When developing strategic business plans, companies all too often concentrate on the financial, operational and strategic aspects, placing too little emphasis on the key people and skill requirements necessary to achieve their long-term objectives.
As a consequence, a damaging imbalance between growth targets and the core capabilities required to achieve them can easily occur. Although the effects are not always immediately obvious, the inability to predict key skill requirements undermines business performance over an extended period, resulting in missed growth targets, mediocre productivity and higher recruiting costs.
L.E.K. Consulting has developed a suite of tools to help businesses predict their skills supply constraints and gaps over a period of years, or even decades. Forecasting this information over time provides an early warning system, enabling organisations to identify potential shortages and take practical measures to overcome them and ensure their long-term goals stay on track.
In this Executive Insights, L.E.K.'s Peter Smith, Jeremy Wheatland and Phil Meier examine the pitfalls of poor skills management and explain the complex web of factors and interrelationships that are key to delivering a successful skills management strategy.