- Upskilling and reskilling (43%) and redeploying employees to growth areas (33%) are key steps UK companies are taking to remain agile in the face of economic uncertainty
- This comes as new data reveals that skill sets for jobs globally have changed by around 25% since 2015, with this number expected to double by 2027
- Learning opportunities seen as the number one way to retain talent, with majority (92%) of UK businesses concerned about retention this year
- 4 in 5 UK business leaders agree that the HR function is more critical now than it has ever been
As hiring slows across the globe and businesses face doing more with less, companies are prioritising skills development to remain agile and retain talent amidst economic uncertainty. New research from LinkedIn, the world’s largest professional network, finds that nearly half (43%) of UK C-level leaders are focused on upskilling and reskilling their workforce, while a third (33%) are strategically redeploying employees into growth areas to weather the current climate.
This comes following recent research from LinkedIn which shows companies will still need to work hard to attract and retain top talent in 2023, with nearly 20 million* Brits considering changing job roles this year.
Learning and Development (L&D) professionals are central to this with 4 in 5 UK business leaders agreeing that the HR function is more critical now than it has ever been. LinkedIn’s 2023 Workplace Learning Report ‘Building the agile future’ - which surveyed 1,500+ L&D professionals across the world, including 200+ in the UK - finds that two-thirds (66%) are helping their organisation navigate economic headwinds.
8 in 10 UK L&D professionals also say that proactively building employee skills will help their organisation adapt to the future of work. This is especially important given that LinkedIn data shows that skill sets for jobs globally have changed by around 25% since 2015, with this number expected to double by 2027. Aligning learning programs to business goals is the top priority for L&D teams in 2023, and the top five skills most in-demand by UK businesses are: Management, communication, customer service, leadership and sales.
The report finds that the vast majority (92%) of UK businesses are concerned about employee retention in the current climate, with learning opportunities seen as the number one to retain talent. Opportunities to do impactful and challenging work, career growth, and developing new skills are the top factors people in the UK consider when exploring new roles after compensation.
Becky Schnauffer, Global Head of Strategic Clients, LinkedIn Talent Solutions, said: “Businesses up and down the country are facing skills gaps, making it harder to capitalise on growth opportunities and overcome uncertainty in the year ahead. Learning & Development professionals are critical for bridging these gaps, and for building strong and resilient teams - which will ultimately make it easier for businesses to grow and achieve their goals. They’ll also be vital for helping businesses to retain employees, with our research showing that up to 20 million UK professionals are considering switching jobs this year. We know that employees are looking for opportunities to learn and develop new skills, and if they don’t get them - they will leave.”
Placid Jover, Chief Talent and Reward Officer, Unilever, said: “The world is facing unrelenting change. The skills we will require and value in ten years will be vastly different than those we hire for today. That’s why we are helping our people find purpose, continuously build skills and stay future-fit, enabling our talent to pursue meaningful work in an ever-changing world.”
2023 Workplace Learning Agenda
With Learning & Development taking centre stage this year, the priority focus areas for 2023 L&D programs globally include: mentorships, DE&I and large-scale upskilling and reskilling programs. The top five most in-demand skills for L&D professionals include: presentation skills, analytical skills, customer experience, operations and process improvement. To help L&D professionals hone these skills, LinkedIn has unlocked a range of learning courses until 15th March - including courses on creating inclusive learning experiences, measuring learning effectiveness and foundations of accessible Elearning.