More Than Two-Thirds of US Companies to Train In-House Talent Amid Cost-Cutting Strategies

More Than Two-Thirds of US Companies to Train In-House Talent Amid Cost-Cutting Strategies

Published on Sep 5, 2024

Company-Led Training Top Reskilling Tool—Latest Results from The Harris Poll 

Increasing headcount through the end of 2024 may not be feasible for some U.S. companies, as 33% of hiring managers say budget constraints or the inability to hire is responsible for stagnant or decreasing hiring plans.  

However, reskilling current employees may be the key to balancing the desire to strengthen workforces while keeping costs in line, according to a recent Express Employment Professionals-Harris Poll survey. 

More than two-thirds of hiring managers (68%) — an increase from Spring 2021 (60%) — report their company plans to reskill employees this year (i.e., train a current employee for a new position or teach them new skills for their current role).  

Among those who plan to reskill employees, the majority intend to offer company-led training sessions or programs either during or outside work hours (71%). Many also report their company plans to provide on-the-job training by other employees (62%) or third-party training or courses (46%). Notably, 16% say they plan to use artificial intelligence (AI) to help train employees. 

“Many of our clients have found that reskilling or upskilling current employees is more cost effective than external recruitment.  When employees see that they are being invested in and given career growth opportunities it aids in their retention.” said Chris Petty, Francise Manager of the Central Oregon Express franchise office.  

Traditional job roles are rapidly evolving or disappearing altogether, meaning the workforce is at a crossroads where reskilling and upskilling employees now could create the necessary talent of the future, according to Bill Stoller, Express Employment International CEO.  

“As we’ve seen over the past several years, there is no quick fix for the skills gap,” he added. “However, companies investing in their greatest assets, people, will see the most success in recruiting, retention and their bottom line.”  

 

Survey Methodology 
The Job Insights survey was conducted online within the United States by The Harris Poll on behalf of Express Employment Professionals between May 16 and June 3, 2024, among 1,003 U.S. hiring decision-makers. 

For full survey methodologies, please contact Sheena.Hollander@ExpressPros.com, Director of Corporate Communications & PR. 

 

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