The Value of Soft Skills (i4cp login required)

Productivity

Pre-COVID projections placed the soft skills training market on a
path toward immense growth. According to Transparency
Market Research
, the global soft skills training market will reach a value of US
$38 Billion by 2027.

Soft behaviors are pervasive throughout our being. How well we
communicate, collaborate, and cooperate depends on our more malleable traits.

While the definition of soft skills has evolved since first introduced
into the talent development lexicon, their value, and the value of the
investments made in developing these skills, never seizes to be questioned.

Value Defined

Different approaches exist in defining the value of soft skills. Logic
and
intuition often drive soft skills investment decisions. A
decision-maker may logically assume value, with no more evidence than their gut
feel. For example, executives at a large
technology company invest in teambuilding because they want the work performed
by teams. Logically one would agree, if this is the case, an investment in
teambuilding is the right decision.

Sometimes a decision-maker needs more than a logical assessment of
value. The decision-maker may want a broader perspective to help inform
decisions. Macroanalysis serves this need. These types of studies are often
surveys administered to large numbers of people.

Through the statistical analysis, correlations will indicate there
is a connection between softer behaviors and harder outcomes. This assumption
of value will then fuel the decision-maker’s reasoning for investing in
programs.

Still, many executives want to know the value at the investment
level. They know that the outcomes associated with specific investments drive
the attitudes, behaviors, and business results that inform the macro studies,
which informs their logic and intuition. Microanalysis occurs at the
program level, where the rubber meets the road. The better the outcomes at the
program level, the better the results at the organization level . 

Analysis of Soft Skills Investments

Value Created

For many funding decision-makers, soft skills remain the skills about
which we know very little
. Many of
us know that investing in soft skills generates value for the organization. But
it takes effort. Value creation, and the demonstration thereof, requires that
program owners be

  • Attuned to the specific needs of the organization.
  • Curious enough to invest in research required to define the right
    program(s), given the organization’s needs.
  • Defiant in their desire to design programs based on specific,
    measurable objectives that align with organizational needs.
  • Empathetic to participant needs for immediate relevancy as well as
    a long-term opportunity.
  • Collaborative enough to ensure that others within the organization
    will support the use of newly developed skills, behaviors, and processes.
  • Obsessed with the need for accountability and process improvement,
    enough to ensure credible program evaluation occurs.
  • Willing to share results, regardless of the outcome.
  • Motivated to make change based on the data.
  • Value creation requires discipline oiled by curiosity and a desire
    to drive change and improve performance.

Value Leveraged

No doubt, 2020 has thrown us several curveballs. No one has gone
untouched by the disruption.
But disruption is not always negative. The opportunities in front of us are
endless. It will be our use of soft skills—attuned, curious, defiant,
empathetic, collaborative, obsessed, willing, and motivated—that will help move
us from where we are today to where we can be in the future. Leveraging the
value created through investments in soft skills will lead to a real renovation of our organizations’ culture.
This renovation will drive benefits that far exceed $38 Billion.

Consider
this:

How do you create, demonstrate, and leverage the value of
investments your organization makes in soft skills? 

Patti Phillips, Ph.D. is CEO of ROI
Institute
and Chair of i4cp’s People Analytics Board. Her most recent book,
Proving
the Value of Soft Skills: Measuring the Impact and Calculating ROI
, has
just been released by ATD.

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