Skills Is the New Currency for Workforce Transformation  

14 April 2021:

For most organisations, from COVID-19 to technological advances, the nature of work has experienced seismic disruptions as we have become more interdependent, knowledge-focused, specialised and flexible about where, when and how we work. Traditionally, the base unit of managing a workforce has been a job. Job descriptions and titles have, until recently, defined how companies viewed work, how they set salaries, and how they made critical decisions around talent and workforce transformation. Today, the base unit of work has fundamentally evolved from jobs to skills.

“It became clear during the pandemic that skills fuel business transformation and organisational resilience. Companies that took inventory of their workforce or talent ecosystem have been able to find talent quickly, move talent to where it’s needed most, and make critical talent decisions to keep the business running during uncertain times. Mercer research shows that 14% of organisations that responded to Mercer’s 2021 Global Talent Trends survey have already embarked on skills-based talent practices such as skills-based pay,” said Kate Bravery, Global Advisory Insights and Solutions Leader at Mercer.

A skills-based approach to workforce strategy assesses talent based on their holistic skill set (including adjacent skills across industries), rather than industry experience or qualifications. A well-designed skills-based workforce strategy will enable organisations to proactively identify future skills needs and develop an actionable plan to retain, build, buy and deploy talent, as needed.

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Source: the HR Director

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