November 6, 2021
Organizations across the globe have recognized the need for digital transformation to compete in the current business environment, says Beth Beaupre of Dash &Thomson in 2021. Gartner reports that less than 50% of business strategies reference dataskills as a vital factor for supplying organization-wide value. According to Mike Rollings, Research Vice President at Gartner, “leaders need to look at data first to succeed in their digital initiatives, rather than treating themas an after thought to help with ad hoc projects.”
Upskilling has become imperative According to the World Economic Forum, 54% of existing employees will require significant retraining and further qualifications by 2022. Thirty-five percent of those who need new skills require up to six monthsof additional training. Today, some companies recognize the importance of training and retraining their employees to cope with the changing circumstances of their roles and practices. However, many other companies have significantly delayed reinvestment in their employees.
According to the 2020 WEF Future of Jobs Report, employee retraining and upgrade times are becoming shorter and shorter in today's market. Given the recent recession, companies need to provide more support to those in need of retraining and upgrades. By 2025, 73% of companies say they will provide reskilling and development opportunities to help their employees work correctly and efficiently.
Common Trends Driving the Need for Data Upskilling
With the advancements in technology and digital transformation being at the forefront of strategic initiatives, there is a need for more tech-savvy, data-specific roles for most everyone within an organization. The COVID-19 pandemic has sped that transformation for most organizations.
With technology heavily influencing the way organizations are run, the requirement to upskill current employees’ data science competence has begun to emerge. Nowand in the future, organizations need to be aware of these trends so they can future proof their teams and be more attractive and competitive for prospective talent. Here are some of the most important points to keep in mind.
1. Data analysis is universal. Data isn't just stored, it's a company-wide product that most people can use to make a profit. As the amount of data available grows rapidly, organizations need to continually evaluate and evaluate the best ways to use it. You need a team member with experience in data analysis.
2. AI emergence. Artificial intelligence and machine learning make systems smarter and do more every day. The potential of AI to automate repetitive daily tasks represents a significant shift in the workforce. While concerned about the movement of the workforce, there are many opportunities for employees to be promoted to higher positions. Start training your team now and stay ahead of the curve to show value and ROI.
3. Data-driven performance. Employees and organizations are continuing to fall behind on performance as the skills required to decipher big data are lagging. Upskilling your team to understand and interpret will help your organization sustain itself for the future.
4. Skills gaps and shortage of talent. According to a McKinsey survey, data analytics is the biggest skill gap noted throughout organizations. McKinsey states that over40% of organizations confirm it is an urgent priority and crucial for overall success to upskill these gaps.
5. Cross-functional teams. In order to reach company-wide success, it has become imperative that data analytics crosses various teams throughout an organization. Incorporating a diversity of skillsets combines teams working towards the same goals.
6. Bottom-line cost. Hiring and onboarding new employees is expensive.Organizations are finding that it is a lot more cost effective to upskill current employees instead of hiring new talent. Keep in mind, with data skillsets come higher salaries as well.
As the demand for data skills increases, and talent shortages continue, it is imperative to upskill your teams now. By upskilling current employees instead of searching for high-salary new talent, most organizations will come out ahead.
Create a Foundation for Development
Building basic data science skills doesn't happen overnight. Organizations need plans to succeed and envision large scenarios of how skill development and upgrading existing employees can help the organization. Administrators need to fully understand the team's current skill level, understand where the skill gap really is, and determine the best format for learning and developing through continuing education. Create individual work-related development and training plans tailored to your individual learning needs so you can track and measure success.
Steps for Successfully Upskilling your Employees
Identify and predict your organization’s data skill needs, identify competence gaps (knowledge, skills, behaviors, attitudes, etc.), and create learning paths for successful upskilling.
Invest in,develop, and provide effective training for all employees.
Anticipate and adapt to changes your organization may face and make L&D a vital part of every employee career path.
Keep in mind the need to upskill for both hard skills and soft skills. Not only is datascience critical for future business success, but it cannot happen without the broader soft skills such as communication, problem solving, relationship building, and adaptability. Having comparable soft skills training enables employees to enhance their technical skills and improve their ability to learnand absorb more strategic information.
The ability to make data-driven decisions is and will continue to be a core competence. You can keep your business successful by engaging in training programs for your employees. The most effective leadership team sets an example and keeps your skills up to date. Prioritize data-driven skill building and invest in training. Allow your employeesto harness the data-driven workforce and always remember that the most important investment for your business is investing in your employees.
More info: https://www.dashe.com/blog/upskilling-in-a-data-driven-workforce
