83% employees likely to stay with firms prioritizing a First approach

22 August 2024, Pune: EY, the leading professional services organization and iMocha, the leading skills intelligence and skills assessment platform, today released their third report in their ‘Tech skills’ series 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 58% saw improvements in employee performance due to Skills First Transformation (SFT) initiatives. A notable 83% of employees believe they are more likely to stay with companies that adopt a skills-first approach.

It further notes that traditional methods often overlook the full spectrum of costs associated with workforce transformation. Skills intelligence provides a more accurate and holistic view, enabling better cost management and can yield up to 5x times the efficiency in transformation efforts, a crucial advantage as industries grapple with rapid technological changes.