Internal workforce

As the skills gap continues to widen, especially in technical fields, companies need to consider the long-term value of training employees internally versus hiring new people. A shortage of top talent already exists across several industries. According to ManpowerGroup’s 2020 Talent Shortage Report,  69% of companies say they have talent shortages. The report, entitled Closing the Skills Gap: What Workers Want, says that 80% of the top ten most in-demand roles are in short supply.

Even in today’s challenging environment technological growth isn’t going to slow down any time soon. It’s on business leaders to help their workforce adopt the necessary skills as fast as possible. Otherwise, they will experience more harm than good from digital transformation.

The big question is, should organizations hire new talent or retrain their existing workforce to accomplish this? Business leaders are starting to shift towards the later with a 2:1 margin choosing training over hiring or outsourcing as the preferred _____ _______ __________ _____ __________ _____ ________.
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