In a rapidly evolving world driven by the rise of AI and digital transformation, the traditional concept of degrees and qualifications is being reshaped by a more dynamic approach - the skills-based economy.
The World Economic Forum, recently defined a skills based economy as one where hiring top talent focuses on the skills required to perform a job rather than on formal qualifications and degrees.
This shift is not only transforming the way we view talent but also revolutionising the hiring landscape, requiring a fresh perspective and innovative strategies to identify and acquire the right skills for today's demands.
Trends in professional development and growing demand for skills based competencies are expanded on in the latest reports from Coursera and Udemy, the global leaders in education technology. The steady growth in skills based competencies like specialisms in digital marketing, leadership and data literacy to name a few are further underscoring the urgency for companies to adapt to the technological leap and structure their talent pool around it. One of the key challenges identified in the Udemy report is the difficulty companies face in effectively assessing their team’s skills which impacts the ability to identify crucial skills gaps in their organisation.
However, the shift to a skills based economy can unlock huge opportunities for companies and professionals alike.
Being evaluated on skills and experience rather than just qualifications means professionals benefit from more growth opportunities, constant learning and development , flexibility and autonomy. In turn this has the potential to create a more dynamic, adaptable and inclusive workforce, where previously overlooked talent, like mothers with a professional background, are no longer lost to organisations due to for instance an absence of flexibility. Instead innovative employment structures like freelancing can help them become a valuable part of the skills based economy.
For companies a transition to a skills based economy means navigating new concepts of how they operate. There will be a need to constantly upskill and reskill their workforce. Harness the transformative power of AI, and help their workforce apply new skills in unfamiliar circumstances.
The skills based economy is not just about re-training the workforce. It will also require companies to tap into skills more efficiently and hiring top talent on a more flexible basis. Freelance talent will be pivotal to optimising the workforce and reduce costs associated with up- and reskilling and permanently hiring new talent.
Companies that successfully make this transition will be better equipped to adapt to the changes and innovation. It will allow them to respond quick to new developments and changes and structure an agile and adaptable workforce with the right skills.
Freeely is the right partner for companies looking to embrace the principles of the skills based economy.
Our freelance marketplace, with its skills based algorithm helps companies accesses rigorously vetted and skilled professionals required for the right projects without the downsides of lengthy and costly process of onboarding that traditional recruitment practices entail.
Hiring top talent at the right time will be a competitive advantage for companies operating in the fast paced business environemnt where innovation is the key to staying ahead in a rapidly evolving world.
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