As economic uncertainties continue, advances in AI and the tight labor market are transforming how companies view talent acquisition and development. The focus has shifted towards a “skills-first” approach, which is reflected in the sharp rise of skills-first-related topics on LinkedIn. However, as fears of recession loom, businesses are challenged with maintaining this approach. The youngest generations of workers, especially Gen Z and millennials, value skill-building and career growth opportunities, and it is crucial for businesses to sustain these investments despite economic downturns.Â
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Key Points:Â
- The ongoing economic uncertainties and rapid AI advancements have brought HR to the forefront of business conversations, changing how employers spot, foster, and grow talent.
- There has been a marked shift to a skills-first approach in talent strategies, as evidenced by a doubling in posts mentioning skills-first-related topics on LinkedIn from October 2021 to October 2022.
- According to LinkedIn’s 2023 Workplace Learning Report, Gen Z and millennial workers place high value on opportunities for skill-building and career growth.
- Internal mobility has become a top workforce priority among C-suite leaders, leading to increased collaboration between learning and development leaders and executives.
- Despite the inclination to revert to familiar patterns during economic downturns, businesses must continue to innovate and prioritize skills-first strategies to stay competitive.
Continue reading at https://sloanreview.mit.edu/article/focus-on-skills-to-grow-your-workforce/Â
