Companies are no longer just looking for traditional degrees but are now focusing on skill sets that employees bring with them.
According to a LinkedIn report, a ‘skills-first’ approach to hiring also increased an employer’s number of potential candidates by nearly 10 times. “Skills-based hiring is the great white whale, the holy grail of the labor market,” said Harvard Business School management professor Joseph Fuller.
What has triggered this is an ongoing labour shortage. The US economy added 339,000 jobs in May, but there aren’t enough fans to fill them.
Director of global employment policy and special initiatives Stephanie Ferguson said that even if every unemployed person in the country found a job, we would still have more than four million open jobs.
The US Chamber of Commerce reports that early retirement and better savings during the Covid-19 pandemic are holding people from coming back to the workforce.
According to a LinkedIn report, more than 45% of employers searched for candidates using skills data on the platform in the last year, a 12% jump from last year.
How to capitalize on this?
LinkedIn recommends workers build on their existing skills to maximize their potential. LinkedIn members added 380 million skills and certifications to their profiles last year.
This includes tangible and intangible skills such as digital marketing, business development, storytelling, and problem-solving.
Another good thing would be to sign up for certificate programmes or anything similar to upgrade your skills and knowledge. Adding new certifications to your resume will improve your chances of being hired, even without a traditional degree or diploma.
Also, don’t forget to keep updating your LinkedIn profile and resume.
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