{"id":472895,"date":"2021-04-07T09:33:20","date_gmt":"2021-04-07T13:33:20","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=472895"},"modified":"2021-04-07T09:33:20","modified_gmt":"2021-04-07T13:33:20","slug":"leading-companies-use-skills-as-the-new-currency-for-workforce-transformation","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/leading-companies-use-skills-as-the-new-currency-for-workforce-transformation\/","title":{"rendered":"Leading Companies Use Skills as the New Currency for Workforce Transformation"},"content":{"rendered":"<p>        <!--.bwlistdisc { list-style-type: disc }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p><b>Leading Companies Use Skills as the New Currency for Workforce Transformation<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li><b>Over 50% of organizations embarking on transformation are targeting workforce upskilling\/reskilling toward critical talent pools<sup>1<\/sup><\/b><\/li>\n<li><b>44% of organizations surveyed by Mercer have already made it easier to loan and\/or share talent internally, with 26% planning to do so in the future<\/b><\/li>\n<li><b>Mercer launches its Skills-Edge Suite, an integrated service offering of consulting, technology and data to help companies advance skills-based talent and pay practices<\/b><\/li>\n<\/ul>\n<p>NEW YORK&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nSkills have become the new currency of workforce and talent strategies, as more than half of organizations that responded to the 2021 Mercer Global Talent Trends survey are targeting upskilling and reskilling of critical talent pools to drive workforce transformation.<sup>2<\/sup> In response, Mercer has launched its <b>Skills-Edge Suite<\/b>, an integrated service offering of consulting, technology and data that helps companies advance skills-based talent and pay practices.\n<\/p>\n<p>\nFor most organizations, from COVID-19 to technological advances, the nature of work has experienced seismic disruptions as we have become more interdependent, knowledge-focused, specialized and flexible about where, when and how we work. Traditionally, the base unit of managing a workforce has been a job. Job descriptions and titles have, until recently, defined how companies viewed work, how they set salaries, and how they made critical decisions around talent and workforce transformation. Today, the base unit of work has fundamentally evolved from jobs to skills.\n<\/p>\n<p><i>\u201cIt became clear during the pandemic that skills fuel business transformation and organizational resilience. Companies that took inventory of their workforce or talent ecosystem have been able to find talent quickly, move talent to where it\u2019s needed most, and make critical talent decisions to keep the business running during uncertain times. Mercer research shows that 14% of organizations that responded to Mercer\u2019s 2021 Global Talent Trends survey have already embarked on skills-based talent practices such as skills-based pay,\u201d said Kate Bravery, Global Advisory Insights and Solutions Leader at Mercer.<\/i><\/p>\n<p><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.mercer.us%2Fwhat-we-do%2Fworkforce-and-careers%2Fmercer-skills-edge.html&amp;esheet=52407364&amp;newsitemid=20210407005118&amp;lan=en-US&amp;anchor=Mercer+Skills-Edge+Suite&amp;index=1&amp;md5=b79fac8ba9f86de2da044c6cdbe1f8f4\">Mercer Skills-Edge Suite<\/a> will help organizations adapt to the <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.mercer.us%2Four-thinking%2Fcareer%2Fthe-new-shape-of-work-covid-19.html&amp;esheet=52407364&amp;newsitemid=20210407005118&amp;lan=en-US&amp;anchor=new+shape+of+work&amp;index=2&amp;md5=0eda403c0f39da4c43be7bbb16776f85\">new shape of work<\/a> through a skills-based workforce strategy. The offering helps to create skills frameworks and roadmaps to help companies transition from job-based practices to skills-based talent and pay practices.\n<\/p>\n<p>\nA skills-based approach to workforce strategy assesses talent based on their holistic skill set (including adjacent skills across industries), rather than industry experience or qualifications. A well-designed skills-based workforce strategy will enable organizations to proactively identify future skills needs and develop an actionable plan to retain, build, buy and deploy talent, as needed.\n<\/p>\n<p>\nAccording to Mercer\u2019s <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.mercer.us%2Four-thinking%2Fcareer%2Fglobal-talent-hr-trends.html&amp;esheet=52407364&amp;newsitemid=20210407005118&amp;lan=en-US&amp;anchor=2021+Global+Talent+Trends&amp;index=3&amp;md5=02ce9d3dc69013b117c59288667f87a9\">2021 Global Talent Trends<\/a> survey, there has been an increase in talent practices that have enabled organizations to use their talent pool more flexibly. To better adapt to evolving business needs, 44% of survey respondents stated they have already made it easier to loan and\/or share talent internally, with 26% to do so in the future.\n<\/p>\n<p>\nThe Global Talent Trends survey also revealed, however, that organizations are still struggling to understand the skill gaps in their current workforce. Two in five HR professionals responding to the survey admitted that they do not know what skills they have in their own organizations.<sup>3<\/sup><\/p>\n<p><i>\u201cTransformation demands deconstructing jobs into tasks and skills, and updating talent models so that skills are the basis for defining work and compensation, deploying talent, managing careers and valuing employees. Companies that do this well will be better positioned to meet today\u2019s business goals, remain agile in a changing world, and be more likely to retain and attract the best talent over time,\u201d said Ravin Jesuthasan, Global Leader for Transformation Services, Mercer.