A recent study conducted by iMocha-EY India reveals that 56% of companies worldwide are embracing a Skills-First Transformation, which signifies a profound shift in their approach. This transformation is supported by iMocha, a leading AI-powered Skills-Intelligence-Cloud platform, and EY, a prominent professional services firm, as highlighted in their second report on Skills-Transformation. The report is based on primary research, including interviews and surveys with 560 HR executives and employees across various industries.
Global Companies Lead Skills-First Transformation in Telecommunications, Technology, and IT
The widespread adoption of a Skills-First approach by companies worldwide in the fields of telecommunications, technology platforms, and IT, with the USA leading the way, has resulted in a significant increase in revenue growth for these companies. It is noteworthy that 4 out of 5 employees prefer companies that prioritize competency, which directly influences the success of the organization. This shift towards Skills-First is not only benefiting companies financially but also aligning with the preferences of the workforce.
The business landscape, particularly in technology-oriented sectors, has become highly dynamic, and a Skills-First Transformation is the key to sustainable growth, according to Amit D Mishra, CEO and Founder of iMocha. Employees seek continuous learning and development opportunities to remain relevant and showcase their skills. This transformation allows companies to align their workforce with evolving industry demands and foster a culture of innovation and adaptability.
The increasing demand for technology and AI skills, coupled with evolving employee expectations, has led to the organizational imperative of implementing a Skills-First Transformation. Preeti Anand, a partner at EY India, emphasizes the importance for companies to focus on the “Skills Intelligence first” approach, which involves integrating qualification data into operational processes to achieve higher employee engagement and performance.
The report presents compelling evidence supporting the notion that adopting a Skills-First approach can lead to increased employee satisfaction, improved company performance, and significant revenue growth. It serves as a valuable guide for businesses seeking to implement a Skills-First strategy in order to remain competitive in a fast-paced environment.
iMocha is an AI-powered Skills Intelligence Cloud platform that helps companies build a data-driven ecosystem for talent acquisition, development, and management. Since its establishment in 2015, iMocha’s Skills Intelligence has been utilized by over 500 companies in more than 70 countries, enabling them to adopt a Skills-First approach.
The platform utilizes patented technologies to create competency profiles of employees, inventory organizational competencies, assess and evaluate competencies, benchmark competencies, and analyze competencies.
The Skills-First Transformation offers numerous advantages to companies, including targeted employee recruitment, objective learning and development programs, and effective talent management. By implementing a Skills-First strategy, companies can achieve higher employee satisfaction, improve overall performance, and experience significant revenue growth. iMocha, as a leading Skills-Intelligence-Cloud platform, supports companies in remaining relevant in a competitive environment.
