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Talent Agility: The new business model

Authored By: Jody Fosnough on 5/24/2023

Originally published in Business Women of Northeast Indiana on May 8, 2023

Learning is encouraged growing up, but then adulting happens! We transition from curious to routine, experimental to structured. Learning at work became a nicety, not necessity and training became extravagant, not essential.

The Learning is a Luxury model prohibits businesses from effectively tackling market disruptors and inhibits organizational growth. Developing employees sustains business, maximizes retention, engages employees and ultimately outperforms competition.

Re-skilling Relevancy:
Half of all employees will need re-skilling by 2025 (World Economic Forum’s Future of Jobs Report) and 65% of Gen Z jobs don’t even exist yet. 90% of organizations anticipate a meaningful skill gap and the finance industry is no exception. A few ways to pivot toward defining skill relevancy:

  1. Identifying competencies and hiring for transferrable skills: 69% of the world’s most admired companies value learning agility and curiosity over career history and experience (Korn Ferry Report)
  2. Embracing a learning culture: Integrate continuous learning objectives into every role, hold employees and managers accountable for growth, and provide time for learning
  3. Investing in re-skilling: Identify skill gaps and create intentional programs to address future skill needs
  4. Diversifying knowledge transfer: Learn online, in-person, micro-learning, community partnerships, etc.

Retaining Employees:
The Great Resignation has transitioned into a workforce of quiet quitters who comprise 50%+ of the U.S. workforce, while actively disengaged employees grew to 18% (Gallup). Companies that make a strategic investment in employee development are twice as likely to retain their people while increasing profitability 11%.

The top reason people leave their job is lack of career development and advancement (McKinsey Global Report 2023) and 71% of workers felt job training and development increased job satisfaction (Smartbrief).

Career Growth:
Predictable career trajectory is fading, replaced by the need to grow skills. Not all career advancement is upward, however. Involve your workforce in defining how to grow in place, expand their job, develop a niche or adjust career paths. Ideas to challenge your own growth:

  1. Anticipate job function/industry trends
  2. Develop portable skills
  3. Learn from mentors/thought leaders
  4. Embrace a growth mindset

Lifelong learning is an intentional, proactive strategy. Transforming your business model to drive talent agility will retain your workforce while differentiating you from your competition.

Jody Fosnough graphic for BusinessWomen column

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