(New) competences are still the best currency on the job market

In the publication Trends Report 2024: Wages and the labour market. The era of adaptability, developed by Manpower, we can read that there are four key factors that significantly influence the transformation of the labour market - these are demographic change, technological progress, competitiveness and individual choice, i.e. how we balance our professional and private lives. Going forward, the authors of the report have identified as many as 14 trends that provide insight into the world of work from the perspective of both employees and employers. It is worth noting that the list of trends starts with upskilling and reskilling, as they help employers fill talent gaps, which is one of the major challenges in today's labour market.

The opportunity for competence development is also crucial for employees themselves. The professional compass they follow when changing jobs is, in addition to adequate remuneration, the desire to improve work-life balance and the opportunity for professional development. According to the Randstad national employer brand research 2024 report, lack of development prospects is the reason why as many as 29% of all employees leave their jobs. Investing in the development of employees' competencies builds their commitment and loyalty to the employer, which is crucial not only for the completion of current tasks, but above all for the long-term stability and growth of the company.

Top competences!

The most sought-after competencies in professionals that employers expect today cover a wide range of skills. Among these, digital and technical competences such as data analytics, programming, artificial intelligence, machine learning, cloud management and cyber security are currently key. No less important are analytical skills, the ability to draw conclusions and make sound decisions, as well as interpersonal competences, including communication, collaboration, leadership, adaptation to change and the ability to work in a team. Employers also value project management skills, organisational skills, effective planning, management of time and available resources, multitasking, innovation, as well as language skills and intercultural competence, particularly relevant in an international environment.

For several years now, soft skills have obviously been at a premium - especially in the context of remote and hybrid working. Employers are increasingly looking for employees who can not only perform their tasks well, but also work efficiently with their team (also online), solve problems together and adapt quickly to new conditions.

With the development of technology, technological competence has become indispensable for all professionals. Computer literacy alone is no longer sufficient. Companies are demanding more advanced technical skills from their employees in the areas of automation, artificial intelligence and data analysis.

Let's not forget about ESG knowledge, which is becoming more and more desirable in the job market. More and more companies are legally obliged to put more emphasis on sustainability, social responsibility, human and employee rights and good governance.

"To acquire such skills, a properly designed learning and development pathway is essential. Not all of us are able to design it and then learn on our own. Many people need effective external support. - notes Kamila Izdebska, Head of BPP Professional Education - Our observations show that using the knowledge of experienced experts and cooperation with training companies brings the best and fastest results. This is confirmed by the results of our learners who, learning at a specific rhythm and under the guidance of professionals, achieve very good results."

Plan your upskilling or reskilling in a SMART way

It is not worth being too spontaneous in terms of your development. We strongly recommend that you plan your educational pathway thoughtfully, as a plan helps you to clearly identify your goals and the steps needed to achieve them. SMART (Specific, Measurable, Achievable, Relevant, Time-bound) planning will allow you to identify precisely what skills you need and how to measure your progress, ensure that your goals are realistic and aligned with the requirements of the labour market and your personal career ambitions.

• S - Specific skills - identify which new skills or competences you want to acquire. Analyse which ones you already have, list those that are still important and need updating. Consult professional studies and reports to help you identify the skills that are most in demand in your industry and in the labour market in general. Such as those we described above.
• M - Measurable - the development goals you set for yourself should be measurable. Divide your journey to acquire new skills into manageable stages and then evaluate your progress regularly. Examples of indicators include the number of course modules completed, professional exams passed or certificates you want to gain. Measuring your progress will help you to assess whether you are moving in the right direction and with what efficiency you are achieving your goals. Each completed milestone and step forward will also be an excellent motivation to make further progress.

"Constantly look for opportunities to put your new skills into practice in order to gain more confidence and immediately increase your value on the job market." - suggests Kamila Izdebska.

• A - Achievable - make sure the goals you set for yourself are realistic and achievable in the context of your resources, time and ability. Do you have access to relevant classroom or online courses or learning materials? Do you have time to study and when? Remember that your goals should be ambitious yet realistic so that you can achieve them without undue burden or frustration.
• R - Relevant - make sure that the chosen qualification you want to acquire corresponds to your career aspirations, but also to the current and future needs of the labour market. The time and effort invested in learning, unless it relates to a hobby you are developing, should bring real benefits in the form of a promotion or an attractive job offer.
• T - Time-bound - immediately set a specific date to 'prove' your development goals and stick to this consistently. Divide the journey to achieve your goals into stages and set a time-frame for each stage, for example "I will become a member of ACCA within 3 years, but within the first year I will achieve my first 'summit', i.e. Diploma in Accounting and Business" or "I will gain a certificate in project management within 6 months". It's a good idea to reward yourself after each passed milestone. Sticking to a deadline for goals and milestones will help keep motivation strong. Ideally, take the word procrastination out of your vocabulary at the very beginning of your learning, or start with a course to get it under control.

The role of employers in competence development

Supporting employee education should be a matter of course for forward-thinking employers. A highly qualified team is the most effective investment in a company's future.

"It is not always easy to attract new talent, and attracting them for an organisation usually involves a lot of time and large investments. - says Kamila Izdebska - It is often better to offer existing employees opportunities for development, access to modern tools and to create an organisational culture that supports innovation."

We should remember that Employer branding is an important part of an organization's HR strategy. It is definitely not a coincidence that companies that actively take care of the development of their employees' skills and competencies have a positive perception in the market.

Article published in FOCUS ON Business magazine November-December 2024 issue and on https://focusonbusiness.eu/en/.