Beyond hiring: How companies are reskilling to address talent gaps
As potential skill shortages loom, a new survey finds that many companies are using multiple tactics to close gaps and that reskilling efforts are paying off.
As technologies and business models continue their rapid evolution, companies are experiencing a step change in the workforce skills they need to thrive and grow. Previous research has shown that as many as 375 million workers globally might have to change occupations in the next decade to meet companies’ needs and that automation could free employees to spend as much as 30 percent of their time on new work.1 Now, in a new McKinsey Global Survey on future workforce needs, nearly nine in ten executives and managers say their organizations either face skill gaps already or expect gaps to develop within the next five years.2
Although most respondents say their organizations consider it a priority to address skill shortages, few say their organizations understand how to equip themselves with the workforce skills they will need most. In fact, only one-third of respondents say their companies are prepared to cope with the workforce disruptions resulting from technology and market trends. Most respondents say their organizations are hiring employees in an attempt to prepare for potential skill gaps, and some have made efforts to build skills in their workforces: about one-third of respondents say their organizations have begun reskilling efforts.3 Among them, many report early progress and provide insights into what these programs look like.
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