Economic constraints are forcing companies to operate with fewer workers, while rapid technological advancements demand specialized skills in high-growth areas, creating a critical skills gap.
The skills gap could impact 90% of organizations by 2026, leading to around $5.5 trillion in losses, highlighting the urgency for companies to adapt their hiring practices.
Organizations are shifting towards skills-based hiring, recognizing that traditional models focusing on qualifications don't align with the rapid evolution of technology.
Emphasizing flexibility in hiring, companies are exploring emerging talent hubs worldwide to access self-grown talent, instead of relying solely on traditional educational institutions.
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