As economies face unprecedented labor shortages the mismatch between skills and opportunities is holding back growth. In Europe, 2.9% of positions remain unfilled, the highest on record. This gap is driven by structural changes like the green transition, technological advancements, and shrinking working-age populations.
Only 39% of businesses globally are optimistic about talent availability in the next 5 years, with critical industries like Healthcare, Manufacturing, and Supply Chain hit hardest. The solution? Embracing a skills-first approach.
Rather than focusing on degrees or job histories, skills-first strategies prioritize competencies, helping to bridge skills gaps and equipping workers for tomorrow’s jobs. This approach allows businesses to remain competitive, adaptive, and better prepared for the future.
By applying skills-first strategies, businesses can effectively access new talent, boost retention, and drive innovation.
(Source: Putting Skills First: Opportunities for Building Efficient and Equitable Labour Markets, World Economic Forum)