It is challenging for companies to keep up with technological advancements. While technology helps create business opportunities, it also leads to a growing skill gap as the demand for skilled workers soars up to meet the new age job requirements. The shortage of IT talent is a leading corporate concern, with 86% of respondents believing it will continue to slow down the cloud and other tech projects. For 79% of CEOs, a lack of essential skills within their existing employee base is a threat to growth, as per the 22nd Annual Global CEO Survey, PwC.  The question arises: How can employers bridge this skill gap while retaining the current workforce?   We all know that hiring and training new talent to replace an existing worker is expensive. As per Gallup, the cost of hiring an individual can range from one-half to two times the annual salary of an employee, which is again a rough estimate, and the numbers may be much higher.  Employers can stay competitive and keep people’s skills in sync with the changing work requirements by upskilling workers. As you reskill your team, you work toward creating a cross-trained and well-rounded workforce that can boost business productivity and efficiency. For instance,

Continue reading…