Skills are the currency for the future of work. Skills provide a roadmap for the future and a bridge between talent acquisition and talent management. A skills-based approach can help connect talent with the right opportunities, personalize experiences, and get insights into the capabilities of the workforce.
The benefits of a skills-based approach are clear. Employers benefit from improved efficiency and stronger talent pools, while individuals benefit from greater opportunities to control their career paths. Our research found that companies that invest in skills development are twice as likely to improve retention, 34% more likely to improve quality of hire, and 28% more likely to improve DEI initiatives.
Yet, companies are hesitant to build a skills-based approach, and lack of ownership and confusion around how technology fits in have added to this uncertainty. This report looks at how a focus on skills is reshaping talent strategies and answers the following:
- What is driving the focus on skills today?
- How has the use of skills evolved over the past few years?
- How do talent marketplaces foster skills development?
- How can a skills-based approach improve internal mobility?
- How does a skills-based approach to talent acquisition positively impact the overall business?