David Storey, EY’s EMEIA Workforce Consulting Leader, says that it is essential companies invest in their own people. “As the war for talent intensifies, companies need to compete to ‘outdevelop’ each other and focus on future-proofing their leaders and teams. They can do this by upskilling them, focusing on both future digital and adaptive skills, as well as reskilling from a technical and functional perspective,” he says. “The pace of change is so fast that it is often quicker and cheaper to seek to future-proof core elements of the current workforce than to bring in new talent from today’s labor market where everyone is chasing the same skills. Upskilling employees is also the right thing to do from a social and internal cohesion perspective.”
Investing to upskill existing staff is a human-centric approach, underscoring the fact that the Transformative Age remains driven by people, not technology. Kamran Malik, EY’s Global Learning Practice Leader, says this is a fundamental tenet of modern businesses.
“Companies are focused on creating cultures of innovation and continuous learning to encourage their workforce to retrain, reskill and change the way they work,” he says. “A fundamental part of this is putting humans at the center to create a learner-centric opportunity to develop future skills, both from a skillset and mindset perspective.”
Figure 1: Leaders address the skills gap more aggressively