According to LinkedIn data shared with CNBC Make It, 45% of companies are now explicitly using skills-related metrics to find candidates, 12% more than a year ago.
The United States is facing a growing skills gap that threatens the nation’s long-term economic prosperity. The workforce simply does not have enough workers and skilled candidates to fill an ever-increasing number of high-skill jobs. Because a high-quality workforce is the most important determinant of business success, challenges related to hiring the best people have a direct influence on an organization’s competitiveness today and in the future.
The skills gap is so big that it’s one of the main barriers preventing companies from modernizing their business model, companies told WEF. There’s clearly a need for training and reskilling; to keep up with the fast-shifting landscape, WEF finds, nearly half (44%) of an individual worker’s skills need to be updated.
For employers, a skills-first approach creates a significantly more robust talent pipeline and helps to address skills shortages.
Tapping into early career talent can help companies fill positions faster
Skills based organizations are 107% more likely to effectively place talent
Employers know that entry-level applicants won’t have as much experience. The development of AI and automation means that softer skills—those that make us distinctly human—are increasingly important and highly valued
There are huge gaps between the goals of education systems and the needs of business.