How can Skills Matrix Benefit a Company?

 

The Importance of a Skills Matrix

Did you ever update an application and see new functions after that? Like how software and applications have to update, humans have to adapt and develop their skills in evolving industries. As a result, businesses indeed thrive with the help of a ­strong, multi-skilled workforce spread across different departments.

Therefore, every business would want its employees to be well-versed in various skills. But with so many skills spread across employees, how can a business know which skills they need to improve. This is where the skills matrix comes into play.

Before discussing its benefits, let’s look at the skills matrix.

What is Skills Matrix?

A skills matrix is a tool designed by the Human Resource (HR) team to assess an employee’s skills and abilities for a specific project. At times, professionals will refer to a skill matrix as a competency matrix. But, overall, it is a visual representation of employees’ reserved skills. For instance, even a single table with the employee’s name and skill can be called a skills matrix.

There are many ways to find out what current employees possess as skills. 360 Degree Feedback is one such tool that uncovers hidden skills and strengths, A skills matrix can benefit a company as it improves operations and workflow.

Top 5 Benefits of Using a Skills Matrix

Skill matrix development and implementation are necessary since they discuss the critical aspects of a seamless working environment. Therefore, a skill matrix is one of the essential tools every HR department should possess.

Let’s take a look at some of its notable benefits for a business:

1.    Improves Recruitment and Hiring

When businesses adopt a skills matrix, it significantly improves their hiring and recruitment process. In addition, a skills matrix can help a company identify its shortcomings and skill gaps on the organizational level. The present information about the employee and their skill levels can help determine the gaps in the business.

The skills matrix will act as a gateway for hiring better employees who meet a specific skill set that a department requires in any of the departments. For instance, if any employee leaves a company, you will know which skill set is necessary to replace them. Overall, it streamlines the hiring process and ensures better hiring.

2.    Effective Learning and Development for Employees

At times, a business might need multiple skills from different employees. The skills matrix identifies specific individuals who can learn and develop new skills. Moreover, the employees who are also lacking can benefit from this program.

Training programs and classes can help employees develop critical skills and improve their existing ones. When you adopt this technique in business, it reduces employee training costs. Money saved from employee training can now go into bringing in new talent.

3.    Gives a Clear Overview of Responsibilities to Employees

Every employee must have a clear set of responsibilities and expectations, especially when working on the same project. The manager can also start creating different teams that complement each other well. If used correctly, it can be a proper career planning tool. Employees can choose which skills they would link to know and work on and which will help them establish their careers.

4.    Helps in Highlighting the Strength and Weaknesses of Employees

Another key advantage of the skills matrix is that it helps the business understand employees’ strengths and weaknesses. Knowing this information has to be a priority for any firm since they can divert them to projects and work that fit them well. Moreover, a business can also let employees know about their shortcomings to improve their skills.

Similarly, letting them know their skills and competencies will also encourage them. They know that they can be more efficient and effective when specializing. Many HR departments from all over the world agree that the skills matrix is a powerful tool for team building. No wonder it is popular in almost every HR department.

5.    Helps Monitor Progress and Determine Core Employees

Maintaining a skill matrix helps a business track its progress. It gives a clear picture of the overall improvement in the organization for individuals and teams. The HR can ultimately determine the progress by including specific matrices like productivity and development and several additional skills mastered. Moreover, skills matrix adoption will pinpoint the areas the business is lacking.

Every organization has a few core employees that are most valuable to the organization. In an ideal scenario, you wouldn’t want to lose these employees. Therefore, an organization needs to determine who they are. Usually, these employees have the most skill-set and are one of the individuals in the competency matrix. It is crucial to decide whether or not they are happy or not. If they are not satisfied, HR will need to plan to have a retention plan for them.

Final Thoughts

A skills matrix can significantly benefit a firm, helping overall growth. Every HR department should incorporate this tool for better efficiency and improved workflow.

Related Resource: Best Hiring Practices – Top Questions Answered

Related Blog Post: How to Implement a Competency Model