HR ANALYTICS

Employers Continue to Face Challenges In Future-Proofing their Workforces

LHH | May 13, 2021

Despite unprecedented difficulties in recruiting qualified workers, according to a recent global survey of hiring managers and executives conducted by LHH, the world's largest talent acquisition and career solutions firm, just slightly more than half of the employers worldwide are embracing cutting-edge talent strategies such as reskilling, upskilling, and redeployment to future-proof their workforces.

According to a survey of 2,100 HR decision-makers in the United States, Canada, the United Kingdom, France, and Australia, only 56% of all companies are currently looking to future-proof their talent pipelines. However, there is evidence within the figure that companies are struggling with the core components of a forward-thinking HR strategy.

The survey also discovered that less than half (47.2%) of companies are relying on the transferrable skills of existing employees to fill potential work opportunities, which is a key component for talent redeployment.

Furthermore, just under 40% (38.6%) of HR decision-makers who do not engage in reskilling or upskilling activities state they have simply not considered them (38.6%). Besides that, only 33.5% of all respondents are quite optimistic about their organization's abilities to launch and manage reskilling and upskilling initiatives.

According to John Morgan, the newly appointed president of LHH, it is not shocking that some businesses are struggling with the task of future-proofing their talent pipelines, considering the unprecedented scope of economic, environmental, and social forces that have disrupted traditional workforce management.

In addition to the COVID-19 pandemic, climate change, and rising diversity demands, businesses must now deal with the immense influence of artificial intelligence and machine learning, according to Morgan. According to the World Economic Forum, developments in AI could displace up to 85 million workers from their current occupations.

Investing in reskilling and upskilling is also very timely, Morgan said, since countries across the world, including the United States and the European Union, are pouring trillions of dollars into stimulus schemes to help workers escape dying industrial sectors and shift into jobs that are matched to future skill needs.

About LHH

In today's market, companies are realizing the importance of looking internally to find future talent. LHH assists businesses in seeing the potential in their employees. Companies can realize the untapped potential within their staff by assessments, coaching, upskilling, and transitioning, resulting in increased efficiency, morale, and brand affinity.

LHH is a subsidiary of The Adecco Group, the world's leading HR solutions partner, and its 4,000 coaches and colleagues collaborate with over 7,000 organizations in over 60 countries. We make a difference in the lives of those with whom we work, and we do so on a global scale. We have the relevant expertise, global infrastructure, and industry-leading technology to address the complexities of critical workforce initiatives and transformational challenges. That is why 60% of Fortune 500 companies choose to work with us.

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RECRUITMENT & RETENTION

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Linq | December 17, 2021

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HR STRATEGY

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DevOps Institute | January 28, 2022

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RECRUITMENT & RETENTION

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SHRM | December 14, 2021

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HR STRATEGY

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Eliassen Group | December 24, 2021

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