Closing the Skills Gap by Boosting Employee Experience
Changing economic conditions and the adoption of new technologies create moving targets for entire industries. Talent supply has not been able to keep pace, resulting in a major skills gap across the country.
According to an extensive report from the consulting firm Korn Ferry, the ongoing skills gap will cost the economy $8.5 trillion by 2030. In tech alone, the report states, “the U.S. could lose out on $162 billion worth of revenues annually unless it finds more high-tech workers.”
Our CEO and co-founder Anthony Hughes recently presented at the From Day One conference in Manhattan, addressing this very topic. In particular, he focused on the significant technical skills gap related to software development.
“The demand for software developers massively outpaces the demand for all other occupations,” he said.
What can be done to fill these gaps? Watch his presentation in full to learn how to evaluate your talent-development methods and explore how to deploy an effective program that can close your company’s skills gap by enhancing the overall employee experience. In this post, we’ll highlight the main takeaways from the event.
Employees want to feel genuinely engaged Research shows that an engaged employee is nearly twice as productive as a disengaged employee. In order to increase employee engagement, Anthony emphasizes that employees want actions that are meaningful, sustainable, and transformational. These include:
- Skills investment
- Fair compensation
- Mobility opportunities
- Diversity among teams
“When people feel like they belong, like they’re being invested in, and like there are opportunities for mobility, that drives engagement and performance, as well,” he said.
The case for reskilling your employees
Investing in your employee’s skills is a great place to start increasing engagement. When it comes to software development, Anthony notes that upwards of 30% of your current workforce has the ability to code. They just might not know it.
“Great talent and great minds exist everywhere,” he said. “The great asset of a company is its people. It’s incumbent on us to active that potential.”
Provided opportunities to explore coding and software engineering, current employees may choose to pursue that path as a way forward, which ultimately helps their career development while also helping your company reach its goals.
How to develop an effective reskilling program
As Anthony details in his presentation, there are a number of ways to go about reskilling your employees and investing in an enhanced employee experience.
You can develop an in-house initiative for training, or you can partner with a reskilling expert who comes in to evaluate your needs and provides training accordingly.
When partnering with Tech Elevator, employers can directly sponsor their employees to enroll in our intensive coding bootcamps in order to train and become proficient software engineers. We also have full-service solutions to help you build your own internal reskilling program.
Whatever your approach, we help to identify employees who might be a good fit through our admissions process, reskill those employees through our veteran instructors, and then redeploy them back into your organization, where they can leverage their new skills and confidence to tackle technical problems and projects.
Depending on your organization’s resources and desire to reskill, our team is capable to developing a plan to meet you where you’re at.
For more information, explore our site to learn more about Tech Elevator’s Workforce Solutions.