-dive into a skills gap analysis in three industries: IT, BFSI, and HealthTech. We will discuss why a retrospective analysis is essential in each industry and offer some tips on how to close the skills gap in your own company.
The IT industry has been one of the fastest-growing sectors in recent years. With new technologies being developed constantly, it’s essential for companies within this sector to stay on top if they want their businesses not just survive but thrive and grow with innovation as well! Skill gap analysis helps decision makers make informed decisions about how best spend resources which will greatly impact what pace innovations come out while also helping organisations achieve goals efficiently without wasting time or money training employees who won’t be able to help anyway due lack skillset matching job requirements.
Key skills required in IT industry: Knowledge of compliance regulations and standards like PCI-DSS, HIPAA, and CCPA, Ethical hacking and penetration testing, SQL, Container technologies like Docker or Kubernetes, Scripting languages like Python, Ruby, and Cloud platforms, Parametric and nonparametric algorithms, Kernels, Deep learning technique
Here are some statistics and trends about the skill-gap in the IT industry:
The pandemic had a significant impact on the banking sector, leading to transformed skills requirements. Digital tools and technologies were adopted for services communication which created noticeable gaps in traditional soft skills like financial management but also technology savvy ones such as programming languages or cloud infrastructure design/development. While these changes are still happening within this industry there has been an emphasis placed upon upscaling employees’ abilities beyond just being skilled technicians by teaching them how to use new digital applications that will help businesses operate more efficiently.
Key skills required in BFSI industry: Machine Learning, Algorithmic Trading, code in Python, MQL 4, MQL 5 and Excel VBA, it also teaches you how to build logical long-run money making strategies, machine learning R&D, Machine Learning (ML) techniques used in personal trading, Increasing Automation with AI and ML and handing Big Data.
Here are some statistics and trends about the skill-gap in the BFSI industry:
The digital and technological innovation in healthcare has shown a light at the end of the tunnel for doctors and patients alike. The industry is now backed by solutions like electronic medical records (EMR) which allow easy access to patient information while also automating tasks that were once done manually; these advancements have led to increased demand within this field because they help improve performance rates so everyone can benefit equally- no matter their situation or budget! As per an IAMAI report released last year on “Health Tech”, three major challenges remain namely accessibility, affordability, and quality.
Key skills required in HealthTech Industry: Electronic Medical Records (EMR) Build Specialists, configure systems specific to the client environment, specific understanding of HIT analytics and data architecture, Ensuring the performance of HIT systems, Data analytics, SQL Data Analysis, Data Collection, Python
Here are some statistics and trends about the skill-gap in the HealthTech industry:
Why is skill gap analysis important for every business?
“The Future of Jobs Report by the World Economic Forum states that 54% percent or more workers will need to update their competencies in just four years.”
This is because rapid technological developments have created a skills gap which causes an increasing digitalization effect on both personal lives as well professional careers. Here are some benefits of skill-gap analysis.
Advantages of Skill-gap analysis:
Gain actionable insights
The insight that skill gap analysis gives you into your entire workforce will allow for easy identification of which employees have the most knowledge about certain aspects of the business. For example, if there is a need within one department to improve their communication skills but not another area where they excel; accurate insights can help make better decisions rather than wasting training resources and upskilling the wrong skill.
Boost employee growth and morale
When you invest time and money into skill gap analysis, your employees will be able to find out what improvements they need to make for them to perform at a high level that many industries demand. The results of this process should positively impact both productivity levels within the company as well as an individual’s growth potential on the job!
Plan ahead with more efficiency
Planning for the future requires knowledge of your current strengths and weaknesses. skill gap analysis is an important component in strategic workforce planning because it helps you assess what skills are necessary going forward, giving insight into how best to strategize for the future, so that skilled employees step up to offer solutions when needed.
Refine your recruitment process:
By conducting a skill gap analysis, employers can more effectively identify candidates whose skills better match those needed to function effectively in a particular role. This, in turn, can improve the overall quality of the recruitment process. In addition, skill gap analysis can help to improve retention rates by ensuring that employees are placed in roles for which they are suitably qualified.
Stay ahead of the competition:
Skill gap analysis is vital for any organization that wants to create a competitive advantage. By understanding the strengths and weaknesses of your workforce, you can plan in terms of learning, development, and recruitment. This allows you to optimize your organization’s performance. Skill gap analysis can be used to identify the skills that are most important to your organization’s success. It can also be used to identify the skills that your workforce lacks. By addressing these skill gaps, you can empower your organization to stay ahead of the curve.
Skill gap analysis is a process of identifying the specific skills and knowledge that employees need to meet future targets or milestones. This process is important for organizations because it allows them to tailor their training and development programs to better meet the needs of their employees. Though IT, BFSI and the HealthTech industry are highly lucrative, the skill gaps in these industries have consistently widened. Skill gap analysis can effectively help key industries assess better, make informed decisions to bridge the gap, and improve their L&D process. In this blog, we discuss the What, the How, and the Why guide for Skill-gap analysis.
As you can see, skills gap analysis is an essential tool for any company that wants to stay competitive in today’s economy. By regularly assessing the skills of your employees, you can ensure that they have the knowledge and abilities necessary to succeed in today’s rapidly changing business landscape. So don’t wait – start using skills gap analysis in your company today!
The Yaksha Skill Assessment Platform offers in-depth skill assessments for every job role. Whether you are hiring or mapping skill gaps, our platform can help you get deeper insights with role-specific assessments. Explore Role-Based Assessments across Cloud, Java, .Net, Big Data, and more today!