REFLECTIONS ON DAVOS 2024 THE TALENT CHALLENGE: A SKILLS BASED APPROACH So much water everywhere but not enough water to drink? This quote reminds me of the globally recognised, talent shortage challenge. Extracts below, from a January 15, 2024 World Economic Forum report highlight the current situation *****‘In Europe, around one in 30 jobs currently remain unfilled - or 2.9% - which is the highest rate ever recorded, according to the World Economic Forum's Putting Skills First report. In the US, meanwhile, there are over 3 million more job openings than there are unemployed workers - at 9.6 million and 6.4 million respectively. Talent shortages and tight labour markets impact economic growth. 6 in 10 businesses say skills gaps in the local labour market are impeding their business transformation. More than half (58%) of workers believe the skills their job requires will change significantly in the next five years’ ******* Workforce transformation via a skills based approach as a potential solution, was discussed at the recently concluded World Economic Forum Davos 2024 With this in mind, how can organisations leverage a skills based approach to address talent scarcity and deliver sustainable business growth well into the future? The following are critical enablers: - Thoughtful strategic leadership - Identifying and attracting skills acquired rather than focusing solely on certifications and experience (a purer version of skills based hiring) - Reskilling and upskilling existing talent for the future - Leveraging metrics and AI to monitor progress and alignment with business goals BUT wait a minute! Understanding the skills gaps within yourself and your organisation vs the future of work and its operating environment come first! How are you preparing yourself and your workforce for the future, using a skills-first approach? Professional Coaching could support immensely with this. Have a look at the 6 critical success in the article below and reach out if you will like to discuss further. #talent #skillsbasedhiring #skills #skillsfirst #skillsofthefuture #talentchallenge #wef #worldeconomicforum #acresplus #acresplusprofessionalservices #professionalcoaching #futureofwork #businessgrowthstrategy #coaching #enablinggrowth #workforcetransformation #transformation Cynthia Kikelomo Ajeigbe https://lnkd.in/dbFn2E_k
Acres Plus Professional Services’ Post
More Relevant Posts
-
Managing the skill-gap starts with building capability development ecosystems inside the organisation. While we look at technology as the main enabler, we must also consider the switch in the management mindset and practices - reskilling and upskilling to become part of the business’ DNA.
🌟It’s Day 4 in Davos, and a key theme emerging is the transformation of the workforce. A recent World Economic Forum report highlights a crucial shift in talent management: the Skills-First Approach. This strategy is key to tackling current labor shortages and preparing for future demands. Here's a quick summary: 🔹Labor Shortages: Europe and the US face unprecedented job vacancies, with more openings than unemployed workers in the US. 🔹Economic Impact: Skill gaps are major barriers to business growth. Six in 10 businesses report being affected by local talent shortages. 🔹Practical Steps: Successful initiatives emphasize leadership endorsement, alignment with business needs, and leveraging technology. 🔹Industry Challenges: Sectors like Supply Chain, Healthcare, Manufacturing, and Retail are facing acute talent shortages. 🌐The Skills-First Approach isn't just a solution to current challenges; it's an investment in our future workforce. Coaching can play a critical role for organizations adopting a Skills-First Approach. Let's prepare for tomorrow by focusing on the skills that matter today! #WorldEconomicForum #WEF24 #LaborMarket #BusinessGrowth #Upskilling #Innovation
Skills first: 6 success factors for recruiting and developing talent
weforum.org
To view or add a comment, sign in
-
🌟 Embracing Skills-First: The Crucial Role of Coaching 🌟 As the workforce focuses on skills, coaching becomes indispensable. Coaches guide individuals in assessing strengths, bridging skill gaps, and creating action plans. They enhance learning, recommend resources, and develop adaptability. Let's embrace this era and make an impact! #SkillsFirst #CoachingMatters #UnlockingPotential #ContinuousGrowth
🌟It’s Day 4 in Davos, and a key theme emerging is the transformation of the workforce. A recent World Economic Forum report highlights a crucial shift in talent management: the Skills-First Approach. This strategy is key to tackling current labor shortages and preparing for future demands. Here's a quick summary: 🔹Labor Shortages: Europe and the US face unprecedented job vacancies, with more openings than unemployed workers in the US. 🔹Economic Impact: Skill gaps are major barriers to business growth. Six in 10 businesses report being affected by local talent shortages. 🔹Practical Steps: Successful initiatives emphasize leadership endorsement, alignment with business needs, and leveraging technology. 🔹Industry Challenges: Sectors like Supply Chain, Healthcare, Manufacturing, and Retail are facing acute talent shortages. 🌐The Skills-First Approach isn't just a solution to current challenges; it's an investment in our future workforce. Coaching can play a critical role for organizations adopting a Skills-First Approach. Let's prepare for tomorrow by focusing on the skills that matter today! #WorldEconomicForum #WEF24 #LaborMarket #BusinessGrowth #Upskilling #Innovation
