Traditionally, employees were expected to remain in their initial roles despite outgrowing them or showing interest in other business areas. However, HR leaders have had to reassess their strategies due to increasing talent shortages and changing consumer expectations. They now recognize that strategies on top of external hiring are needed to bridge skill gaps effectively.
Employee training is vital for organizational success. According to statistics, 68% of employees acknowledge its importance. Training results in a notable increase of 24% in profit margins. The lack of proper training results in 40% of employees leaving their jobs within a year, emphasizing the critical role of training in talent retention. These figures underscore
“To improve is to change; to be perfect is to change often.” Winston Churchill. Embracing change is crucial for organizations to succeed. When embracing change, effective change management becomes important. With a remarkable 73% of organizations expecting a surge in demand for more efficient change management practices from 2020 to 2024, as highlighted by StrategyEx,
The persistent challenge for organizations lies in addressing the ever-widening skill gap. Recent surveys indicate that 87% of HR executives have acknowledged or anticipated primary skills gaps within their workforce. This statistic has prompted a paradigm shift in how businesses approach talent development and upskilling. AI-powered LXP is the dynamic solution reshaping how organizations bridge
The World Economic Forum estimates that, by 2025, 50% of all employees will need reskilling due to adopting new technology. Effectively addressing employee skill gaps is paramount for fostering sustained growth and strengthening workforce competitiveness. Recent insights from Lorman indicate that 80% of U.S. workers believe regular and frequent training surpasses the significance of formal
