New Report: Cultivating Skills to Build the Talent Pipelines of Tomorrow
Critical skills are difficult to find
Demographic shifts and intense global competition force employers to compete for a supply of workers that is far outmatched by demand. The growth of artificial intelligence (AI) creates a need for talent to develop and manage the technology. The advent of hybrid skills means that employers need workers with a combination of data science, management, business strategy, and communication expertise. These are just a few examples of technology innovations and emerging talent demands adding to an already acute shortage of talent.
Addressing the Talent Shortage
For employers, when it comes to developing skills to address the talent shortage, traditional sources are not enough. In a recent Allegis Group Cultivating Skills survey of 1,000 HR decision-makers:
• 85% of respondents agree that companies need to acquire skilled talent faster than higher education institutions are producing it
• 81% agree that traditional corporate learning and development programs are not keeping up with the demand for new skills
• 71% believe the current talent supply does not support the demand for new capabilities and technologies
• 75% agree that the struggle to acquire and retain talent with critical skills prevents employers from realizing their full growth potential
Ways to Keep Up with Skills Demands
In the past, employers addressed talent scarcity by boosting their recruiting function — relying on talent acquisition to help them build the workforce they need to stay ahead. Today, however, simply drawing from an external skills supply cannot keep up with demand, and many organizations are taking the challenge into their own hands. In fact, nearly all HR decision-makers surveyed (93 percent) believe the employer is responsible for enabling their workforce to acquire new skills, and 90 percent are exploring new ways to develop critical skills within their workforce. Addressing the challenge, most HR decision-makers (86 percent) anticipate that their budget for training programs, and learning and development will increase over the next two years.
The implications are clear: sustaining a supply of workers with needed skills is a fundamental responsibility for any employer. As companies recognize the growing need to cultivate great talent, they are shifting their focus on boosting traditional strategies used in the past to foster new capabilities in the workforce. Today, every aspect of learning and development is undergoing some level of transformation as companies apply a variety of new or advanced strategies to gain an advantage.
Make Skills Development a Part of Talent Acquisition
Looking ahead, companies will increasingly find themselves facing a future in which hiring fully qualified new talent will not be enough to keep up with the demand for new skills. Whether the organization hires new talent and upskills to meet new skills demands or focuses on educating current employees, formulating great learning strategies will be essential.
In an effective strategy, no single learning approach will apply to all talent. Classroom training, mentorships, apprenticeships, academic partnerships, certifications, and even innovative uses of technology and automation will all play a role in successful skills acquisition. Prioritizing learning approaches that deliver the most impact is no easy task, but an expert partner with talent strategy experience can help employers build the skills pipeline they need to grow and succeed. By getting strategic about skills development, the organization can shape a program that benefits employees, talent acquisition, and the business as a whole.
Get the "Cultivating Skills" Report
Download the report to gain insight on best practices and innovations influencing skills development in the workforce. Areas of focus include mentorships, apprenticeships, certifications, and academic partnerships. Along with findings from the survey of 1,000 HR decision-makers, the insights provide a perspective on trends that are reshaping traditional approaches, as well as lessons from companies that are putting effective strategies to work.
(Editor’s Note: This article originally appeared in a white paper titled, “Cultivating Skills to Build the Talent Pipelines of Tomorrow.” Download your free copy today.