Skills first: 6 success factors for recruiting and developing talent
weforum.org
To view or add a comment, sign in
-
Delivering Deep Leadership Transformation Using DiSC and LPI | Business & Executive Coaching | Mentor for ICF Credentialing | Keynote Speaker | Bestselling Author |
#coaching should be a required skill for ALL leaders to learn, and to share with their teams. The old ways of business (that top-down-do-it-my-way managing presence), just does not work with gifted teams who are smarter than their managers - I've seen it over and over in my life. If you want to ruin an engaged employee's dedication, just keep telling them what to do and dis-empower their critical thinking. You'll either wind up with a low-performer, or a vacancy to fill. You know the Steve Jobs quote: "It doesn't make sense to hire smart people and then tell them what to to. We hire smart people so they can tell us what to do.” Smart leaders know that their teams have more wisdom than they do (yes, multiple heads will always have more collective knowledge than one) and embrace a curiosity approach to collaborative conversations. That's also known as a #coachingmindset . I created Coaching for Excellence to teach this mindset to executives, corporate leaders, and their teams so they can increase successful outcomes and learn from perceived failures along the way. Check it out here: https://lnkd.in/gCKaskR7 The program is designed to create sustainability with the application of the learning, because the inertia of doing it the old way can sneak up on anyone. Coaching for Excellence is #icfapproved for 12 CCEU (Continuing Education) hours. New results in '24 require a new approach to your mindset. Are you ready to invest in you and your teams? DM me. Let's chat. #executivedevelopment #leadershipdevelopment #icfcoaching #coachingmindset, #teamdevelopment #ongoinglearning, #buildingsuccesstogether
🌟It’s Day 4 in Davos, and a key theme emerging is the transformation of the workforce. A recent World Economic Forum report highlights a crucial shift in talent management: the Skills-First Approach. This strategy is key to tackling current labor shortages and preparing for future demands. Here's a quick summary: 🔹Labor Shortages: Europe and the US face unprecedented job vacancies, with more openings than unemployed workers in the US. 🔹Economic Impact: Skill gaps are major barriers to business growth. Six in 10 businesses report being affected by local talent shortages. 🔹Practical Steps: Successful initiatives emphasize leadership endorsement, alignment with business needs, and leveraging technology. 🔹Industry Challenges: Sectors like Supply Chain, Healthcare, Manufacturing, and Retail are facing acute talent shortages. 🌐The Skills-First Approach isn't just a solution to current challenges; it's an investment in our future workforce. Coaching can play a critical role for organizations adopting a Skills-First Approach. Let's prepare for tomorrow by focusing on the skills that matter today! #WorldEconomicForum #WEF24 #LaborMarket #BusinessGrowth #Upskilling #Innovation
Skills first: 6 success factors for recruiting and developing talent
weforum.org
To view or add a comment, sign in
-
🌟It’s Day 4 in Davos, and a key theme emerging is the transformation of the workforce. A recent World Economic Forum report highlights a crucial shift in talent management: the Skills-First Approach. This strategy is key to tackling current labor shortages and preparing for future demands. Here's a quick summary: 🔹Labor Shortages: Europe and the US face unprecedented job vacancies, with more openings than unemployed workers in the US. 🔹Economic Impact: Skill gaps are major barriers to business growth. Six in 10 businesses report being affected by local talent shortages. 🔹Practical Steps: Successful initiatives emphasize leadership endorsement, alignment with business needs, and leveraging technology. 🔹Industry Challenges: Sectors like Supply Chain, Healthcare, Manufacturing, and Retail are facing acute talent shortages. 🌐The Skills-First Approach isn't just a solution to current challenges; it's an investment in our future workforce. Coaching can play a critical role for organizations adopting a Skills-First Approach. Let's prepare for tomorrow by focusing on the skills that matter today! #WorldEconomicForum #WEF24 #LaborMarket #BusinessGrowth #Upskilling #Innovation
Skills first: 6 success factors for recruiting and developing talent
weforum.org
To view or add a comment, sign in
-
As non-linear career pathways become the norm, workplace coaching and mentoring are important to help individuals take on career pivots and grow their careers across industries. ICF provided a good summary of a WEF report that highlighted a growing mismatch in the labor markets in US and Europe where there are more job vacancies than those employed. Being clear about the skill sets you already have, what you need to acquire and how to get there can help you land your dream job.
