56% Enterprises Globally are Undergoing ‘Skills-First Transformation’ (SFT) and they are Clocking 2x Revenue Growth Compared to their Peer Group: iMocha-EY Report
Companies adopting SFT saw 61% HR leaders reporting better outcomes for talent retention and 58% reporting boost in employee performance.
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.
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