MIT Sloan Management Review Article on Focus on Skills to Grow Your Workforce

As the threat of an economic downturn looms, we are entering the fourth consecutive year of uncertainty and rapid change. Three years ago, a global pandemic upended supply chains, and quarantines transformed how we work. Months later, a racial justice reckoning compelled businesses to make unprecedented commitments to building inclusive organizations. Sustained remote work again challenged the status quo in the workplace and, in some cases, became a vehicle for accessibility. The ongoing tight labor market has forced companies to reconsider and adapt their efforts to attract top talent. And now advances in AI are poised to reshape the skill sets required for nearly every job in every sector.

All of these changes have brought HR to the center of C-suite conversations, with employers thinking differently about how to spot, foster, and grow talent. Rapidly, skills have come to dominate the conversation; the average number of posts mentioning skills-first-related topics on the LinkedIn networking platform roughly doubled from October 2021 to October 2022. And employers are working hard to put skills at the center of their talent strategies — from hiring to advancement — as evidenced by groups like OneTen and the Business Roundtable. As talk of a possible recession dominates many business circles, a key question hangs in the balance: How can employers maintain their growing investments in skills-first approaches to maximize a return on investment for their workers and their business?

About the Author

Aneesh Raman is vice president and head of the Opportunity Project at LinkedIn. Elyse Rosenblum is the founder and managing director of Grads of Life.

Learn more about MIT SMR.