🌟It’s Day 4 in Davos, and a key theme emerging is the transformation of the workforce. A recent World Economic Forum report highlights a crucial shift in talent management: the Skills-First Approach. This strategy is key to tackling current labor shortages and preparing for future demands. Here's a quick summary: 🔹Labor Shortages: Europe and the US face unprecedented job vacancies, with more openings than unemployed workers in the US. 🔹Economic Impact: Skill gaps are major barriers to business growth. Six in 10 businesses report being affected by local talent shortages. 🔹Practical Steps: Successful initiatives emphasize leadership endorsement, alignment with business needs, and leveraging technology. 🔹Industry Challenges: Sectors like Supply Chain, Healthcare, Manufacturing, and Retail are facing acute talent shortages. 🌐The Skills-First Approach isn't just a solution to current challenges; it's an investment in our future workforce. Coaching can play a critical role for organizations adopting a Skills-First Approach. Let's prepare for tomorrow by focusing on the skills that matter today! #WorldEconomicForum #WEF24 #LaborMarket #BusinessGrowth #Upskilling #Innovation
Skills first: 6 success factors for recruiting and developing talent
weforum.org
To view or add a comment, sign in
-
The top minds in business and global change were in Davos, Switzerland last week for the World Economic Forum's conference. Here are a few considerations that came out of the WEF's Putting Skills First: Opportunities for Building Efficient and Equitable Labour Markets Report. https://lnkd.in/dbFn2E_k
Skills first: 6 success factors for recruiting and developing talent
weforum.org
To view or add a comment, sign in
-
🌟 Are you looking to foster a more engaging and productive workplace culture? HR leaders play a pivotal role in today's ever changing business landscape, driving transformation and aligning talent development with strategic business goals. This article https://lnkd.in/exPZmQHR explores how these three key steps can help your organisation to build a strong coaching culture where employees can thrive and grow. 1. Setting Clear Objectives 2. Providing Continuous Feedback 3. Empowering Through Coaching #Culture #HR #Coaching #LeadershipDevelopment #LHH
3 steps to building a coaching culture
lhh.com
To view or add a comment, sign in
-
In the ever-evolving landscape of the professional world, cultivating creative thinking skills is not just beneficial—it's a necessity for thriving careers and resilient organizations. According to the World Economic Forum's Future of Jobs Survey, approximately 73% of organizations prioritize creative thinking skills when identifying and nurturing talent. In the dynamic era we're entering, creative thinking is recognized as a top-tier skill set, gaining relevance and importance across industries. Aspiring leaders, take note: Embrace the power of creativity to navigate challenges, drive innovation, and propel your career forward. Let's embark on this journey together – fostering creativity within ourselves and our teams is key to not just surviving but thriving in 2024 and beyond. -------------------------- 🌍 A strategic partner for global tourism and luxury hospitality success. 🤝We enhance profitability and brand premium through Sales & Revenue Management, Integrated Marketing Communications, Asset Management, Operational Excellence and Learning & Development. To know more: www.hmcenterprise.com #CreativeThinking #FutureSkills #CareerDevelopment #InnovationLeadership #WorldEconomicForum #FutureOfWork2024 #HMC
To view or add a comment, sign in
-
According to a 2023 snapshot published by the Central Statistics Office (CSO) last week, the rate of employment hit 74.2 per cent in the second quarter of 2023, the highest point since the current series began 25 years ago. This is good news for inflation and indeed for Ireland but in a market that is squeezed, finding the right people and filling roles, continues to be a challenge. Mantra Strategy works with clients to support strategic search work - helping to find the best candidates to implement the strategies that we help develop. Our strategic search is a bespoke search for each client, based on our knowledge of what you do and what you need. Mantra also supports clients with post-boarding to help embed and fortify your new senior hires, both individually and working with your executive and leadership teams. If your organisation has recruitment needs in 2024, reach out for a confidential chat with Suzanne Mulholland who is an expert at aligning the values of the candidates she presents to those of the organisation. 👏 #NewYearNewJob #NextChapter #2024Goals #Values #MantraStrategy
To view or add a comment, sign in
-
Investments in industry cannot succeed without equivalent investment in people to enable them to do the jobs of tomorrow. Coaching can play a critical role for organizations adopting a Skills-First Approach - it's an investment in our future workforce. Highlighting research on “Skills First: 6 success factors for recruiting and developing talent.” #workforcedevelopment #upskilling #fractionalhr #talentstrategy
This article is part of:
weforum.org
To view or add a comment, sign in
803 followers