‘Talent fungibility emerges as a crucial factor in skill development,” Veikas K Khokha

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Talent tango: Fresh faces, sharp skills, or tech triumph? HR’s 2024 balancing act

The global automotive OEM market is projected to experience an average CAGR of 4.17 per cent during the forecast period, with a current valuation of $35.16 bn in 2023, and an anticipated market value surpassing $52.90 bn by 2033.

In the context of talent development, engagement and retention in this VUCA world, several trends emerge:

• The talent landscape leans towards predictive and prescriptive data analysis, aligning with global trends and catering to major players.

• There’s a perpetual need for futureready talent, particularly in research and development, production engineering and B2B sales and marketing.

• Behaviourally, the emphasis is on cultivating a multi-dimensional thought process with a hands-on approach to digitisation and automation.

• Talent fungibility emerges as a crucial factor in skill development and acquisition.

Trust Tinderbox: Can organisations reignite the employee spark in 2024?

Trust is intricately linked to the organisational culture, placing less emphasis on financial benefits and more on the alignment of leaders and teams with overall organisational goals. This alignment is a crucial driver of organisational culture.

Adoption of skill-based hiring as a viable recruitment strategy has accelerated

Traditional organisational processes must give way to a new-age phenomenon centred around output-driven, productivity-oriented parameters. This shift will enhance organisational credibility with employees.

Degrees or doers? Will skills reign supreme in 2024’s hiring arena?

Our leadership discussions highlight the key aspects of skill-based hiring, emphasising specific competencies such as coding, communication and project management. This trend is shifting towards objective assessments, requiring candidates to showcase their skills through practical tests, simulations, or portfolio presentations rather than relying solely on resumes or interviews.

The pandemic has accelerated the adoption of skill-based hiring as a viable recruitment strategy. The dynamic technology landscape demands professionals with practical capabilities that traditional educational qualifications may not guarantee. Skill-based hiring addresses this gap, enabling organisations to find candidates who bring valuable capabilities to the table.

The shift to skill-based assessment yields various future-oriented benefits in the talent landscape:

Wider talent pool: Skill-based hiring broadens the candidate pool, irrespective of educational backgrounds or traditional career paths, unlocking hidden talent and diverse perspectives that enhance innovation.

Faster time-to-hire: Skill-based assessments, such as coding exercises or simulations, expedite the identification of qualified candidates, streamlining the hiring process and reducing time-to-fill open positions.

Improved employee retention: Valuing employees’ skills and aligning them with suitable roles enhances job satisfaction and engagement, leading to higher retention rates and reduced turnover, saving time and costs.

Improved hiring accuracy: Focusing on specific job-related skills enables companies to identify genuinely qualified candidates, minimising the risk of hiring the wrong person and saving time and resources on onboarding and training.

This article is sponsored by Thomas Assessments

43 leaders predict the upcoming trends for 2024. To download the e-copy click here

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