Skills-based promotion has also created positive change in the way companies approach their current employees — who, after all, are often eager to conquer new skills themselves.
Training opportunities — and how companies promote them — also matter because when a company institutes a skills-based model, senior workers vying for promotions receive and perceive a fairer shake. At first companies followed "a military model based on seniority and a fairly rigid career path," he said. Then came the leadership model, roughly 20 years ago, "where career paths became much more individualized and customized" and favored people "who had strategic skills and who could lead innovation and change broadly.
With skills-based promotion, Beeson sees not a wholesale change so much as a selective one. AI, machine learning, and data analysis are in short supply, so using a skills-based approach makes sense. He added that there's another advantage to the skills-based model for employers: "One of the appealing things is that it can be perceived as more fair and equitable — and less political, less about whom you know.
Here are four actionable insights experts say CPA firms and finance departments can apply in developing a skills-based promotion approach.
Find the right criteria. While skills play an important part in talent management, "ideally, companies should outline specific criteria for promotion," Khanna said.
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It is essentially a mix of both seniority and skills. Find the right areas. Mainly these will involve technical competencies that have become critical to the profession over the past 10 years.
That includes not just AI and data analytics, but also the decentralized digital ledger known as blockchain and dynamic auditing tools. Find the right people.
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Greenberg said that "digital natives" — those who've grown up from infancy with exposure to mobile technology and digital innovations — represent an ideal talent pool from which to build a skills-based promotion platform. She pointed to the cryptocurrency part of Friedman's practice, which is run by the youngest partner in the firm. But workers of all ages possess or can attain skills that should be put to the best use possible within the firm. Lou Carlozo is a freelance writer based in Chicago.
A Skill-Based Organization of Work: Opportunities & Framework
To comment on this article or to suggest an idea for another article, contact Chris Baysden, JofA associate director, at Chris. Baysden aicpa-cima. There are over 30 million small businesses in the U. Are you familiar with the obstacles and opportunities they are facing?
The Importance of Life Skills-Based Education - Learning Liftoff
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A Skills-Based Approach to Developing a Career
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