It seems not a week goes by without another company announcing large-scale layoffs. Yet unemployment is at record lows in many countries. How is this possible?
Many business leaders have conceded that they hired too many people over the last few years. That’s because tech talent is always in short supply—which also explains why such workers find new employment quickly.
In 2023, I think we’ll see a shift toward upskilling and away from hiring sprees. Onboarding new employees is costly; engaging consultants, even more so. Usually, economic downturns bring cuts in areas like training and development. This year, companies should be prioritizing employee training.
We now have technology to make upskilling a reality. Through remote work, companies have already started supporting the professional development of their employees without in-person training.
In the future, companies will use AI to not only offer personalized development to employees, but also match skills to specific tasks. Business leaders will have better visibility into the kind of talent they have within their companies. That’s why I believe companies that prioritize learning within the enterprise will come out ahead.