Here's why firms need to bridge the skills gap for mutual benefit

Graduate trainess are happy at their workplace. [Getty Images]

The labour market has always been a friendlier place for highly-skilled workers, and in today's slowing economy, this is, even more, the case. Companies are embracing growth strategies that drive them to compete fiercely for skilled workers while contemplating job cuts for less skilled workers - a recent study PwC US conducted with senior executives found that 50 per cent are planning to make job cuts.

This trend has significant implications for the way we think about labour markets. Workers who lack the capabilities to compete for high-skill jobs risk being overlooked by management when its real responsibility is to engage them. Business leaders will find they bring institutional knowledge that companies often undervalue and have the potential to ease labour shortages as they go on a skills journey.