What is skills based approach and why is important?
In today's competitive labor market, businesses need workers with the right skills to do the job. Out-of-date job titles and requirements only serve to limit applicant pools in a moment when hiring managers are striving to attract and retain diverse, high-quality talent. Instead, recent research shows that a candidate's skills are 5x more predictive of their job performance than hiring for education.
Innovative companies are leveraging data and new technologies to facilitate this broader shift toward skills-based hiring, which will benefit both businesses and workers—who will finally be judged based on what they can do, rather than excluded by irrelevant and often discriminatory factors.
According to many experts, the future of work is all based on skills. And here's how a skills-based approach can elevate a company's hiring and retention practices:
- It helps retain and promote internal talent
- It expands applicant pools
- It cuts hiring costs
- It optimizes workforces
- It offers companies better data
- It increases workforce diversity
- It puts the right person in the right job
While companies are transitioning to a skills-based approach, they face some challenges including sourcing job seekers with the right skills and getting them to apply.
Talentsloop platform aims to bring together local&global companies and talents from all over the world. The talents on the platform take the offers from companies that want to work with them through a single evaluation process. It's easy, effective and efficient way for getting a job!