Despite facing unprecedented challenges in sourcing skilled labour, only slightly more than half of employers around the world are embracing leading-edge talent strategies like reskilling, upskilling and redeployment to future-proof their workforces, according to a new global survey of hiring managers and executives from LHH, the world’s leading talent development and career solutions company.
The survey of 2,100 HR decision-makers in the United Kingdom, US, Canada, France and Australia found that only 56% of all organizations are actively working to future-proof their talent pipelines. However, within that figure, there is evidence that organizations are struggling with the key components of a future-looking HR strategy.
The survey also found that less than half (47.2%) of organizations are focusing their attention on the transferrable skills of existing employees to fill future job openings, a critical component for the redeployment of talent.
As well, just less than 40 percent (38.6%) of HR decision-makers who do not currently participate in reskilling or upskilling programs, say that they simply have not considered them (38.6%). In addition, only 33.5% of all respondents are extremely confident in their organization’s ability to effectively launch and manage reskilling and upskilling programs.
John Morgan, newly appointed president of LHH, said it is not surprising that some companies are struggling with the challenge of future-proofing their talent pipelines, given that they are facing an unprecedented array of economic, environmental and social forces that have disrupted traditional workforce management.
In addition to the COVID-19 pandemic, climate change and increasing demands for diversity, companies must still contend with the profound impact of Artificial Intelligence and machine learning, Morgan said. The World Economic Forum has predicted that as many as 85 million people could be displaced from the current jobs by advances in AI.
“Identifying transferable skills and investments in reskilling and upskilling strategies are, simply put, the most effective ways of meeting future talent needs,” Morgan said. “In the past, companies could fire people with outmoded skills and then go out and hire new people with new skills to fill the jobs of the future. With the global skills shortage, that is no longer even remotely possible.”
Investing in reskilling and upskilling is also very timely given that the countries around the world – including the United States and the European Union – are pouring trillions of dollars into stimulus programs to help workers escape dying industrial sectors and move into jobs that are matched to future skills’ needs, Morgan added.
In today’s marketplace, organizations are discovering the need to turn their attention inward to find their future talent. At LHH, we help companies see the possibilities in their people. Through assessments, coaching, upskilling and transitioning, companies can realize the untapped potential within their own workforce, resulting in increased productivity, morale, and brand affinity.
A division of The Adecco Group—the world’s leading HR solutions partner—LHH’s 4,000 coaches and colleagues work with more than 12,000 organizations in over 60 countries around the world. We make a difference to everyone we work with, and we do it on a global scale. We have the local expertise, global infrastructure, and industry-leading technology to manage the complexity of critical workforce initiatives and the challenges of transformation. It’s why 60% of the Fortune 500 companies choose to work with us.