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THE SKILLS CURRENCY: UNLOCKING INTERNAL MOBILITY WITH REAL SKILLS DATA
The presentation discusses the importance of measuring skills in the labor market and within companies to enhance internal mobility and address skill gaps. It highlights concerns from CEOs about skill availability and emphasizes the need for companies to develop detailed skill profiles to promote employee growth and retention. Degreed offers a systematic approach to track and develop employee skills, which can lead to improved organizational performance and employee satisfaction.
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THE SKILLS CURRENCY: UNLOCKING INTERNAL MOBILITY WITH REAL SKILLS DATA
- 1. The Skills Currency UNLOCKINGINTERNAL MOBILITY WITH REAL SKILLS DATA Jessi Roesch Skills Manager | Degreed [email protected] 1
- 2. Today’s Agenda Hello. We’re Degreed. 01:Skills Matter in the Labor Market 02: Skills Matter in Your Company 03: Winning Companies Measure Skills 04: Unlocking Internal Mobility The content of this presentation is proprietary and confidential information of Degreed. It is not intended to be distributed to any third party without the written consent of Degreed.2
- 3. Skills Matter inthe Labor Market
- 4. (.n) anxiety A feelingof worry, nervousness, or unease, typically about an imminent event or something with an uncertain outcome.
- 5. THE ANXIOUS CEO 92%of CEOs are worried that their employees don’t have the skills they need
- 6. THE ANXIOUS CEO 80%of CEO’s are worried about the availability of key skills
- 7. THE ANXIOUS CEO 0%of CEOs can answer the question what skills do we have today and what skills to we need tomorrow in a codified way.
- 8. Skills Matter inYour Company
- 9. What impact is ‘availabilityof key skills’ having on your organization’s growth prospects? 9 PwC, 22nd Annual Global CEO Survey, January 2019.
- 10. It’s a worker’s marketout there. Job openings are outpacing workers. Job mobility is increasing. We have enough jobs. We don’t have enough skills. 10
- 11. Microsoft cut 4,000 salesand marketing jobs – resulting in a $306M restructuring charge – “mainly to evolve the skill sets we need” to compete in the cloud software market. The New York Times, Microsoft to Cut Up to 4,000 Sales and Marketing Jobs, 2017; Microsoft 2017 Annual Report to Shareholders 11
- 12. External hires cost employers18 percent to 20 percent more in salary expense than existing employees promoted to similar positions. Wharton School. Paying More to Get Less: The Effects of External Hiring Versus Internal Mobility, 201712
- 13. Career are Changing 13 Careersare longer Tenure is shorter Skills stay relevant less time
- 14. Skills in theLabor Market PROPRIETARY AND CONFIDENTIAL – DO NOT DISTRIBUTE14 Supply DemandBrokers HR Recruiters Workforce Planning Job Boards Gig BPO Self- Directed Learners Professional Associations Higher Ed Consultants Freelance Contract Based Employers Full Time Employers Part Time Employers They Have Skills You Need SkillsFriction
- 15. Companies need a currencyto answer Do we have the skills we need to win? 15 Employees What are my job or career goals? How can I measure and prove my skills? What skills do I need? Where can I best build the skills I need? Where am I strong or weak? CHROs What skills do we need? How are we doing? Where are we strong or weak? What will best build those skills? CEOs Do we have the skills we need to win?
- 16. Companies need a currencyto answer 16 What is the likelihood that you would recommend us to a friend or colleague? minus NPS Score %Promotors %Detractors 8% Detractors 18% Passives 74% Promotors
- 17. 17 By substituting asingle question for the complex black box of the typical customer satisfaction survey, companies can actually put consumer survey results to use and focus employees on the task of stimulating growth. Frederick F. Reichheld Bain & Company Director Emeritus
- 18. Benefits of NPS Codifiesa complex problem in a simple way Promotes continuous improvement Enables executive-level conversation Allows for benchmarking across dimensions: Time Functional disciplines Companies Industries 18
- 19. Benefits of SkillMeasurement Codifies a complex problem in a simple way Promotes continuous improvement Enables executive-level conversation Allows for benchmarking across dimensions: Time Functional disciplines Companies Industries 19
- 20. You cannot leveragean unknown asset Susan Clavin Skills Profile Problem Solving Level 6 Presenting Level 3 Teamwork Level 7 Big Data Analysis Level 5 Communication Level 3 SQL Level 6 Object C Level 4 Scrum Level 1 UX Design Level 2 Java Level 2 1. What can people do? 2. How well can they do it?
