The widening skills gap is a major challenge for businesses, with 98% reporting significant gaps. To stay competitive, many companies are shifting to a skills-based model, focusing on skills over degrees. Skills-based hiring improves job performance and retention, while skills-based development through continuous upskilling and reskilling keeps employees engaged. Internal mobility also benefits from this approach, with 77% of workers willing to learn new skills. Companies adopting a skills-focused strategy, like Prudential, see lower turnover and increased internal mobility, preparing employees and organizations for future challenges.

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