2020 is under way, but unfortunately, 2019 problems still exist. For instance, unemployment remains low and candidates still have the upper hand in picking who they work for. On top of all this, the skills gap continues to grow and educational institutions are doing little to prepare students for the new world of work. As a result, the onus is now on employers and hiring managers to reevaluate which skills are necessary to get the job done.
According to the U.S. Chamber of Commerce Foundation’s new report, “Hiring in the Modern Talent Marketplace,” employers and hiring managers are preparing for a world where competencies—not degrees—are the most important factors when filling a job. The findings show that employers are working with higher education to align what is taught in the classroom with the needs of the economy.
Competencies Become a Major Factor in Hiring
The study surveyed 500 hiring managers, and respondents acknowledged the need to overhaul their hiring practices to focus on competencies over formal education credentials. Nearly three-quarters (74%) of respondents agreed that there has been a lack of skilled talent among the available workforce in recent years.
The top three goals for hiring managers in 2020 reflect this challenge: retain more talent (41%), recruit top talent (35%), and reduce the time to hire new talent (26%).
Though advances in technology are rapidly changing the skills needs of the business community, more than half (58%) of respondents believe automation is an opportunity and will likely create the same number of new roles in the workforce as those it eliminates.
“As a nation, we need to move toward a skills-based approach for educating and hiring where the skills taught in the classroom directly align to the skills required for a career,” says Cheryl Oldham, Senior Vice President of the U.S. Chamber of Commerce Foundation’s Center for Education and Workforce—in a press release.
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