56% Enterprises Globally are Undergoing 'Skills-First Transformation' (SFT) and they are Clocking 2x Revenue Growth Compared to their Peer Group: iMocha-EY Report
PUNE, India and SAN FRANCISCO, Nov. 22, 2023 /PRNewswire/ -- Driving a transformational shift, 56% companies worldwide are embracing a 'Skills-First Transformation' as per the latest report by iMocha-EY India. iMocha, the leading AI-powered Skills Intelligence Cloud platform, along with EY, the leading professional services organization launched their second report on Skills transformation today, titled, "The Skills-First Transformation: A new approach to unlocking talent potential". This report is based on primary research via interviews and surveys with 560 HR leaders and employees across BFSI, IT, Tech, Telecom, and other industries across the US, EMEA, India, SEA and ANZ regions.
Companies adopting SFT saw 61% HR leaders reporting better outcomes for talent retention and 58% reporting boost in employee performance.
PUNE, India and SAN FRANCISCO, Nov. 22, 2023 /PRNewswire/ -- Driving a transformational shift, 56% companies worldwide are embracing a 'Skills-First Transformation' as per the latest report by iMocha-EY India. iMocha, the leading AI-powered Skills Intelligence Cloud platform, along with EY, the leading professional services organization launched their second report on Skills transformation today, titled, "The Skills-First Transformation: A new approach to unlocking talent potential". This report is based on primary research via interviews and surveys with 560 HR leaders and employees across BFSI, IT, Tech, Telecom, and other industries across the US, EMEA, India, SEA and ANZ regions.
The report found global enterprise adoption of Skills-First in telecom (66%), technology platforms (66%), and IT (58%), with the US geo leading this transformative shift. Additionally, SFT adopters exhibited 2x higher revenue growth in the past three years compared to non-adopters. Notably, 4 out of 5 employees preferred companies with a skills-first approach, directly influencing enterprise success.
Amit D Mishra, CEO and Founder of iMocha stated, "The operational landscape, especially in tech-driven sectors, has become extremely dynamic, and only a Skills-First Transformation is expected to keep enterprises steadily moving on the path to sustainable growth. Employees want to upskill and reskill to stay relevant; they are eager to showcase their skills and be recognized for them."
Adding further, Preeti Anand, Partner, Business Consulting at EY India mentioned, "In today's dynamic world, the demand for technology and AI skills, coupled with evolving employee expectations, has given rise to the organizational imperative of 'Skills-First Transformation' (SFT). Looking ahead, early adopters of SFT should focus on the 'Skills intelligence first' approach to better integrate skills data across operational processes, thereby realizing higher retention and employee performance."
With compelling evidence of enhanced employee satisfaction, improved business performance, and remarkable revenue growth, the report serves as a guide for enterprises interested to adopt a 'Skills-First' approach and to stay relevant in a competitive environment.
The report can be downloaded at https://www.imocha.io/skills-first-transformation
About iMocha (www.imocha.io)
iMocha is an AI-powered Skills Intelligence Cloud that helps enterprises to build a skills-first and data-driven ecosystem of hiring, upskilling, and managing talent - at scale, for any job role, and any industry. Founded in 2015, more than 500 organisations in 70+ countries in IT/ITeS, Telecom, BFSI, Retail and Manufacturing are using iMocha's Skills-Intelligence for taking a Skills-First approach to accelerated hiring, objective learning and development programs and to manage talent from candidate to alumni.
The platform leverages patented technologies to build employee skills profile, organisational skills inventory, skills taxonomy and skills ontology, skill benchmarking and skills analytics.
About EY (www.ey.com)
EY exists to build a better working world, helping create long-term value for clients, people, and society and building trust in the capital markets. Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.
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