Thrive Trend Watch: Using Skills-Based Hiring to Set Up Your Workforce With In-Demand Skills

Using a skills-based approach to attracting and retaining top talent is a fundamental process in every organization. 

In today's rapidly evolving business landscape, organizations must stay on top of emerging trends in skills-based hiring and prioritizing upskilling and reskilling, organizations can see impressive results in their bottom line. 

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Hiring Trends: Why use a skills-based methodology when hiring?

Skills-based hiring is the practice of pre-qualifying candidates based on their skillsets and experience as opposed to their education. This practice has gained significant traction among HR professionals and for good reason. 

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By utilizing a skills-based hiring methodology, organizations can see impressive results such as: 

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• Attracting diverse talent, in less time: Tap into a broader pool of talent by focusing on skills rather than traditional qualifications. This attracts more candidates with the right competencies which makes recruiting easier and sets up new hires for better long-term success. In addition, this approach fosters diversity within the workforce, leading to innovative thinking and fresh perspectives.
• Retaining employees: Research has shown that hiring based on skills is five times more predictive of job performance than considering education alone and more than twice as predictive as solely focusing on work experience. By identifying candidates with the right skills, companies can enhance their chances of retaining valuable employees.

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Learning Trends: How Upskilling and Reskilling Shape Your Business's Future

Offering programs for upskilling and reskilling to employees is a crucial factor in shaping the future of recruitment and talent acquisition. LinkedIn reports that “81% of recruiting pros say upskilling and reskilling employees will be an important factor shaping the future of recruiting over the next five years.”

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Upskilling and reskilling programs will satisfy long-term business objectives as it means investing in your most valuable assets, your employees. Here are some tips on implementing upskilling and reskilling programs in your organization:

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• Understand that skills requirements are evolving rapidly: “Skills sets for jobs have changed by around 25% since 2015. By 2027, this number is expected to double.” Consider a Career Management program that uses career professionals to provide assessments and learning plans to ensure their workforce remains competitive and adaptable. Career professionals make it their business to know what skills should be learned now and in the future. 
• Setting learning goals: Aligning employee development with organizational objectives by integrating learning goals into employees' Key Performance Indicators (KPIs). By making skill development an integral part of performance evaluations, companies encourage employees to actively engage in upskilling and reskilling activities.
• Advertise learning and development programs to attract new talent: Learning and skill development are no longer solely the concern of existing employees. Candidates also prioritize opportunities for advancement and skill enhancement. According to a Global LinkedIn Talent Drivers survey, skill development ranks among the top five priorities for all candidates.

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Thrive Participants: 2023’s Most In-Demand Courses

Thrive offers a learning marketplace with 8+ learning and development platforms such as LinkedIn Learning, Coursera, edX, and Codecademy. Based on Thrive’s proprietary data, the most sought-after courses of Thrive participants are:

1. Project Management: Effective project management skills are highly valued in today's dynamic business environment. Courses in project management equip employees with the tools and techniques necessary to lead successful projects and deliver and track results.
2. Data Analysis: As data becomes an increasingly valuable resource, proficiency in data analysis becomes an essential skill set to build upon. Data analysis courses enable employees to extract insights from data, make data-driven decisions, and contribute to business growth.
3. Managerial and Leadership Training: Strong leadership and management skills are critical for driving team performance and achieving organizational objectives.
4. Basic Fundamentals (such as Microsoft Excel): Brushing up on fundamental basics such as popular software tools can help employees stay relevant in the workplace. 

These subject areas closely align with a recent LinkedIn report citing the Top Skills by function. 

In today's competitive business landscape, organizations must adapt to stay ahead. Employing a skills-based approach to attracting and retaining top talent has become a fundamental process for success. By embracing skills-based hiring, organizations can tap into a diverse pool of talent, reduce time-to-hire, and enhance retention rates. The shift from traditional qualifications to skillsets brings fresh perspectives and fosters innovative thinking within the workforce. And, by investing in employees' skills and fostering a culture of learning, organizations can thrive and achieve long-term success.