iMocha reports: 83% employees likely to stay with firms prioritizing a Skills-First approach
PUNE, India, Aug. 26, 2024 /PRNewswire/ -- iMocha, leading skills intelligence platform, released their third report in their series with EY titled, 'Driving economic impact and realizing value with skills intelligence'. The report highlights that 63% of HR leaders observed a positive impact on talent retention, and a notable 83% of employees believe they are more likely to stay with companies that adopt a skills-first approach.
The report reveals some pivotal insights:
- Typical accuracy rates for current hiring, training, and attrition processes are at 70-80%, which can be further improved by 10-20% through skills intelligence.
- Regardless of the transformation type, an uplift in accuracy rates with skills intelligence can deliver 1.5 to 5 times higher transformation efficiency.
- Realizing the value from skills intelligence starts with a unified business case and requires collaboration across HR, business, and finance leaders.
Amit Mishra, CEO of iMocha, said, "As organizations face an accelerating pace of change, driven by AI and digital transformation, the ability to harness skills intelligence has become a decisive factor in achieving sustainable growth. Our latest report demonstrates that a skills-first approach not only addresses the pressing challenge of the skills gap but also unlocks significant economic value by improving the accuracy and efficiency of workforce transformations."
Reflecting on the report findings, Priyanka Gupta, Partner, People Advisory Services, EY India said, "As skills intelligence gains traction, leaders need concrete data on its impact to move beyond initial trials. Companies should monitor their accuracy rates in hiring, training, and attrition to gauge their true costs and the improvements possible with skills-first transformation (SFT). As more organizations embrace SFT 2.0, we'll see industry benchmarks emerge, reflecting the real-world impact of skills intelligence."
The report concludes that to address the global skills gap affecting ~80 million job roles by 2030, companies worldwide must enhance their workforce transformation efficiency.
About iMocha
iMocha, a leading Skills Intelligence Platform, empowers organizations with a skills-first approach. Since 2015, iMocha has led skills management, offering AI-powered solutions for skills validation, skill matching, and skill inference. With over 300 global customers, including 15 Fortune 500 companies, iMocha helps streamline talent acquisition, optimize skill development, and drive performance. www.imocha.io
About EY
EY exists to build a better working world, helping create long-term value for clients, people and society and build trust in the capital markets. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data, and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.
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