Future Skills Report: Chemie 2.0. How will digitalization and skills development change industries worldwide and finance the workforce?

What specific changes can we expect in your industry’s future due to the accelerated pace of technological advances and digitalization?

In a world where relentless advances in technology and digitalization are transforming the fabric of our industries, how can businesses stay ahead and ensure their workforces keep up?

• In March, our collaboration with Bundesarbeitgeberverband Chemie (BAVC) and Industriegewerkschaft IGBCE resulted in the publication of the Future Skills Report: Chemie 2.0, a groundbreaking analysis of over 450,000 job postings.?
• Our March blog posts cover various relevant topics, including Citigroup’s strategic realignment, the ins and outs of hiring, the economic impact of skills shortages, and labor market developments in the Middle East. These articles provide a panoramic understanding of the current business and labor landscape, offering practical information for navigating the complexities of today’s market dynamics.

In addition, we shared insights about the vital role of strategic financial planning, illustrating its importance in aligning a company’s financial and strategic trajectories. This discussion aims to empower businesses to pave the way to sustainable growth and innovation based on informed strategic decision-making.

More details below.

__________________________________________________________________

Future Skills Report: Chemie 2.0?

The digitalization of the working world and other transformation processes are shortening the half-life of knowledge and skills in an unprecedented way. As professional activity changes, so do requirements for employees’ qualifications. Based on an analysis of over 450,000 job postings, 9,000+ skills, and 2,500 job profiles, this report provides key chemical and pharmaceutical industry stakeholders with a preview of potential changes in the work environment.

Together with Bundesarbeitgeberverband Chemie (BAVC) and Industriegewerkschaft IGBCE, we compiled our results to:

• Understand trends
• Review changes in jobs
• Understand global benchmarks.

This report serves as a basis for sustaining and improving global competitiveness and trends like sustainability through building future skills.

Talent platform use case?

See how integrating market data planning with employee management can transform your talent strategy. Learn how one European business group leveraged this approach to significantly increase internal talent mobility and decrease attrition, achieving remarkable results within just 12 months:

• 86% employee participation??
• Employee satisfaction rating of 9.3/10??
• Increase in internal job staffing from 5.4% to 28.9% ?
• Average of 96 employee network connections.

Support your employees with tailored career suggestions, learning opportunities, and mentoring. Transform your workforce to be more connected, satisfied, and strategically aligned with your organization’s goals.

__________________________________________________________________

March blog posts roundup

Embark on an immersive journey through the transformational frameworks of today’s business and labor markets, from Citigroup’s Project Bora Bora, which illustrates the critical nature of strategic fit in finance, to the subtle art of hiring performance revealed through time-to-hire benchmarking and time-to-fill metrics. Uncover the hidden costs and implications of job vacancies in the UK and European tech industry and explore dynamic labor trends and opportunities in emerging sectors in the Middle East. Finally, understand the indispensable role of strategic financial planning in aligning a company’s financial and strategic vision, ensuring sustainability and growth in the face of change.?

Automation impact assessment: Project Bora Bora overview

In early 2024, Citigroup announced significant job cuts, market exits, a streamlined management structure, and technology investments to reposition Citi as a more flexible and reliable organization in the evolving financial landscape. Understanding the nuances of such restructuring efforts is critical for organizations undertaking similar transformations or seeking to strengthen their strategic position in a dynamic marketplace.

Accurate benchmarking data for time to fill

We looked at the importance of optimizing hiring processes to minimize time-to-hire and time-to-fill metrics, which are critical to improving organizational efficiency and competitiveness. Get strategic approaches and data-driven insights to refine recruiting based on industry averages (24 days to hire and 36 days to fill) and the example of an HRForecast client who reduced time to hire by 30% and time to fill by 40%.?

What is the cost of an empty chair??

Discover the hidden costs and untapped opportunities in your organization’s talent gaps. Uncover the shocking financial facts behind the growing tech skills shortage in the UK and Europe and find out how it’s affecting your bottom line, from staggering training costs to the consequences of hiring mistakes. With statistics and case studies, we unravel the financial mystery of job vacancies and show their staggering impact on your company’s prosperity and performance.?

Labor markets in the Middle East: Analyzing trends and opportunities in 2024

Did you know that the Middle Eastern labor market in 2024 is a hotspot of opportunity and transformation? With countries like Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE at the helm, we’re witnessing a significant shift driven by economic contributions and targeted reforms, especially within the influential kafala system.

Discover the labor market for the oil and energy, construction, aviation, chemicals, hospitality, and tourism industries, where innovation and tradition intersect to create a promising future.

Is your company using financial planning for organizational transformation??

With fewer than 33% of senior executives fully understanding their company’s strategic priorities and many businesses failing to align their budgets with strategic goals, the importance of strategic financial planning and management has never been more apparent. Companies that adopt a written strategic plan significantly increase their chances of survival and position themselves for accelerated growth.

Learn how integrating financial planning with strategic decision-making can help transform your organization, driving sustainable growth and innovation. Take a strategic approach to financial management that guides every business decision, aligning financial and strategic objectives for maximum return on investment.

__________________________________________________________________

?? Thank you for joining us on this journey of knowledge and innovation. We hope these insights empower you to create a thriving work environment and drive your organization’s success. Stay tuned for more exciting updates from HRForecast!