Optimizing talent strategies to manage crisis: Skilling vs Hiring

The current global health crisis has redefined the way we work. It has challenged business models and disrupted the business ecosystem like never before. Business and talent leaders were busy working on their 2020 vision and planning their goals for the next few years, but in just days it became clear priorities had to change. In this time of crisis, employees’ health and well-being became the top priority for businesses around the world. As time went by and new developments about the pandemic cropped up almost in every hour, leaders quickly realized that they have to have a more robust talent strategy in place to face the crisis.  

Companies need a strategy that not only helps in managing the present challenges, but also prepares the businesses for the long term impacts the crisis will have on the world of work.

Skilling vs Hiring

Trends like remote working and flexible hours are here to stay, and organizations have to relook at their present talent strategies accordingly. Leaders have to ensure the workforce has the required skills to constantly adapt to uncertain external trends, agile operating models and rapidly changing customer demands. 

With so much on their plate, the question is this – In this time of crisis, what is it that organizations should focus on the most: reskilling & upskilling or hiring? As the organizations work on striking a balance between ensuring business continuity and navigating the immediate challenges, how do they create a strong pipeline of talent that will help them maximize on rapidly changing macro trends? 

Some may take the route of enhancing their internal mobility and invest in reskilling and upskilling employees. Others may prefer starting fresh and focus on hiring through new advanced technologies and digital solutions that allow them to recruit smoothly in a new remote work environment. In fact, some organizations will take a blended approach.  

It is important to note that context does matter while making these decisions. What works for one industry or company might not be effective for others. To deliberate on ‘What is the right way?’, industry leaders Evangeline Chua, Chief People Officer, GovTech and Hamidah Naziadin, Group Chief People Officer, CIMB will get into a Head to Head debate at Perspectives 2020 on 13 May. The discussion will be moderated by Manojit Sen, Global Head HR - LSC, Shell. 

Ahead of hearing their perspectives on how businesses can optimize their talent strategies, here are some thoughts for you to consider regarding the way both skilling and hiring are getting redefined: 

• The sectors, like aviation and hospitality, which have been most negatively affected by the current crisis will probably witness a hiring freeze until the market situation gets better. 
  
  
• Industries considered “essential” will be hiring for critical roles to meet the present demands for managing crisis. 
  
  
• To help the workforce make most productive use of their time while working remotely many companies will focus on L&D initiatives. 
  
  
• It seems as though business leaders and talent themselves will utilize their time to be better prepared for the future.
   
• The demand for digital solutions, whether for hiring or skilling, has increased. Companies are either looking to build internal solutions or relying on HR technology vendors in the market. 

With these trends in mind, join the debate on Skilling vs Hiring at Perspectives 2020. The session will focus on what organizations should most leverage when it comes to their talent strategies- reskilling, upskilling or new hiring - and how businesses can optimize their talent strategies as working in a crisis mode becomes the new normal.

Learn more about the theme by joining the head to head debate on 13th May at Perspectives 2020, a digital learning experience, brought to you by Skillsoft and SumTotal. Click here to register.