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With 79% of global executives rating workforce strategy as an important objective, and 40% describing it as an urgent one, the call for a more effective, data-driven approach to HR has never been louder.

Especially as enterprises rush to implement AI and machine learning into their every day operations, many HR leaders are finding it increasingly difficult to fil those critical roles.

In fact, 79% of corporate strategists see AI and Analytics as crucial to their success over the next two years. According to a recent IBM report, there are fewer than 10,000 people worldwide possessing the skills necessary to become AI experts.

The same report predicts that the shortage of AI talent will persist through 2030, creating a significant talent gap. The demand for AI talent is outpacing the supply.

However, is it really a talent shortage? Or are our systems just not looking in the right places?

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The Talent Shortage Mirage

Deloitte's insights suggest that the real issue might be our hiring systems. Automated hiring tools, while efficient, might be sidelining qualified talent, leading to the phenomenon of hidden workers. These are individuals overlooked due to gaps in experience or resumes. The data isn't just showing a talent shortage; it's hinting at an opportunity to redefine our hiring processes.

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Beyond Traditional Metrics

If 53% of organizations grapple with understanding their workforce's composition and capabilities, it's time to ask: Are we measuring the right things? 

Regardless if AI is the primary driving force, the workforce is evolving, and the metrics to measure it should too. It's not just about the education and experience on a resume. It's about adjacent skills, cultural fit, and team dynamics. It's about seeing potential where others see gaps.

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From Adjacency to Competency

The definition of an ideal candidate is changing. Deloitte's data reveals that 60% of organizations believe team restructuring will be pivotal in the future of work.

This doesn't just mean reshuffling roles. It means recognizing the power of adjacent skills. It's about valuing the potential in candidates who might not fit the traditional mold today but have the adaptability to grow into roles tomorrow. This process of developing talent is called career management.

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Building the Future Workforce

Today, careers are multi-dimensional, ever-changing journeys. By focusing on adjacent skill sets and nurturing growth, enterprises can tap into existing and new pools of talent, meet critical needs, and develop a future-ready workforce.

Deloitte’s insights reveal that the traditional job structure is becoming obsolete. Only 19% of executives believe that the conventional job-based approach is the way forward. Instead a skills-based approach is emerging as the gold standard, driven by the need for performance, agility, and equitable growth.

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• Addressing the Talent Shortage: By mapping adjacent skill sets and then upskilling these individuals for the projects and roles that the organization needs fulfilled, enterprises can broaden their talent pool, moving beyond the limitations of specific backgrounds and job histories. 

• Performance: Organizations with a skills-based approach are 107% more likely to place talent effectively and 98% more likely to retain high performers and have a reputation as a great place to grow and develop.

• Agility: With 81% of executives highlighting that work is increasingly crossing functional boundaries, a skills-based approach ensures that talent can be swiftly deployed based on their skills, irrespective of their job title.

• Equity: 75% of executives believe that a skills-based approach can democratize opportunities, fostering diversity and inclusion in the workplace.

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The skills based approach is a cornerstone of career management. Thrive is at the forefront of this evolution. We know how to transform potential into performance, by mapping skills and nurturing growth through upskilling.

Our unique methodology aligns individual career trajectories with your organization’s dynamic needs, to empower your workforce to grow at the speed of business.

With Thrive, organizations can effectively place talent where it succeeds, retain high performers, and foster a culture of equitable growth. It's a proactive step towards a future where job titles are fluid, and the workforce is resilient, ready to meet tomorrow's challenges head-on.

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Conclusion

The future of work is anything but linear. For HR leaders, it's a call to action. A call to embrace change, to think outside the box, and to lead with vision and purpose. With the right partner to support your workforce, the future is not just something to prepare for, but something we shape together.

Learn how Thrive can help your workforce build new skills by booking your demo below today.