Meeting today’s skill demands

The majority of businesses have undergone a transformation in light of the recent crisis combined with digital fluency needs. Many are restructuring and/or exploring new processes.

The CIPDs latest quarterly labour market outlook report shows recruitment drives are seriously on the up, as well as 44% of firms confirming they would upskill existing staff to fill certain gaps. These gaps include roles with specialist, harder to find skillsets (the “buying” culture of resources can prove slow and expensive in today’s climate especially when looking for specialist skills).

Regardless of recruitment needs, we do not leave school, college or university with the exact set of skills needed for the rest of our lives. The need to reskill throughout our careers has become more apparent in the last 18 months and according to the Future of jobs report 2020, 50% of all employees will need reskilling by 2025.

How can businesses enhance existing skills or completely reskill teams to get ahead?

Complete an analysis of existing skills

Utilising a skills framework or career pathway tool makes things a lot easier. Plotting skills, planning career pathways and identifying new responsibilities unlocks development opportunities for people, as well as highlighting skill gaps.

It is then possible to target development to maximise both individual needs and company ROI.

Agree training needs and form a development plan

Consider on the job learning, curating existing content, flexible learning online or external training providers. Engage your teams. Communicate the plan, share evidence and create initiatives. Implement the training plan and evaluate.

Considerations

1. Training vs hiring costs

The retention of quality talent can save on longer term and recurrent fees of recruitment and onboarding.

2. Employee wellbeing

A development plan, whether for building on existing skillsets or learning completely new skills will empower existing teams, create job satisfaction and show the organisation’s commitment to staff.

3. BVCA Fund Management Career Toolkit

At the BVCA, we’ve created a comprehensive guide to the knowledge, skills and attributes needed to successfully advance within the deal team of a private equity or venture capital firm. This is by no means a mandatory set of rules or objectives, but rather a reference tool for BVCA members, both for organisations and individuals within deal teams at our member firms.

We also offer free consultations to discuss team or individual learnings requirements through our bespoke services.

The toolkit is available as an interactive tool or downloadable pdf and can be accessed by BVCA members here.

Or, please reach out to a member of our team — training@bvca.co.uk

Authored by

Natalie Whiley, Head of Training, BVCA

Sources: BVCA, CIPD, World Economic Forum — Future of jobs report 2020