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5 key steps for discovering the skills gaps at your business Logo cgma

  Bernard Marr |   Free |   Sep 2021 |   FM magazine

Keeping pace with change means that businesses and professionals need to assess and remedy the difference between the skills they have and the skills they need.

Topics covered:
  • Management accounting: Leadership: Driving performance, Advanced

3 Comments/Reflections

Xia Wang

Xia Wang Jun 2023

it is important for individuals o understand self-strength and weaknesses, and it is even more important to understand the skill gaps in my organization in order to better fit in the business and contribute more to the team.

the take away from this article I got  are the following 2 points:

1- Put me as the owner of the business strategy goal, to identify what skills are required to achieve such goals, then draw the map of current capability and required capability for  myself, the team, and the whole organization 

2 - Close the gap - this is also a great chance to identify talents in the team, and benchmark teams capability with external market, which would be very helpful to work out a competitive employee development plan
Donatus Bosuh

Donatus Bosuh Jun 2022

For some companies, dealing with such gaps is restrained by cost to the company. The ROI, may not be an issue, they attempt by forecasting the investment on the needed training to achieve these gaps filled. Affordable, Labor turn over (some, after acquiring these skills may leave), associated cost by way of staff demanding wage increase because they see any new thing they do as value creation.

Article does well by suggesting ways to identify the gaps. As a finance person one other important matter is to explained sufficiently enough for Management to agree to invest into the necessary training to deal with the gaps.
Michael Coffey

Michael Coffey May 2022

some interesting points as we are trying to automate more in our systems and customer  offerings ,staff resistance to change is a consideration.. but its interesting to read training up current staff members may only take  take 4 days to up to 13 weeks while if  hiring in a more  expensive outside hire/subject expert ,,that person though skilled may take up to 2 years to understand the scope of large organisations.. its operations and culture to the required granular level . 

its also very intersting to read that half my current skills maybe obsolete in 5 years time and maybe all i learned 10 years ago may now be obsolete ..such is the rate of change..

More Motivation.  not that more was needed for CPD