RGP Poll Provides a Pulse on Workforce Investment Priorities in 2024
14 February 2024 - 1:00AM
Business Wire
Financial decision-makers are prioritizing
upskilling and outside talent in addition to headcount
RGP (Nasdaq: RGP), a global consulting firm, today released new
research around the key market factors that are shaping workforce
investment decisions for U.S. businesses in the year ahead. More
than 80% of businesses are currently planning to increase overall
investment in workforce development in 2024, according to the poll
of 202 U.S. full-time professionals who influence finance
decision-making within their organizations.
“There’s a lot of work out there, but the lingering labor market
imbalance is causing employers to embrace new ways of finding the
skills they need, and our latest research validates this shift,”
said Kate Duchene, Chief Executive Officer of RGP. “Our latest
research shows that nearly one in five businesses are planning to
increase investment in outside talent this year, which is only
slightly behind the level of investment that organizations plan to
make in internal headcount. Meanwhile, one in three businesses are
planning to increase investment in reskilling and upskilling
current employees.”
Nearly half of financial decision-makers (45%) said their
organizations experienced a skills gap in AI and automation in the
past year, with 42% indicating that their finance function is
currently facing a skills gap in these areas. Other top-cited
skills gaps included project management (31%), data management
(31%) and soft skills (31%).
Outlook for a Lower Interest Rate Environment
The research indicates that investment in workforce strategy
would be further bolstered by a lower interest rate environment,
with more than half of respondents (53%) saying they would invest
new capital in balancing full-time headcount with outside talent
(consultants, independent contractors, staffing firms) and in
upskilling or reskilling current employees. More than one-third of
financial decision-makers (36%) said they would invest newly
unlocked capital in full-time headcount.
“As skills gaps for technical and knowledge-based work widen due
to an uptick in large-scale transformation initiatives, investment
in workforce development will remain a top priority, especially
once the Fed begins making expected rate cuts later this year,”
added Duchene.
AI’s Impact on Workforce Development
Financial decision-makers also cited growing urgency to better
leverage AI and automation as the market factor that could have the
biggest impact on investment in workforce development over the next
12 months, followed by hiring challenges and widening skills gaps.
More than half (58%) of respondents also said they would prioritize
digital transformation and AI if a lower interest rate environment
were to unlock new capital, followed by investments in business
process optimization (BPO) and enterprise resource planning
(ERP).
The findings are based on a poll that YouGov conducted on behalf
of RGP in the first half of January 2024. YouGov polled 202 U.S.
full-time professionals at director level or above who influence
finance decision-making within their organizations. Read more about
the findings here:
https://rgp.com/pulse-survey-workforce-trends-cfo-priorities.
About RGP
Recently named among Forbes’ World’s Best Management Consulting
Firms for 2023, RGP is a global consulting firm focused on project
execution services that power clients’ operational needs and change
initiatives utilizing on-demand, expert and diverse talent. As a
next-generation human capital partner for our clients, we
specialize in co-delivery of enterprise initiatives typically
precipitated by business transformation, strategic transactions or
regulatory change. Our engagements are designed to leverage human
connection and collaboration to deliver practical solutions and
more impactful results that power our clients’, consultants’ and
partners’ success.
We attract top-caliber professionals with in-demand skill sets
who seek a workplace environment characterized by choice and
control, collaboration and human connection. The trends in today’s
marketplace favor flexibility and agility as businesses confront
transformation pressures and skilled labor shortages even in the
face of macroeconomic contraction. Our client engagement and talent
delivery model offers speed and agility, strongly positioning us to
help our clients transform their businesses and workplaces,
especially at a time where cost reduction initiatives drive an
enhanced reliance on a flexible workforce to execute
transformational projects.
With approximately 4,000 professionals collectively engaged with
over 1,900 clients around the world from 40 physical practice
offices and multiple virtual offices, we are their partner in
delivering on the “now of work.” Headquartered in Irvine,
California, RGP is proud to have served 88% of the Fortune 100.
The Company is listed on the Nasdaq Global Select Market, the
exchange’s highest tier by listing standards. To learn more about
RGP, visit: http://www.rgp.com. (RGP-F)
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version on businesswire.com: https://www.businesswire.com/news/home/20240213747033/en/
RGP Media Contact: Pat Burek
Financial Profiles 201.655.3406 pburek@finprofiles.com
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