Alter Your Company’s Market Position Using Skill Development Programs

The continuous movement towards the digital era is making the companies suffer beyond expectation. Industries across the world are unable to find skills as required. As a result, the vacancies stay unoccupied for long. According to a research, around 60% of U.S. employers post job openings that stay vacant for more than 12 weeks.

Furthermore, according to another research, the existing skill gap will cause a damage of around $2.5 trillion on the U.S. economy during the next decade.

According to yet another study, 92% of executives in America believe that American workers are under-skilled, and this is costing the companies at large. That is why more and more companies are looking for employee Training and Development programs to upskill their existing employee base.

Consequences of unaddressed skill gap

Skill gap is costing millions of dollars each year. The consequences continue in the form of other serious problems which might include the following;

Failure in meeting customer service objectives- Skill gap results in the inability to communicate properly, which results in more unresolved customer complaints that hamper the credibility of a company. For instance, when your employees are unable to resolve customer queries, it results in the loss of sales and profits eventually.

More Cost- When the employers are unable to find the suitable employees for a longer time, the company lands into making expensive choices. Skill gap is forcing employers to open positions to hire capable workers, but since these positions stay vacant for a longer time, it is costing millions of dollars each year.

Furthermore, because of lack of skilled employees the companies are outsourcing their work, which is costing them double the expenditure.

Quality drop- To maintain the quality of services or products offered by a company, it is important to have skilled individuals in the team. However, lack of skills is making the company suffer manifolds. For example, when the employees are unable to act as per the market demands, it leads to loss of revenue, reputational damage and dissatisfied customers.

Slow development- When a company is unable to find skilled employees, it ceases to innovate new products and services as demanded by the targeted customers. Such situations lead to delayed development, which slows down the growth of the business. As a result, the company’s market share goes down, giving more opportunities to the competitors.

Competitors gain advantage- The market rule says, ‘your loss would be advantage to someone’, and the same applies with skill gap. When you are unable to find suitable employees, there are chances that your competitor might have already hired the limited skills. Therefore, companies should design hiring policies in a way where they could attract the most skilled workers.

How to change the scenario?

Different studies have already revealed the loss borne by the industries due to skill gap. These studies have also highlighted the requirement to change the scenario before it becomes too late.

But, the question is, how would companies deal with such labor shortage?

If you, too, are struggling to find an answer to this query, you need to know about an emerging EdTech company called Teksands.

Teksands provide courses dedicated to skill development for employees, where they train your employees and allow them to learn the new skills in a very short span of time. Besides, even if you are planning to hire java developer, you could source skilled workers from Teksands’ Lift-Off Program, where they educate tech skills to a group of workers and then push them forward to work with different companies.

Once you trust Teksands for employee training and development, you would never want to go back to the conventional means of recruitment. Teksands is the one stop solution for all employee training needs.
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