Day 4

Skill-Based Strategy

• Skill-based strategy emphasizes employee skills over job titles.
• Organizations focusing on skills are more adaptable to change.
• Top talent retention is enhanced when employees feel valued.

Quick Recap

•  Questions about data classification, examples of unstructured data, inferred data, declared data, and first-party data were presented.
•  Information about three types of People Analytics (PA) technologies companies might implement was requested.
•  Considerations involving buy vs build technology were presented.
•  Methods for gathering employee data and building employee trust were explored.

Index

• Skills are valued as the new currency, alongside methods for skill acquisition, including taxonomies and practical exercises.

Skills are the New Currency

• Technology is rapidly advancing, creating dynamic environments.
• Organizational competitiveness relies on retaining top talent and fostering skill development.

Just Like Money!

• Skills are valuable assets for employers and society.
• Skilled individuals have access to more opportunities.
• A diverse skillset is akin to a well-stocked bank account, enhancing career prospects.

What are Skills-Based Organizations?

• Skills-based organizations prioritize employee skills rather than job titles.
• Employee contributions are aligned with organizational goals.
• Employees are not confined by job descriptions but can take on various projects.

Job-Based Org vs Skill-Driven Org

• Job-Based Org: Specific job roles with defined responsibilities, repetitive task execution, and hierarchical structure, focused on seniority and job-specific training.
• Skill-Based Org: Flexible task delegation based on skills, higher innovation levels through diverse employee collaboration, agile team work without hierarchical structures, and skill-oriented promotions and training.

Benefits of Skills-Based Org?

• Agility: Rapid adaptability to changes in the business environment.
• Engagement: Increased employee motivation through skill recognition.
• Retention: Higher employee loyalty due to opportunities to develop skills and use them.
• Productivity: Enhanced worker output due to more efficient use of skills.
• Innovation: Stronger capacity for creative problem-solving and idea generation.

What is a Real Skill-Driven Strategy?

• Embedding skills at all levels fosters a more inclusive and equitable job market.
• Emphasizing skills prioritizes employees regardless of their traditional credentials or qualifications.
• Implementing skills-based approaches throughout the employee lifecycle (hiring, onboarding, learning and development, and internal mobility) improves worker experience and overall organizational success.

Skills in the Talent Lifecycle

• Recruiting & Onboarding: Attracting and integrating skilled employees.
• Assessment: Evaluating and matching employee skills to organizational needs.
• Reward & Pay: Equitable compensation based on skills and expertise.
• Career & Mobility: Providing opportunities for continuous skill development and internal advancement.
• Resource & Redeployment: Efficient allocation of resources based on skill demand.
• Analysis & Planning: Assessing skill gaps and planning for skill development needs.
• Forecast & Benchmark: Anticipating and responding to market trends in skills.

Where are Companies?

• Different phases of skill-driven transformation were presented, ranging from exploration to being fully integrated.

How do we get them?

• Methods for collecting skill information were divided into internal and external sources, and methods for gathering them manually, or using AI.

Manual vs AI-Based Approach

• The manual approach faces challenges completing its HR systems.
• Utilizing natural language processing (NLP) is a possible solution for better skill identification.

Understanding the Context of Structured and Unstructured Data

• The importance of context in interpreting data, whether structured or unstructured was explored.

Internal Sources

• Applicant Tracking System, Open Positions, Employee Resumes, and Skill Assessments

External Sources - Employee Level

• Consent and opt-out options to share information.

What else can we do?

• Skill taxonomies, a structured approach for understanding skill relationships,
• Skill prediction, which identifies implicit skills that were not explicitly stated.

What is a Skills Taxonomy and Why Do You Need It?

• Skills taxonomies are comprehensive lists of skills relevant to an organization.
• Taxonomies aid in comprehensive understanding of job requirements and identification of skills gaps.
• Skills-based approach is beneficial in upskilling and reskilling initiatives.

What is a Taxonomy?

• A hierarchical classification system for skills and competencies across various levels.

Why we need a Taxonomy?

• A common language framework for skills.
• Understanding business priorities.
• Identifying and mitigating talent risks.
• Skill gaps and mismatches between employees and roles.
• Data-driven decision-making.
• Using skills as a critical resource.

Types of Skills Taxonomies

• Expert-Driven: Expensive and prone to obsolescence.
• Data-Driven: Algorithmic derived, can be updated rapidly within the labor market.

Resume Screening using Machine Learning

• Methods in resume screening utilizing Python and machine learning techniques.
• Practical exercises in data analysis and evaluation.

Extract Skills from CV

• Methods for extracting skills from CV's

Practice of the Day

•  The practical work in the session is presented.

Continue with figures & data

•  Additional questions and needed steps to gather data were presented.
• Gathering data was recommended to be continued with figures and data.

Validate Skills with an Assessment

•  A survey was presented for assessing employee skills