As demand grows for new and emergent skills, including UX design, cybersecurity, and data science, workers around the world — and labor markets — are struggling to keep up. According to a recent survey conducted by the World Economic Forum, nearly eight in 10 global CEOs say they’re concerned about the availability of people with the right skills.
Why Competing For New Talent Is a Mistake
It hurts the labor market — and your organization.
February 05, 2020
Summary.
When employers favor hiring over training, the labor market cannot keep up. Organizations compete for the top, job-ready talent rather than help incumbents or younger, underserved and underrepresented groups develop the skills they need to fill tomorrow’s roles. If more business leaders changed their approach, a virtuous cycle would instead develop: Today’s “talent-donors” become tomorrow’s beneficiaries of the training their competitors have provided. Countries such as Singapore and companies such as Liberty Mutual and Discover Financial are already seeing benefits from such an approach.