Reskilling and upskilling are not only turning out to be effective talent retention tools but also helping companies boost revenue, according to a joint report by EY and iMocha.
According to the report, more than 50% of the enterprises which participated in the global survey are undergoing “skills-first transformation” (SFT) and clocking two times growth in revenue compared with their peers. The report was released on Tuesday.
Companies adopting SFT saw 61% of human resources department leaders reporting better outcomes for talent retention in 2023 and 58% reporting a boost in employee performance.
The report is based on primary research via interviews and surveys with 560 HR leaders and employees across BFSI (banking, financial services and insurance), information technology, telecom and other industries across the US, EMEA (Europe, the Middle East and Africa), India, Southeast Asia and the Australia-New Zealand region.
More than half of the companies that participated in the survey are embracing SFT, as per the report.
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IMocha, an AI-powered skills intelligence cloud platform, and professional services firm EY, launched their second report on Skills transformation, titled ‘The skills-first transformation: A new approach to unlocking talent potential’.
With “skills-first” approach being widely advocated by industry leaders and analysts, the research was focused on finding the prevalence of SFT among global companies and industry