- 21. Skills in theLabor Market PROPRIETARY AND CONFIDENTIAL – DO NOT DISTRIBUTE21 Supply DemandBrokers HR Recruiters Workforce Planning Job Boards Gig BPO Self- Directed Learners Professional Associations Higher Ed Consultants Freelance Contract Based Employers Full Time Employers Part Time Employers They Have Skills You Need SkillsFriction
- 22. Skills in theLabor Market PROPRIETARY AND CONFIDENTIAL – DO NOT DISTRIBUTE22 Supply DemandBrokers HR Recruiters Workforce Planning Job Boards They Have Skills You Need Skills Data + Technology Business Analyst Data Visualization ScrumPresenting Business Case Analysis Financial Analysis Microsoft Excel Data Scientist Data Mining Algorithm Creation Scrum Data Visualization Microsoft Excel Python
- 23. Leaders aren’t surehow to proceed Degreed survey to L&D professionals on Skill Gap Measurement, 201623
- 24. Degreed creates theability to have a universal yardstick of skills. That really opens up the whole world, we’re talking about the American Dream. Tony Gagliardo NASA/Jet Propulsion Laboratory 24
- 25.
- 26. What do outperformers do differently? 2.2x Consistent“reinventors” are more than twice as likely to link their skills and systems to their business strategies. And they’re twice as likely to invest in continuously developing their people’s skill-sets. IBM. Global C-Suite Study, March 2018.26
- 27. Recruit Holdings maintains detailed skillprofiles and maps skills to job roles, enabling 90% of employees to be promoted in three years Harvard Business Review. Layoffs That Don’t Break Your Company, June 201827
- 28. Two Part Solution 28 Align AlignHR and business objectives to provide the support for people to gain skills Measure What can people do and how well can they do it?
- 29. The Skills Lifecycle Align 29 Decideskill needs to aligned to business objectives Measure Generate benchmark skills data to determine emerging skills and gaps Curate Align internal experts, learning professionals, and content resources Train Engage employees to acquire knowledge and practice skills Repeat
- 30. Winning Companies MeasureSkills 30 1. Universal – Any Skill 2. Measure Outcomes 3. Any Level 4. At Scale – Range of Rigor, Methods
- 31.
- 32. If you hadskills data, what could your company do that you cannot do today?
- 33. Use Case Future Proofing & Innovation Fillingskill gaps Workforce & succession planning Building emerging skills Employee Mobility Internal Hiring & Career Pathing Resourcing Projects Employee Retention & Engagement 33
- 34. Internal Mobility Building BenchStrength 34 An insurance company spends millions hiring to backfill positions of employees that get “empathy burnout” and loses millions more in slow and ineffective claims operations. Degreed will help them develop deeper bench strength so more people can process claims during peak times, and have the data to empower employees to move up and around the organization. Problem to Solve Lower claims errors during peak volumes & reduce agent burnout Key Metrics Recruiting Costs Productivity in Claims Processing Stakeholders Learning & Development, Talent, Claims Operations
- 35. Internal Mobility Time toProductivity 35 An industrial manufacturer has an average employee tenure is over 20 years. At any time they have 13,000 internal job openings, and another 13,000 externally. They have to very quickly become great at training young new talent in advanced technical, engineering skills and leadership skills. They also need to be able to move people up and around the company more easily as their most experienced technicians prepare for retirement. Problem to Solve Ramping up new talent to replace an aging workforce Key Metrics Time to Hire Time to Productivity Stakeholders Learning & Development, Talent, CEO
- 36. Internal Mobility Enable RecentGraduates 36 A multinational consumer goods company hires tens of thousands of new university graduates each year, but many lack key leadership and soft skills to contribute in their fullest capacity from day one. They also desire visibility to a career path. Degreed can be the system of record for all skills, the main tool to train up new college graduates and ensure they have the digital skills they need to get the promotion they desire and help the company win. Problem to Solve Create a path to promotion by building needed skills Key Metrics Recruiting Costs, Marketing CPA New Hire Retention & Promotion Rates Stakeholders Learning & Development, Talent, University Relations, Marketing
- 37. Jessi Roesch Skills Manager Hey,thanks a lot. Seriously. What questions can I answer? Favorite Expert Adam Grant Currently Reading Measure What Matters by John Doerr Currently Learning Athletic Coaching https://degreed.com/jessiroesch www.linkedin.com/in/jessi-roesch-rhymes-with-fresh 37 [email protected]