Departments need to understand what skills they require both now and in the future. To do that, departments should first ascertain what skills they have in-house before they can analyse what is missing.
A skills gap may be defined as:
- A significant gap between an organization’s skill needs and the current capabilities of its workforce.
A skills gap is the point at which the organization can no longer grow or remain competitive because it does not possess the right skills to help drive business results and support the organization’s strategies and goals.
There are a few telltale signs that your organization is facing a skills gap.
- Your department routinely misses corporate performance objectives because it lacks requisite employee skills.
- There’s an obvious mismatch between the organization’s needs and the capabilities of the workforce.
- You have a high percentage of employees nearing retirement-age without a similar number of younger workers with similar skill sets.
The first step to correcting this problem is to take the time to identify which skills are missing from your labour pool. It’s a simple three-part process:
- Understand department needs
Start by reviewing your department business objectives. You must begin with a clear business objective in order to align available or acquired skills to those goals. Which employee skills are required to meet those objectives? For example, your department may be missing technical or sales skills.
Any investment in skills development must support your business objectives. Otherwise, the money you will spend in training or hiring may be wasted.
- Take a skills inventory
Look at the skills of your current employees to start an inventory. Testing may be the preferred method. Skills testing can provide a good assessment of the collective skills within your department. Do your best to document every single verifiable skill.
- Identify skills gaps
Compare the skills inventory against department needs to identify skills gaps.
Next, fill in the gaps
Once you’ve identified skills gaps in your department you can take action to develop or acquire skills by hiring new employees and/or training existing employees to develop those skills. Work with your human resources department to set a budget and timeline.
Discover the Claret Partners Advantage
Within The Claret Partners Tax Resource Roadmap, we’ll help you to find and fill the gaps in your tax resourcing by challenging you to objectively review your people, processes and compensation plans.
No matter what your business or the size, tax departments have a significant responsibility – to deliver efficient, credible tax provisions, reporting and compliance. Achieving this goal requires your data, technology, people and process be effectively integrated.
To discuss your tax provision needs, please call 416-406-3337 or contact us to request more information.