The first quarter of 2024 is now in the books. From a value creation perspective, the S&P index has grown by about 10% and the Dow Jones Index by about 6%. This strong and steady growth has occurred in the face of continued volatility coming from socio-economic issues, inflation, the
One of the most important pieces of research Advantexe continually seeks is information gathered from our Training and Development clients to understand what skills they are looking to develop for the rest of the year and beyond.
Based on our continued conversations and surveys in Q1, 2024, the top three skills large, global organizations are seeking to develop are:
What has been interesting to discover is the consistency of both the definition and focus on these specific skills they are seeking to solve. That hasn’t always been the case. For example, a year ago the most important skill companies were looking to develop was providing feedback as a form of coaching. What many found out was there is no one definite and easy definition or methodology for teaching how to give effective feedback. Here at Advantexe, we implemented several major Coaching & Feedback simulations, and they are all growing into the 2nd and 3rd year of implementation which means immersive, practice-based learning is one of the only ways to teach those skills.
Defining the Needed Skills of 2024
Below, I will take a few moments to share the definitions and critical, must-have components of the skills that many companies are looking for. I was surprised by the very practical nature of what is needed.
Collaboration
Collaboration skills refer to the ability to effectively work with others towards the achievement of SMART goals and objectives. These skills are essential when teams and individual contributors must interact, communicate, and cooperate with others to achieve success. Here are 3 key components of collaboration skills:
Business Acumen
Some companies are now referring to this as “commercial acumen.” A majority of the clients I spoke with are in industries that are science, technology, and information-driven and the really smart people that are driving the business don’t have any business acumen to make key decisions. For example, the most popular Advantexe program we run is Business Acumen for Pharmaceutical R&D leaders. Here are three components of Business Acumen.
Leading a Culture of Innovation
Building a culture of innovation requires developing an environment that encourages creativity, experimentation, continuous improvement, and embracing failure by moving forward fast. Here are three key skills needed to cultivate such a culture:
In summary, these are very hard skills to develop. Hopefully, I have provided some insight into what they are and how developing them can benefit your organization, your people, and your customers. Happy Q2 everyone!