Boosting Commercial Awareness in Early Talent
Commercial awareness is increasingly recognised as a critical skill for early talent, helping them see the bigger picture and better understand how their role fits an organisation’s commercial goals. Yet, many organisations find their new hires lacking this essential capability, resulting in delayed productivity and additional training requirements. So what can businesses do to plug the skills gap?
The Commercial Awareness Gap
Commercial awareness goes beyond understanding the basics of a company’s products or services. It includes understanding business strategy, industry trends, financial performance, and competitor actions.
In a survey conducted by Connectr Talent Technology and Wealthbrite, 93% of early talent professionals reported a lack of commercial awareness among their new joiners. This gap impacts not just individual performance but also the broader business objectives, as new employees struggle to connect their roles to the company's commercial goals.
How Pre-Skilling Helps
Developing critical skills in candidates before they start their roles helps prepare talent to be job-ready from day one, reducing the time and resources needed for on-the-job training.
While only 52% of organisations surveyed felt they were engaging in pre-skilling efforts, often there is a misconception that pre-skilling is limited to a small period of time immediately before a new hire joins. Effective pre-skilling includes a blend of experiences, from school outreach and work experience to structured online learning. Integrating commercial awareness into this framework ensures that early talent understands not just how to do their jobs but why their work matters to the organisation’s success.
Understanding the Barriers
The current cohort of early talent faces unique challenges when it comes to commercial awareness. Many entered higher education during the COVID-19 pandemic, missing out on valuable work experiences and industry exposure.
Compounding this, Gen Z often consumes information through platforms like TikTok and YouTube, where business insights are diluted by entertainment content. This creates a need for employers to step in and fill the gap with trusted insights and resources.
Practical Strategies for L&D and Early Careers Leaders
While the onus is partly on individuals to seek out learning opportunities, organisations must actively support this development. Providing clear pathways for upskilling, relevant resources, and a supportive learning environment is crucial.
Structured Learning: Develop targeted workshops and learning pathways focused on building commercial acumen. Use real-world case studies and business simulations that allow early talent to engage directly with commercial challenges.
Mentorship and On-the-Job Learning: Complement structured learning with mentorship. Encourage early talent to shadow experienced professionals and participate in live projects, helping them see the real-world application of commercial concepts.
Foster a Commercial Culture: Embed commercial awareness into your company culture by highlighting its importance at every level. Recognise and reward employees who demonstrate strong commercial understanding, creating a model for others to follow.
Utilise Accessible Learning Platforms: Leverage platforms which offer courses that early talent can access, even before they even join your company. This approach equips them with foundational knowledge, helps level the playing field among diverse talent and makes onboarding smoother and more effective.
