Diversifying talent sourcing and reskilling employees will amplify business and workforce growth
While the need to find and retain talent is driving the adoption of flexible working, expanding and diversifying the sources of new talent, as well as reskilling existing talent, is an important strategy. Our research revealed a significant correlation between this diversification strategy and stronger business growth.
Despite talent from community colleges having a strong correlation with top- and bottom-line growth, our surveyed companies are decreasing their use of this source
In studying diversified hiring, we found three talent sources directly linked to growth: the use of external skills marketplaces, universities, and community colleges (including polytechnics or vocational programs).
Together, these sources are associated with a $145 billion profit increase (pre-tax) and a $503 billion revenue increase.
With attrition rates rising, let’s take a look at one of the oldest solutions: Training and reskilling.
Two-thirds of respondents consider training to be a “completely” or “very” effective driver of digital adoption. We also found that every 10% improvement in the proportion of new skills being used in the workplace is correlated with a $14 billion increase in pre-tax profit and a $66 billion increase in revenue.
Respondents also pointed to external training providers and platforms as the most preferred sources for training. These sources were the most effective in terms of results, as they delivered the highest improvement rate in the use of new skills, thus becoming significant contributors to business growth.
Talent is everywhere. And #NextAtWork is a focus on diversifying where we look. To adapt:
Diversify hiring by exploring overlooked sources like external skills marketplaces, universities and community colleges
Reskill existing talent to uplift business growth while boosting talent retention
Share the four key trends and data points shaping the Future of Work with our infographic.
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