News
Attracting talent, the main challenge for companies: What skills are in demand, and what current trends is the job market following?
The latest study conducted by Cornerstone, "Talent Trends 2024," gathered the opinions of 567 organizational leaders and executive committee members from 13 Latin American countries, including 161
executives from our country. The main challenge leaders face for 2024 is attracting and retaining key talent, followed by the adoption of new technology.
On this topic, Diego Cubas, CEO of Peru and Latin America President of Cornerstone, explains that part of what the study reveals is that today’s leaders are aware they must reconnect with people’s purpose and culture.
"The study tells us—and we’ve seen this in the past—that we are living through the fourth industrial revolution. When new technologies and new paradigms emerge, they change the ways we do things, how we think, and our habits and behaviors," he says.
But what are the main challenges surrounding talent loss? Cubas points out that there are several key issues: companies must connect with their workforce by focusing on purpose and culture, which are the threads that bind the organization to its employees. Additionally, they must work on their employer brand. According to the specialist, organizations in our country are mindful of sustainability, and leaders are working to make a difference. It is worth noting that, in the study, 40% of companies belong to the services sector, 30% to industry, 16% to banking and financial services, and 14% to technology, IT, and telecommunications.
Trends and Changing Skills Cubas notes that, according to the World Economic Forum, the average skill has a shelf life of 2.5 years. “We’re talking about the average lifespan of the skills currently considered essential. It is expected that 40% of essential skills will change over the next five years,” he says. This means that if you learn how to perform a task today, in five years that skill will likely no longer be sufficient, will change, or will no longer be required. On the other hand, regarding the efforts made by companies to address human talent issues such as burnout or quiet quitting, corporate leaders responded that their companies had implemented internal communication initiatives (71%), competitive compensation (64%), support for mental, emotional, and physical health (68%), employee experience (68%), diversity, equity, and inclusion (68%), and talent attraction and retention (67%).
