Creating a Resilient Talent Ecosystem in the Reskilling Era
Discover how to build a robust talent ecosystem and stay competitive in today’s rapidly evolving job market.
Ashley Kontos, principal consultant at EPAM Systems Inc., writes that although the Great Resignation is slowing down, voluntary job exits remain high, echoing pre-pandemic levels at around 3.5 million. This signals a change in turnover patterns since December 2000. With the Great Resignation tapering off, the era of the Great Reskilling emerges.
The Great Resignation dominated headlines in 2021 and 2022, but the number of employees voluntarily quitting their jobs is still high relative to the past two decades. In fact, resignations at the end of 2023 were similar to those before the pandemic at around 3.5 million. These numbers represent a concerning and unique trend since the Bureau of Labor Statistics began tracking turnover or “quits” in December 2000. Although the Great Resignation is, according to some, winding down, in its place emerges a new era of employee expectations that businesses must address accordingly: The Great Reskilling.
What is the Great Reskilling?
In its 2024 Trends Report, The American Psychological Association articulates the new outlooks and attitudes that characterize today’s employees, including feelings of unease and instability toward their work brought on by the pandemic, the rise of artificial intelligence (AI), and other factors. Whether auto workers, engineers, or Hollywood actors, workers desire job stability.
So, what is stability and instability to the modern employee? The report suggests that feelings of instability go beyond the fear of getting laid off. Researchers outline instability as the state in which someone has anxiety over the disparity between their abilities and the demands of their job. In other words, people are concerned that their skills do not align with role responsibilities.
Simultaneously, the pandemic caused people to reevaluate what they wanted out of their jobs. This introspection led many to desire roles that promised a deeper purpose, meaning, accomplishment, and – most importantly – opportunities to grow, develop, and learn new skills. Despite this observable outcry from today’s workforce, employers must maintain productivity, meet quotas, and generate revenue to stay competitive. Consequently, that same period of introspection led many people to become unmotivated and disengaged with their current job situations, plummeting their productivity.
Data from the US Bureau of Labor Statistics shows that labor productivity declined in 37 states and the District of Columbia in 2022. Likewise, US worker productivity has declined year-over-year for five consecutive quarters for the first time since researchers began collecting such figures in 1948. To address the unique challenges of the Great Reskilling, enterprises must overcome this contention between employee fulfillment and business productivity.
Tackling the Challenge with a Robust Talent Ecosystem
Organizations should deploy talent-nurturing strategies that emphasize continuous learning and personal development. Such an approach will reduce turnover while creating employees who consistently increase their value to the business, helping maintain a competitive edge. Ultimately, these strategies, when combined with human resources systems meant to collect and analyze skills data, will produce a resilient talent ecosystem that can adapt to ever-evolving workforce trends and uncertainties.
Businesses can support continuous learning through training programs, mentorships, informal learning opportunities, skill assessments, etc. By giving employees access to these different resources, they won’t be pigeonholed into a specific role or predetermined career path. Instead, they’ll be agile and competent enough to do whatever is necessary, heightening their sense of value. However, continuous learning efforts need an accompanying plan so that outcomes align with business objectives.
Technological enhancements also have a role to play in fine-tuning talent nurturing strategies. AI-driven insights from routine skill assessments help businesses identify gaps in skill sets and can automatically highlight hiring or learning requirements. Equally important is ensuring these AI systems use unbiased and comprehensive data sets with clearly defined skills and capabilities to maintain equity across all roles and abilities.
Likewise, organizations must develop targeted development and recognition programs corresponding to the workforce’s skills and competencies. Recognition is vital to boosting the employees’ engagement and fulfillment; at the same time, productivity metrics ensure that these talent strategies yield tangible results.
Lastly, it is worth noting the place of AI in building a resilient talent ecosystem. A follow-up to APA’s 2023 Work in America survey about AI found that 38% of respondents were concerned that AI could render some or all of their job duties obsolete. It is worth noting that 64% of those worried about AI also said they usually feel tense or stressed during the workday. While AI will automate daily responsibilities, it can help make jobs easier. To that end, businesses must provide opportunities and training for workers to acclimate themselves to this helpful technology.
See More: How To Be Ready for The Next Generation of Workforce Talent
The Talent Infrastructure and the Future of Work
The need for an effective talent infrastructure equipped with state-of-the-art technological systems and programs is vital in today’s evolving workforce landscape. This includes modern talent management solutions, comprehensive employee training platforms, and AI-powered recruitment tools. These play a crucial role in managing transitions due to automation and AI, and planning for future growth.
Equally significant in this digital era, dominated by data breaches and cybersecurity threats, is the robustness of cybersecurity within an organization’s talent infrastructure. This encompasses the adoption of advanced security technologies and the incorporation of cybersecurity training and awareness programs. By educating employees about common cybersecurity risks and prevention strategies, businesses can equip their workforce with the necessary skills to protect against these ongoing threats and ensure the safety of digital work environments.
Simultaneously, the future of work demands real-time adaptability in talent infrastructure. This could entail platforms endorsing and tracking remote work, systems streamlining upskilling and reskilling, or initiatives enhancing employee well-being. In an ideal world, these systems would all use the same skill definitions and feed data directly into the other systems to support real-time role and skill management practices. By harnessing technology to align business goals with employee development, companies can create a supportive environment that champions individual and organizational growth.
Talent Ecosystem Case Study: Fortune 100 Food Services Company
A Fortune 100 food services company partnered with a leading digital transformation services and product engineering company to build a talent ecosystem that could attract, retain, and cultivate technical talent. The implementation was successful, helping over 1,000 participants take control of their careers through transparent upskilling programs.
Previously, employees were stuck using a rigid yet nebulous career growth structure with outcomes that left much to be desired for the workers and the organization. Thanks to the combined efforts of the partners, the workforce could hone and refine different competencies and technical skills, advancing their professional development and taking the company to new heights in its digital transformation initiatives.
With the assistance of its partner, the food services company moved past its outdated model, deploying skill matrices, growth pathways, and other talent resources to support critical roles in software engineering, technology leadership, and project management. The partner also helped implement a governance body, knowledge management tools, new skills-based development tracks, and a competency center. These new tools and strategies were vital to cultivating a more resilient talent ecosystem that improved hiring, development, and retention.
Harmonizing Employee and Organizational Growth
Successfully navigating the Great Reskilling requires a tactical approach considering personal and organizational growth. HR and technology leaders must work together toward creating a resilient, skill-oriented talent ecosystem where employees have the resources necessary for upskilling and growth. Such ecosystems reduce workforce attrition and proactively adapt to the fluid nature of the future of work.
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