Strategic Workforce Capability Planning: Ensuring Future Fitness Through Upskilling and Reskilling

Cosimina Nesci, Senior Learning & Leadership Manager Design and Delivery, Allianz

Navigating the ever-shifting business landscape poses a constant challenge for organisations striving to maintain relevance and competitiveness amid rapid technological advancements and market dynamics. An effective solution to confront this challenge head-on is strategic workforce capability planning (SWCP). This comprehensive strategy not only bolsters a company's future viability but also offers numerous advantages to its workforce and the broader industry.

When confronted with talent shortages, companies often grapple with the decision of either recruiting new personnel or investing in enhancing the skills of their existing workforce. In this context, opting to provide upskilling and reskilling opportunities to the current workforce can prove to be a more economically viable strategic resolution. This approach not only conserves the time and resources that external hiring demands but also preserves institutional knowledge and the organisational ethos.

SWCP underscores the necessity for companies to adopt an agile and adaptable stance. It empowers organisations to acknowledge the potential need for operational pivots to align employee capabilities with new business projections and strategies. Investing in workforce capability serves to foster a culture of lifelong learning. Employees tend to be more engaged and motivated when they perceive their employers as committed to nurturing their professional growth. This, in turn, leads to heightened job satisfaction, reduced turnover rates, and a positive influence on overall employee morale.

Moreover, strategic workforce capability planning is instrumental in enhancing talent retention. When employees can see clear pathways for career progression and skill refinement within the organisation, they are less inclined to explore opportunities elsewhere. This internal mobility also translates to a more adaptable workforce, where employees can adeptly transition between various departments and locations. This, in effect, amplifies efficiency and productivity, as the organisation can swiftly deploy skilled employees to critical areas.

Investing in workforce capability serves to foster a culture of lifelong learning. employees tend to be more engaged and motivated when they perceive their employers as committed to nurturing their professional growth

As employees acquire new proficiencies, they become more self-assured and engaged in their roles. Acquiring novel technologies and techniques can reignite curiosity and enthusiasm, rendering work more fulfilling. Employees who feel valued and invested in are also more likely to contribute innovative ideas and solutions, thereby propelling overall organisational advancement.

In the contemporary realm marked by swift technological strides, data proliferation, and digital transformation, the significance of SWCP is further underscored. The advent of automation, artificial intelligence, and big data analytics has revolutionised business practices across sectors. The Future of Jobs 2023 report by the World Economic Forum predicts that analytical and creative thinking, along with AI and big data skills, will be the most sought-after skills by 2027. Consequently, organisations now require employees who can adeptly harness these technologies.

Consider these concrete instances to grasp how SWCP can be harnessed to an organisation's advantage:

• A manufacturing enterprise grappling with heightened automation competition can equip its workforce with proficiencies in robotics and artificial intelligence. This positions the company to retain competitiveness and sustain high-quality production.

• A financial services company extending its reach into fresh markets can retrain employees in foreign languages and cultures. This empowers the company to better cater to customers in these new markets. •A healthcare institution contending with a dearth of nurses can invest in nursing education initiatives. This guarantees the presence of adequate nurses to deliver quality care.

Hence, digital upskilling and reskilling are pivotal components of any organisation's SWCP. Employees need to be adept in data analysis, interpretation, and decision-making.

Proficiency in digital tools and platforms has transitioned from a luxury to an absolute necessity. Organisations are investigating employee-centric programs aimed at cultivating capabilities, such as Data and Digital Citizenship Programs. These initiatives align different personas, including Business Users, Leadership, Data and Digital Analysts, and Data and Digital Scientists, with skills like data literacy, digital proficiency, growth mindset, problemsolving, and decision-making. These programs project forward a minimum of two years and necessitate periodic revision to remain aligned with evolving business demands. A skills persona selfassessment empowers employees to identify the learning path that best addresses their needs, instilling confidence to navigate the digital landscape. Programs such as this allow employees to take ownership of their own career development and progression whilst organisations fill skill gaps.

The 70:20:10 learning principle, a framework for human capital development, emphasises that effective learning derives from a blend of three elements: Experience, Exposure, and Education. This principle can bolster SWCP by ensuring that employees learn and evolve in ways that resonate with their roles and the organisation's aspirations. Here's how the 70:20:10 learning principle can be integrated into strategic workforce capability planning:

• A manufacturing entity might enable employees to acquire fresh proficiencies through on-the-job training, such as shadowing experienced colleagues or participating in apprenticeship programs.

• A financial services institution might offer employees opportunities to acquaint themselves with new regulations and compliance mandates through online courses and webinars.

• A healthcare organisation could empower nurses to familiarise themselves with novel treatments and procedures through attendance at conferences and workshops.

In an era defined by unpredictability and technological innovation, Strategic Workforce Capability Planning emerges as a beacon of stability and advancement. By giving precedence to upskilling and reskilling within their workforce, organisations secure their future competitiveness while affording employees avenues for professional growth. The merits of this approach are multifaceted, encompassing heightened organisational agility, improved talent retention, individual empowerment, and enhanced engagement. Within the context of data and digitalisation, the deliberate integration of upskilling and reskilling initiatives becomes imperative, equipping employees to adeptly navigate the challenges and prospects of the digital age. As organisations and employees progress in tandem, the symbiotic relationship between their growth propels the entire enterprise to heightened success.

In conclusion, strategic workforce capability planning is essential for organisations that want to remain future-fit. It ensures that they have the right people with the right skills in the right place at the right time.