“The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn.”—Alvin Toffler

The C-suite now sees talent development as key to future success. Pre-COVID-19, CEOs ranked talent risk behind 11 other risks to long-term growth. In the recent KPMG 2020 CEO Outlook survey, “talent risk” has risen to the number one threat. Similarly, in the KPMG post-COVID-19 CIO survey, 62 percent say skills shortage is preventing their organization from keeping up with the pace of change.

72 percent and 33 percent

Significantly, the HR survey revealed that 35 percent of employees are expected to need to be reskilled in the next two years—much of it is likely due to the implementation of advanced technologies. This is not going to be easy, as traditional face-to-face learning formats are no longer an option. It requires HR leaders to embrace digital learning solutions and learning in the flow of work, and to invest in technology platforms. Fifty-four percent of HR respondents plan to make their biggest investment in learning and development platforms.

Top areas for HR investment

This Future of HR in the New Reality report explores the importance of reskilling talent for the future, drawing on insights from the KPMG 2020 HR pulse survey, the KPMG 2020 CEO Outlook survey, and the Harvey Nash / KPMG 2020 CIO survey.

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