Skills Inventory: Gaining Advantage with Skills People Have

The skills people have today are becoming more diverse to adapt to the dynamic labor market. Industries now demand skills and competencies that didn’t exist before COVID-19 and the boom of digital culture. That said, it is important to make an inventory of your skills so employers know what you can bring to the table.

This article walks you through the process of creating a skills inventory for yourself. It suggests formats you can use and discusses actions you may take once you have a clear picture of the skills people have. Knowing your skill set inside and out is an advantage in today’s competitive job market.

What Is a Skills Inventory and Why Is It Important?

A skills inventory is a list of all the useful skills and competencies you have acquired over the years. Skills can be classified into two categories: hard skills and soft skills. Hard skills are specific technical skills that can be learned and measured, such as proficiency in a language or a software program. Soft skills are more transferable skills, such as communication, teamwork, and problem-solving.

Conducting a thorough inventory of the skills people have is important for several reasons.

• Identify your strengths and weaknesses.
• Match your skills to job openings.
• Set career goals and develop a plan to achieve them.
• Market yourself more effectively to potential employers.
• Stay competitive in the job market.
• Identify areas where you need to develop your skills.
• Track your progress over time.

How to Conduct a Skills Inventory on Yourself

To gain a competitive advantage in today's job market, you need to be clear about the skills and strengths you possess. Making a skill inventory is the best way to do this.

Self-assessment

Review your lists and group similar skills together. For example, group "proficient in Excel, Word, and PowerPoint" under "Software skills." Label and categorize each skill like "Technical skills," "Soft skills," "Languages," "Leadership abilities," etc. Consider past roles, educational experiences, volunteer work, and hobbies.

External Assessment

Ask former colleagues, managers, teachers, or mentors to review your skills inventory and provide their input. They may identify skills you've overlooked. Their feedback helps ensure you have an accurate and comprehensive profile.

Data Collation

Compile all the data you have gathered into a structured format, which will enable you to identify gaps and strengths.

Formats for Documenting Your Skills Inventory

There are a few useful formats to document the skills people have. Each has its pros and cons, so consider which will work best for your needs.

Spreadsheet

A spreadsheet can be a simple yet effective way to categorize the skills people have. Use columns for skill categories, self-assessment scores, external assessment scores, and notes. The downside is that a spreadsheet lacks context and doesn’t fully capture how the skills people have relate to one another.

SWOT Analysis

A SWOT analysis examines your strengths, weaknesses, opportunities, and threats. List your skills under the “strengths” category. Identify any skills gaps under “weaknesses” and outline how you can improve under “opportunities.”  In the “threats” section, considers external factors like job market changes that could potentially affect the skills people have.  While this format provides more context, it may be overly complex for a basic skills inventory.

Actions to Take After Conducting a Skills Inventory

Once you have conducted a skills inventory, use the following methods to expand your skillset:

Develop a plan to improve your skills

There are many ways to improve your skills. Look for avenues to strengthen and diversify your skills through online courses, webinars, conferences, mentoring, job shadowing, and networking. Continuous learning and skill-building will open you up to new career opportunities and absorb the other skills people have.

Tailor Your Resume

With a comprehensive list of your skills, experiences, and accomplishments in hand, craft a targeted resume for each position you want to apply for. Focus on the experiences and skills that are relevant to that job.

Networking

Use your skill set as a networking tool to join groups and attend events that align with your strongest and most aspirational skills. Networking will not only help you in job searching but also in skill improvement.

Mock Interviews and Career Counseling

Practicing interviews with a career counselor can help you articulate your skills more effectively, making you a more compelling candidate.

Leveraging Skills Inventory for Labor Market Competitiveness

Knowing the skills people have can help job seekers better compete in the labor market in several ways. Firstly, it can help identify the skills that are in demand, which in turn can guide targeted job searches and enhance salary negotiation. Secondly, it can help develop a competitive edge. By highlighting your skills in your resume and cover letter, you can make yourself stand out from other candidates. Lastly, it can help you stay relevant in the ever-evolving job market.

As the labor landscape continues to change, you can use your skills inventory to identify areas where you can further develop skills that match the other skills people have.