Global companies prioritize reskilling to address critical talent shortages

Global business leaders are increasingly prioritizing reskilling to address significant talent gaps. A KPMG survey of 1,120 executives revealed that a lack of critical talent is a top barrier to organizational growth for 33% of respondents. Despite widespread news of layoffs, the report indicates that most companies are more likely to reskill employees than reduce their workforce, with only 5% stating they have no plans to reskill.

In the financial services sector, the challenge is particularly acute. According to ManpowerGroup, three out of four employers globally report struggling to find necessary talent, a rate that has doubled over the last decade. While technology investment remains high, recruitment friction is increasingly driven by a need for human-centric skills such as judgment, communication, and client trust.

Analysis from Wolters Kluwer suggests that over one-third of financial services firms now rank talent scarcity as a larger barrier to scaling capabilities than data infrastructure or legacy technology. Experts suggest the ideal modern employee must possess a combination of technical proficiency, sector knowledge, and strong interpersonal behaviors.