iMocha, a leading skills intelligence platform, released their third report in their series with EY. The report highlights that 63% of HR leaders observed a positive impact on talent retention, and a notable 83% of employees believe they are more likely to stay with companies that adopt a skills-first approach.
Typical accuracy rates for current hiring, training, and attrition processes are at 70% to 80%, which can be further improved by 10% to 20% through skills intelligence. Regardless of the transformation type, an uplift in accuracy rates with skills intelligence can deliver up to five times higher transformation efficiency. Further, realizing the value from skills intelligence starts with a unified business case and requires collaboration across HR, business, and finance leaders.
“As organizations face an accelerating pace of change, driven by AI and digital transformation, the ability to harness skills intelligence has become a decisive factor in achieving sustainable growth,” says Amit Mishra, CEO of iMocha. “Our latest report demonstrates that a skills-first approach not only addresses the pressing challenge of the skills gap but also unlocks significant economic value by improving the accuracy and efficiency of workforce transformations.”
The report reveals that companies must enhance their workforce transformation efficiency to address the global skills gap affecting around 80 million jobs by 2030.
