With 99% of organizations saying they want to embark on a transformation by 2020, and almost all of them with significant skills gaps, C-suite reskilling is considered the best talent investment able to drive business success. The ability of the workforce and the lack of future skills are considered to be the primary reasons why transformations will fail, and retraining is one of the investments they hope to sustain in times of decline. Only 28% of organizations identified the reduction of retraining initiatives as a tactic to mitigate the moderation of the economy.
Employees also consider retraining to be an emerging part of the agreement (this year, its importance as an attraction and retention factor is growing). And although more than three-quarters of employees say they are ready to learn new skills, two out of five say they lack the time to retrain. In this regard, the Covid-19 pandemic may offer the opportunity needed to start retraining. Some business areas will have downtime and companies can take advantage of directing these employees to online training courses and career research.
However, only 34% of human resource managers invest in learning and retraining the workforce as part of their future work strategy. In addition, 40% of human resource managers do not fully know what skills their workforce already has. This can be considered a worrying lack of insight, given that managers feel that less than half (45%) of their employees are able to adapt to the future of work.
Without redesigning roles and career opportunities for people at risk of displacement, HR cannot address the needs of the entire company to fill new roles with retrained internal talent. There is a concern that without an integrated approach to strategic workforce planning (which takes into account how skills may change) and limited data on existing skills, companies may inadvertently lose valued talent. Long-term planning would allow companies to imagine a brighter future for their employees and increase their competitiveness as economic conditions improve.