<\/i><\/p>\n<p><i>\u201cBy making skills the currency of work, organizations can connect talent to work in a more modern, agile way, and better meet the needs of the changing business landscape. Employers can focus on what skills they need \u2014 by either acquiring or developing them through workforce planning and supporting activities \u2014 and employees can focus on skill development and career alignment,\u201d added Jesuthasan. <\/i><\/p>\n<p><b>About Mercer Skills-Edge Suite<\/b><\/p>\n<p>\nThe <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.mercer.us%2Four-thinking%2Fcareer%2Fgaining-a-skills-edge.html&amp;esheet=52407364&amp;newsitemid=20210407005118&amp;lan=en-US&amp;anchor=Mercer+Skills-Edge+Suite&amp;index=4&amp;md5=4939fc67630f0f62a48240f6145ca180\">Mercer Skills-Edge Suite<\/a> creates skills frameworks and skills roadmaps to help companies to transition from job-based practices to skills-based talent and pay practices; and the support to operationalize and integrate companies\u2019 skills philosophy into their HR systems through deployment and optimization services. Some of the <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.mercer.us%2Fwhat-we-do%2Fworkforce-and-careers%2Fmercer-skills-edge%2Fadvancing-pay-for-skills.html&amp;esheet=52407364&amp;newsitemid=20210407005118&amp;lan=en-US&amp;anchor=new+products&amp;index=5&amp;md5=fc16b0a93e0396f5a04f949b20b7b9a6\">new products<\/a> include:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li><b>Skills Library:<\/b> A skills taxonomy based on market data curated by Mercer and mapped to the Mercer Job Library. With this first step, organizations learn what skills they should focus on to support their business strategy.\n<\/li>\n<li><b>Skills Pricer:<\/b> A self-service web application that shows which skills are influencing the pay of a selected job. Determining the skills that are most valuable to them helps organizations attract and retain in-demand talent.\n<\/li>\n<li><b>Skills Pay Planner:<\/b> An AI-driven tool designed to arm organizations with intelligent pay recommendations for individual employees. Understanding the premiums associated with certain skills helps organization make informed compensation decisions.\n<\/li>\n<\/ul>\n<p><b>About Mercer<\/b><\/p>\n<p><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.mercer.com%2F&amp;esheet=52407364&amp;newsitemid=20210407005118&amp;lan=en-US&amp;anchor=Mercer&amp;index=6&amp;md5=352eda5022de2d418f77b8562d0c0c75\">Mercer<\/a> believes in building brighter futures by redefining the world of work, reshaping retirement and investment outcomes, and unlocking real health and well-being. Mercer\u2019s approximately 25,000 employees are based in 43 countries and the firm operates in 130 countries. Mercer is a business of Marsh McLennan (NYSE: MMC), the world\u2019s leading professional services firm in the areas of risk, strategy and people, with 76,000 colleagues and annual revenue of over $17 billion. Through its market-leading businesses including <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fusa.marsh.com%2F&amp;esheet=52407364&amp;newsitemid=20210407005118&amp;lan=en-US&amp;anchor=Marsh&amp;index=7&amp;md5=377efe2ca1302c4df38b6837209acafd\">Marsh<\/a>, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.guycarp.com%2Fportal%2Fextranet%2Findex.html%3Fvid%3D77&amp;esheet=52407364&amp;newsitemid=20210407005118&amp;lan=en-US&amp;anchor=Guy+Carpenter&amp;index=8&amp;md5=8263072e8b1bcd035f2f4a69c8e99611\">Guy Carpenter<\/a> and <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.oliverwyman.com%2Findex.html&amp;esheet=52407364&amp;newsitemid=20210407005118&amp;lan=en-US&amp;anchor=Oliver+Wyman&amp;index=9&amp;md5=c747fc2a3cec0908909ee86715a1d4ed\">Oliver Wyman<\/a>, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment. For more information, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.mercer.com%2F&amp;esheet=52407364&amp;newsitemid=20210407005118&amp;lan=en-US&amp;anchor=www.mercer.com&amp;index=10&amp;md5=b0c3a49cf389cbb4186124bf7ec41046\">www.mercer.com<\/a>. Follow Mercer on Twitter <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ftwitter.com%2Fmercer&amp;esheet=52407364&amp;newsitemid=20210407005118&amp;lan=en-US&amp;anchor=%40Mercer&amp;index=11&amp;md5=0cfeb0c6a1a1729164663433712c3ec5\">@Mercer<\/a>.\n<\/p>\n<p><sup>1<\/sup> Mercer\u2019s Global Talent Trends survey, 2021, reflecting 50% of survey respondents<br \/>\n<br \/><sup>2<\/sup> Mercer\u2019s Global Talent Trends survey, 2021<br \/>\n<br \/><sup>3<\/sup> Mercer\u2019s Global Talent Trends survey, 2021\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210407005118r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210407005118\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210407005118\/en\/<\/a><\/span><\/p>\n<p><b>Micaela McPadden<br \/>\n<\/b><br \/>+1 201 694 9719<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:micaela.mcpadden@mercer.com\">micaela.mcpadden@mercer.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America New York<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Software Networks Professional Services Data Management Training Technology Other Communications Education Other Professional Services Human Resources Communications Consulting<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20210407005118\/en\/1053244\/3\/2021_logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Leading Companies Use Skills as the New Currency for Workforce Transformation Over 50% of organizations embarking on transformation are targeting workforce upskilling\/reskilling toward critical talent pools1 44% of organizations surveyed by Mercer have already made it easier to loan and\/or share talent internally, with 26% planning to do so in the future Mercer launches its Skills-Edge Suite, an integrated service offering of consulting, technology and data to help companies advance skills-based talent and pay practices NEW YORK&#8211;(BUSINESS WIRE)&#8211; Skills have become the new currency of workforce and talent strategies, as more than half of organizations that responded to the 2021 Mercer Global Talent Trends survey are targeting upskilling and reskilling of critical talent pools to drive workforce transformation.2 In response, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/leading-companies-use-skills-as-the-new-currency-for-workforce-transformation\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Leading Companies Use Skills as the New Currency for Workforce Transformation&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-472895","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - 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