Future-Proofing Talent: The Skills Crisis Countdown and Strategies for a Resilient Workforce
PeopleScout UK
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The very meaning of “skills” is shifting beneath our feet. Our research reveals that nine in 10 HR leaders believe that up to 50% of their workforce will need new skills to perform their jobs in the next five years. Yet only 7% say they are actively investing in reskilling programs, and 45% admit to having no plans to undertake a workforce transformation initiative to prepare for the changing skills landscape.
In the month’s newsletter, we’re delving into our latest research report, The Skills Crisis Countdown: The Clock is Ticking on Tackling Skills Gaps. PeopleScout partnered with skills-based workforce management platform provider Spotted Zebra to survey over 100 senior HR and talent acquisition leaders from organisations around the global and over 2,000 employees globally to compare perspectives on workforce skills. The resulting research report provides a detailed picture of the current skills landscape and the disconnects between how organisations and their employees are preparing for the future.
Since 2015, skills requirements have changed 25% , with experts forecasting another 65% change by the year 2030. Over 80% of employers believe they should prioritise skills over degrees, however, 52% are still choosing to hire from degree programmes as it’s considered a less risky choice. There’s no shock that we’re heading towards a global skills crisis.
How Can Organisations Prepare for the Future?
A study found that up to 40% of worldwide CEOs believed their companies would no longer be economically viable in the next 10 years if they continued on the same path. So, we know something’s got to change. For organisations, they can adopt a skills-based model.
A skills-based organisation focuses more on an individual’s skills rather than their qualifications and employment history, leading to happier and more productive employees. Some benefits to this include a stronger employer brand, increased employee engagement and better retention. Not only can organisations start this with skills-based hiring, but also throughout an employee’s journey. Employees can be hired, evaluated, and promoted depending on their performance and skills.
How Can an RPO Provider Help with Skills-Based Hiring?
Partnering with an RPO provider can help you comprehend the existing skills in your workforce, as well as the supply and demand from the external market. By reengineering your recruitment processes, a provider can work with you to get your skills strategy up and running. Contact us here.
Want to see a reskilling in action? We partnered with a large global financial services company who partnered with us to undergo a digital transformation programme. You can read it here.
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Where Can You Find Our Skills Report?
Download and see our skills report, The Skills Crisis Countdown: The Clock is Ticking on Tackling Skills Gaps, for yourself here.
You’ll get our latest research covering how HR leaders are preparing for the approaching skills crisis, how employees expect their skills will need to alter to new technology or automation, as well as the current state of skills in the workforce worldwide. Plus, you’ll receive a roadmap of actionable steps to help your company become more skills-centric.
Hear from Our Leaders
Simon Wright, our Global Head of Talent Advisory Consulting, recently hosted a webinar, “The Ticking Talent Clock: Is Time Running Out to Address the Skills Crisis?” with Spotted Zebra’s Chief Customer Officer, Nick Shaw . They discuss the key findings from the research and reveal why we’re headed towards a skills crisis. Register here.