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What Skills Gap? Companies Increase Investments in Upskilling & Reskilling

How are organizations staffing up on the skills they need when the workers with these skills are so difficult to find? They’re increasingly relying on upskilling and reskilling current employees.

The following is an edited excerpt from our Compensation & Workforce Trends Report for which we polled over 1,400 hiring decision makers nationwide on how they are adjusting their hiring, workforce size, and compensation plans for 2022.

 

In our Compensation & Workforce Trends Report, the hiring decision makers we surveyed said that IT/technology workers are most essential to the health of an organization (19%). In addition, 59% said they plan to expand their IT/technology departments in the coming year (53%). However, this may be easier said than done. The same hiring decision makers said that IT/technology workers are also the most difficult to recruit for (39%), and 40% of respondents say that technical skills have been increasingly difficult to find in potential candidates since the pandemic began.

 

So, how are organizations staffing up on the skills they need when the workers with these skills are so difficult to find? They’re increasingly relying on upskilling and reskilling current employees.

 

  • When asked what their company has increased investment in (or plans to increase investment in) to better attract and retain talent, 49% of respondents said “upskilling/training opportunities”
  • When asked what steps their company is taking to more confidently do attract and retain talent, 41% said “offering new professional development opportunities”
  • And when asked how their organization has been filling the increased need for specific workplace skills, 54% said “upskilling current employees” while 42% said “reskilling current employees to be redeployed”

 

There’s no question that internal talent development and mobility can be the most efficient (and cost-effective) way for employers to help themselves and their people prepare for what’s next. By investing in assessing employee skills and providing training opportunities on emerging technologies today, leading organizations are building future-proof workforces.

 

Want more insights on how today’s employers are embracing new ways of attracting, retaining and managing a more resilient, well-rounded workforce? Download our Compensation & Workforce Trends Report now