Upskilling- A Better Path to Sourcing the Right Talent

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Introduction The hiring boom of the last two years has created a massive demand for talent. The amount of jobs that employers were trying to fill drastically outnumbered the pool of the right candidates l, This has created a highly- competitive market and established new table stakes for the cost of attracting, acquiring and onboarding talent. While the gap has begun to close, the dynamics of such a competitive market will have a lasting impact on wages and benefits that orgs are offering would-be candidates. Now, as a reactive economy is causing shrinking budgets in some sectors, the number of layoffs and cutbacks might signal a shift in the talent market. However, the bar has been set in many ways regarding wages and benefits, and HR leaders are feeling it from both sides: 1. there is less budget to bring in new people, but the workload isn't getting any smaller, and 2. the workforce at-large has higher expectations of employers' investment in their teams. Here is where the L&D team can step into the critical role of upskilling the existing workforce to improve retention and prepare the entire company for future growth. Forward-thinking organizations have shifted to building their employees' skillsets and fostering a culture of ongoing professional growth, creating an ecosystem of talent for the business and acknowledging workers' potential for advancement. 1 To thrive in this fast-changing world, leaders must treat capability building as a strategic weapon. Done right, capability-building programs not only create competitive distance but also materially enhance employee well-being" KEVIN CARMODY, Senior Partner, McKinsey 3 " 70% Two in three workers have quit a job because of a lack of career growth, but 90% of those would have stayed if they had seen opportunities ahead. 2 Training and development is (sometimes implicitly) a pillar in a company's performance. Talent is tied to business outcomes and has an irrefutable impact on financial goals. Accountability for building capabilities has even spread across the C-suite. In a 2022 McKinsey interview, CFOs discuss the impact of L&D on their role as financial leaders: About 70% of job candidates prefer to be evaluated for future potential, not just their current skills and abilities. 1

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