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Building organization assets, with skills as a currency

By | Sreekanth K Arimanithaya | Global Talent and Enablement Services Leader, EY Global Delivery Services

There is no secret formula: Your organization is as profitable as your per-employee profitability. The complexity arises as we also add the need to derive per-employee profitability, and keeping ahead of the organization’s growth curve, while managing the career/growth expectations of the people. 

There are four fundamental concepts that we must factor while dealing with the subject:

  • Nurturing the learning mindset. To begin with, it is important to acknowledge that learning is a continuous process. It needs to be integrated into the needs of the business and is truly future-focused.

So, at any point in time, the entire workforce is skilling, upskilling or reskilling. What we need is a structured approach to define and derive the benefits.

  • Defining the skills taxonomy. As this entire learning juggernaut moves ahead, we need a skills inventory to understand the skills we have onboard. In simple terms: name it, define it, slot it. The skills family hence created must be matched against the future skills needed to meet the organizational vision. 

The key is to remember that this is not a one-time exercise. The system must be digitalized and not just digitized to enable integration with the larger ecosystem – it could be your performance management, recruitment, career mapping, etc.

  • Skills normalization and ontology: Once the skills inventory is normalized, we can define skills and competency pools that can be utilized in real-world scenarios. 

The skills ontology has a more direct impact on creating the opportunities marketplace internally. It will let the business identify and move people, giving the workforce allocation much-required agility and speed.

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