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Skills Development for Unprecedented Revenue Growth

India is well known for its unique culture and cultural diversities. Withstanding its beauty, India is rich in heritage and is an agrarian country. Alongside this there subsists a fact that it is a developing country which is constantly in fight against poverty and unemployment among many other existing factors. These problems when zeroed down leads to one solution which is employment. With the developments there is an increase in industries and India being a labor intensive country there exist a need for training and skill development for the employees to help them perform better.

As per reports, India’s formally skilled workforce is approximately 2% – which is dismally low compared to China (47%), Japan (80%) or South Korea (96%). Organizations are already facing problem in getting the suitable, skilled candidates to fill up the vacancies. Thus the importance of providing skill development training has been realized by the industries and our government. Organizations are already making an effort by making investments for skill development. Also the present government has come up with many schemes for embarking with skill development initiatives and training programs. These efforts are laid with an intention to develop the present skills of the employees, help the employees identify their potentials, to mould them in such a way that they become competent enough to use the latest technology and provide other trainings as and when required to boost the productivity.

Among the many existing factors, lack of monetary investment for skill development acts as one of the major problems. Considering this the need of the hour is to improve utilization of resources and find solutions that can address the systemic and institutional bottlenecks constraining the sector. In a recent survey by leading publishing house, 6 out of 10 CEOs voiced concerns relating to training and development efficacy. In another forum, 46% of the executives admitted that their workforce does not have the necessary skills required in the next 1 – 2 years.

Further to these elements, Faber Infinite has devised an exceptional approach to analyze the skills of the employees. This excellent initiative named PriZma is devised to help organizations overcome the problems related to skill development among employee. PriZma will help to analyze the opportunities associated with employees with respect to skill development, provide solutions to overcome the challenges and would enable to understand the desired skills for the employees to perform better. Apart from focusing on the problems and coming up with the solutions for the same, PriZma also facilitates to make a training schedule considering the needs and training requirements of the employees. PriZma is not just confined to facilitating Training calendars and Skill Gap Analysis but other prominent efficacies are as follows:

• Devising comprehensive training calendar
• Fitment Analysis
• Gap Analysis
• Identifying Competency Gaps
• Inclusive plan to terminate the skill gaps

PriZma has been a realistic and effective plan not difficult to roll out and understand, also it has been a practical approach which has proved to be extremely useful for many organizations to analyze the strengths and improvement areas of the employees and build a bridge to match the essential requirements.

PriZma also helps organizations to identify the skills and talents which the employees lack and further helps to improve, build on it. Performing a skill analysis can benefit employees and the organization since it will enable to cater to development needs. Successful identification of the flaws and weakness and working towards improving it can lead to increasing productivity and efficiency of the employees in a remarkably. It also brings an employee into limelight and enables him/her to stay ahead of others and boost career prospects.

66% business organizations anticipate a loss of business to their competitors due to lack of proper employee skills. This loss eventually culminates in loss of revenue which continues to slide down affecting the growth and productivity. Skill deficiency results in dissatisfied customers and dissatisfied customers could lead to loss of customers further resulting to a decline in sales and a loss in business.

Thus it’s important to take counter measures, identify the needs and deploy a tool like PriZma which can guide how to fill in the missing gaps of the employees to perform better, increase confidence, productivity, morale, leading to organizational growth along with sustenance of existing clients/customers and addition of new.

Written By Ramya Pillai

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