Manage HR Magazine | Tuesday, February 08, 2022
In the face of incoming technological disruptions, upskilling the workforce in line with labor market trends will yield success for organizations looking to attract, retain their talent and gain a competitive edge in the industry
FREMONT, CA: According to the McKinsey Global Survey on Future Workforce Needs, nearly nine out of ten executives and managers say their companies are either experiencing or expecting skill shortfalls in the next five years. These findings show that businesses are lacking the skills they will require in the future: 44 percent of respondents believe their company might have skill gaps in the next five years, while 43 percent of them think skill gaps are prevalent in their organizations.
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According to PwC, by 2022, 133 million additional occupations would necessitate upskilling. As a result, employers would have to re-skill or up-skill their workforce to meet demand, which is a more cost-effective option than onboarding new personnel. Artificial Intelligence (AI) and Machine Learning (ML) are no longer just buzzwords; they are now part of every technological and vertical domain. Workforces should be reskilled in a variety of high-value talents, including hybrid working, crisis management, crisis leadership, collaboration, team management, communication, and empathy, as well as in-demand technical capabilities.
In addition, based on job market developments, colleges and universities should give emphasis on the on-demand talents necessary for their students. Not only soft skills but also key interview tactics, aptitude and logical reasoning, as well as digital abilities in line with technology trends are all important. As a result, more students may find jobs in top companies during their campus placement, with higher pay packages. In 2022, emerging in-demand skills will drive disruptive breakthroughs such as large-scale technology disruptions, spark market-breaking product concepts, and support disruptive business model changes to meet customer expectations and achieve a competitive edge.
In-Demand Power Skills training, according to MIT SLOAN, yielded a 250 percent return on investment in just eight months. According to PwC, 74 percent of CEOs are concerned about the availability of crucial talents. According to a PwC survey, 77 percent of workforces are willing to learn new skills or entirely retrain themselves, and 74 percent consider training as a personal duty. While the average salary budget climbed by 3 percent by the end of 2021, the Society for Human Resource Management (SHRM) forecasts an increase of 3.9 percent in 2022. This alone demonstrates the importance of talent acquisition in the months ahead.
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