In a McKinsey Global Survey on future workforce needs, nearly nine in ten executives and managers say their organizations either face skill gaps already or expect gaps to develop within the next five years. Many companies are using multiple tactics to close gaps, and reskilling efforts are paying off. Most respondents say their organizations consider it a priority to address skill shortages, but only some feel that their organizations understand how to equip themselves with the workforce skills they will need most. The findings suggest that companies lack the talent they will need in the future: 44 percent of respondents say their organizations will face skill gaps within the next five years, and another 43 percent report existing skill gaps.
Companies should assess which skills their workforce currently has and which will be necessary for the future to enact strategies that help employees develop new capabilities. To close skill gaps, companies should consider hiring and reskilling employees, as well as providing explanations of the reskilling agenda to prepare the workforce for change. Build training capabilities and partnerships so that you can develop a broad range of workforce skills using multiple training techniques.
Beyond hiring: How companies are reskilling to address talent gaps