HR leaders predict that nearly half of their workforce will require reskilling within the next five years, according to a study by recruitment process outsourcing provider PeopleScout and HR tech company Spotted Zebra. The study found that 90% of HR leaders believe up to 50% of their workforce will need to be reskilled, yet only 7% currently have active investment in reskilling programs.
The report, titled The Skills Crisis Countdown, highlights the growing disconnect between employee capabilities and business needs. The World Economic Forum estimates that by 2030, 85 million jobs could go unfilled, resulting in $8.5 trillion in lost revenue. The most significant talent shortages are anticipated in industries such as education, hospitality, healthcare, technology, and manufacturing.
The study also reveals that employers are ill-prepared for the future, despite the changing landscape of automation, AI adoption, the green economy, and demographic shifts. Companies continue to prioritize degrees and experience in their hiring decisions, with skills often being undervalued. Furthermore, 34% of employers lack plans for workforce adoption of automation and AI.
Technology plays a crucial role in driving the need for skill evolution, with 50% of HR leaders predicting that job roles at their organizations will transform due to changes in required skill sets. However, both employers and employees undervalue technology skills, ranking them second to last when considering future importance.
To address the widening skills gap, HR leaders must understand the significance of skills-based talent strategies. Currently, many HR leaders lack understanding of these strategies and their potential to support workforce development. Adopting skills-based practices in hiring and development is crucial for organizations to prevent revenue losses and reduced productivity.
The study emphasizes the importance of becoming a skills-based organization for future success. By implementing future-focused skills strategies for hiring, development, and reskilling, organizations can mitigate talent shortages and avoid lost revenue.
The findings of the study will be presented in a webinar on February 1, 2024, by PeopleScout and Spotted Zebra. The report combines data from over 2,000 surveyed employees and input from senior HR and Talent Acquisition leaders from various organizations worldwide.
Download the full report for comprehensive survey findings and actionable insights for employers.
About TrueBlue:
TrueBlue is a leading provider of specialized workforce solutions, supporting clients in achieving business growth and improved productivity across three segments: PeopleReady, PeopleManagement, and PeopleScout. The company connects approximately 611,000 people to work annually and serves 84,000 clients.
About PeopleScout:
PeopleScout, a TrueBlue company, is a global talent solutions provider offering recruitment process outsourcing (RPO) and managed service provider (MSP) solutions. With over 90% client retention, PeopleScout provides end-to-end MSP and talent advisory capabilities to meet total workforce needs. The company’s talent acquisition platform, Affinix™, leverages AI-driven technology to deliver the best candidate experience and optimize the talent process.
About Spotted Zebra:
Spotted Zebra empowers organizations in making skills-based decisions throughout the talent lifecycle. Their skills-based workforce management platform offers applications for skills-based recruitment, reskilling, and succession planning.
Press Contact:
Taylor Winchell
Senior Manager, External Communications
pr@trueblue.com
+1-253-680-8291
