In a hyper competitive, demanding, and ever-changing global environment, people need different skills to ensure they excel. Stepping into the change is a real challenge and one that businesses that will win in 2023 are meeting head on. Power skills are key to future proofing your company and the time to invest is now. There is nothing soft about power skills!
Between April 2021 and April 2022, the #1 reason people quit their jobs was due to a lack of career development and advancement opportunities. A staggering 94% of employees say that they would likely stay at a company longer if it simply invested in upskilling. When the cost of replacing an employee ranges from one-half to twice their annual salary, voluntary turnover should be on the top of every leader’s mind.
The data supports that assertion. Nearly nine in ten leaders say their organizations either face skill gaps already or expect gaps to develop within the next five years. Having a talent and retention strategy that addresses these skill gaps is now a necessity.
“Power skills have always been an important part of workplace learning, and their importance has only grown more urgent as the global workforce navigates the changes of the last few years. Enabling employees to develop power skills related to communication, collaboration, and change leadership is key to building an agile business and a strong company culture. “
— Melissa Daimler; Chief Learning Officer, Udemy
People need these four power skills to win today and lead tomorrow:
- Self-Motivation. The ability to motivate yourself is an important skill that leaders can help cultivate and should assess when hiring. Employees with high levels of self-motivation take initiative on new opportunities, are committed to achieving goals, and sustain momentum even when faced with setbacks. A lack of self-motivation is costly. Creating and leaving work for others costs your organization time and money that cannot be reclaimed. In an environment where “quiet quitting” has become the norm, cultivating your employees’ self-motivation is critical to sustaining success. To engage and retain talent, you must be able to activate your people’s personal drive and connect it to a clear vision of their professional potential.
- Energy management. Time management is one of the top training solutions companies are investing in, but energy management is where leaders will see the greatest returns. In a hybrid work environment where employees are also balancing increased work-life demands, focus and prioritization are key and that requires more than time management skills. To avoid burnout, your employees must understand how to better manage their energy. Energy management is a key skill to both enhance performance and improve employee wellbeing.
- Adaptability. The willingness to be flexible, agile and adaptable to change determines whether individuals, teams and their organizations survive or thrive. Adaptability is “being able to rapidly learn new skills and behaviors in response to changing circumstances (EY).” An integral component of adaptability is resilience: the ability to show back up in the face of adversity. With the rapid pace of change and the lingering feelings of uncertainty, employees need tools to improve their decision making, managing shifting expectations, and strengthen their resilience. Adaptability skills help employees adjust to changes in their environment quickly and effectively.
- Collaboration. With hybrid work, the growth of global teams and more cross-functional work, collaboration has never been more important. Collaborative leaders seek out a diversity of opinions and perspectives to build strategies and solve problems. That increases engagement, trust and ownership and creates an inclusive environment that energizes teams. Employees who feel a sense of belonging at work are five times more likely to stay. And C-Suite executives say increased collaboration drives new business opportunities, increases innovation, and improves attraction and retention of top talent.
Despite the clear data, only 38% of companies have a talent retention and development strategy and the biggest reason people leave organizations is a lack of career development. Turn over a new leaf in 2023 with these four must-have power skills.
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Are you interested in creating the workplace of the future? Schedule a free strategy call to talk to us about the problems you’re trying to solve and learn more about our High Impact experience. Through our High Impact program your team will learn to elevate their power skills and unlock their full potential.
Molly Fletcher is the Founder of Game Changer Performance Group. The organizations leverages a variety of learning experiences to help clients unlock peak performance by activating individual purpose and connecting it to a clear vision of professional potential.