Examining Workforce Strategies for the Future of Work 2023 Webinar Recap
Labor and skills shortages are one of the top three disruptors impacting workforce strategies for 2023, according to a CEO survey conducted by Deloitte. And while industries look towards solutions for these shortages, they are shifting focus from job responsibilities, titles and degrees to skills when hiring and structuring their organizations.
U.S. talent shortages have more than tripled in the last ten years, with 69 percent of employers struggling to fill open positions. The tech industry faced similar struggles regarding talent and skills shortages in the early 2010s, giving rise to alternative talent solutions and skills-building programs like upskilling and reskilling. To further meet these challenges, they diversified hiring pipelines and loosened degree requirements. The tech industry’s answer to talent shortages highlighted the importance of focusing on skills rather than hiring based on traditional requirements.
As other industries face the same challenges with the digitizing workforce and need for technical skills, how will they meet these challenges, and how can they learn from the skills revolution?
In a recent webinar hosted by Kate Graham and Steve Hatfield, the two discuss workforce strategies that will shape 2023 from Deloitte’s latest Human Capital Trends Report. Their webinar focused on reframing how organizations view job responsibilities and skills within a company’s workforce.
As the world shifts to this new skills-focused organizational model, we’ll explore how reskilling is driving this workforce transformation with flexible and proven solutions for the companies of the future.
Skills-based hiring replaces traditional hiring practices.
For more than a century, the organizational structure of companies has been built around tasks and responsibilities – jobs – rather than skills. Yet even with this long-standing model, only 19 percent of business executives and 23 percent of workers believe that work is best structured this way. It is time to reevaluate and explore more effective workforce structures.
Recently, companies have explored a whole new organizational model that places skills at its center. Companies focusing on skills rather than traditional methods are no longer hindered by standard organizational barriers. This shift allows companies to focus on today’s most critical organizational objectives like innovation, agility, DEI initiatives and growth.
Skills-based hiring is a trend here to stay, according to experts.
In Deloitte’s Human Capital Trends Report, 93 percent of CEOs believe moving away from traditional job constructs is essential to the success of their organization. Still, only 20 percent feel they’re ready to address this movement.
Skills-based organizations start at the beginning of the talent lifecycle. Instead of filling a position based on criteria such as college pedigree or certifications, hiring managers and executives can utilize skills assessments and evaluate candidates on the skills they bring to an organization rather than the job. From this point, employees are seen as individuals contributing to the organization and no longer job holders performing predefined tasks.
Organizations moving into skills-based models can better adapt to economic and market changes. Deloitte’s report states, “Organizations with a skills-based approach are 107 percent more likely to place talent effectively and 98 percent more likely to retain high performers.”
As a skills-based company, recognizing obsolete skills within the workforce presents the opportunity to target that population and equip them with new, more relevant skill sets. Employers can upskill, reskill and retain workers as needed by incorporating ongoing education programs into their learning and development strategies.
Reskilling provides flexible skills-building solutions.
As companies shift focus from job responsibilities to skills, they open up the organization to the future state of talent development and acquisition. Reskilling provides flexible skill-building solutions to workforce development and creates internal mobility at a scalable pace.
Companies like KeyBank have used reskilling programs to build out their cyber security teams with diverse internal talent. They initially started their reskilling journey small. They teamed up with experts to establish what worked best for them and scaled their program when ready. Recently, KeyBank launched an internal reskilling program that graduates 15 employees per program session. Learn more about their program’s success from the video below:
Find success with the reskilling experts.
As skills continue to transform hiring practices and workforce structures, companies are faced with finding solutions that are both proven drivers for success and scalable as the company grows. Establishing programs and solutions that can adapt to an organization’s needs as it evolves for the future will define success and sustainability for companies in 2023.
Tech Elevator’s team is comprised of experts in implementing scalable reskilling solutions that develop tech teams of the future with in-demand technical skills and proven results. With over 3,500 graduates and best-in-class outcomes, Tech Elevator can help your company build its workforce of the future.