Over the past few years, one of the biggest buzz phrases to emerge in professional circles is “skills gap.” Skills gap refers to the difference between the skills employees have and the skills employers need. While a new graduate may apply with fantastic credentials and a diploma, it simply isn’t enough. Even top-notch universities are not fully preparing their students to take roles in the workforce. In some cases, this may mean they lack basic skills, like using Microsoft Word or Excel, while in others, they lack the project management abilities necessary to perform well. According to Business Insider, it now takes 26 days for a company to fill a position, compared to 23 in 2006, and experts say the trend will continue due to the skills gap.
In general industries, it may be easy enough to wait it out and hope that a solid candidate will come along, but specialized positions likely benefit more from internal training and hiring. The obvious benefit to training and developing your existing employees is that you’ll always have people ready to fill vacant positions, so you won’t need to worry about positions going unfilled due to the skills gap.
In a perfect world, every office would have an unlimited training and development budget, but we don’t all have this luxury. Even still, it’s well worth the time to develop a training process or package with the funds you do have, and perhaps even define a reward scheme for employees to seek external development. At the HR Source, we offer many services, from HR help to staffing. If you’d like help taking your team to the next level, contact us today.