Amidst Ongoing Inflationary Pressures and Looming Concerns of a Recession, New Data Reveals Most In-Demand Skills Needed to Drive Growth and Mitigate Risk In 2022

Rhea-AI Summary

The latest Skills Index from Business Talent Group reveals significant increases in demand for various skills amid economic uncertainty. Key findings include a 500% surge in demand for artificial intelligence and machine learning, a 400% growth in cost reduction expertise, and substantial increases in human resources roles by 314%. The report reflects a trend where 59% of CEOs cite labor shortages as a major disruptor, highlighting the urgency for companies to adapt their talent strategies to maintain competitive advantage.

Positive

• 500% increase in demand for artificial intelligence and machine learning skills.
• 400% growth in demand for cost reduction experts.
• 314% increase in global human resources demand.
• 91% rise in requests for interim finance leaders indicates strong financial management focus.

Negative

• None.

Business Talent Group's 5^th annual Skills Index shows 500% increase in demand for artificial intelligence and machine learning; 400% increase in demand for cost reduction; 314% increase in human resources; 91% increase in interim finance leaders

LOS ANGELES, July 28, 2022 /PRNewswire/ -- A new report from Business Talent Group (BTG)—the leading talent marketplace for independent management consultants, interim executives, subject matter experts, and project managers, and a wholly owned subsidiary of Heidrick & Struggles (Nasdaq: HSII)—reveals the most in-demand and fastest growing skills leveraged by global companies amid ongoing economic uncertainty, an extraordinarily tight labor market, and rising geopolitical tensions.

BTG's fifth annual Skills Index, based on an analysis of proprietary BTG data, provides deep insights into how high-end independent talent are helping business leaders pursue growth while balancing risk, harness advances in data science and technology, and adapt their workforces, processes, and financial practices for the uncertain business environment ahead. The report comes as 59% of CEOs say the labor and skills shortage remains a top disruptor for their businesses, according to a recent Fortune/Deloitte study. Additionally, 55% of executives say they are concerned about the difficulty of hiring the right talent at the right price quickly enough, according to Mercer.

"Five years ago, we began reporting on project and skill needs driving the use of high-end independent talent at top companies. Since that time, we've witnessed both a massive influx of top talent choosing the independent path and a fast-growing understanding among business leaders of how to best use this highly skilled talent segment," said Jody Greenstone Miller, Co-Founder and Co-CEO of Business Talent Group. "Today, high-end independent talent has become a core pillar in the talent strategies of leading enterprises—offering an indispensable source of in-demand skills that are simply inaccessible in the broader labor market."

Key insights from the 2022 Skills Index include:

• Requests for artificial intelligence and machine learning skills increased by 500% as companies seek to tap big data for more informed decision-making, automate processes for efficiency and cost reduction, and leverage technology to anticipate and respond to rising consumer needs.
     
• Demand for cost reduction experts grew 400% as companies look to increase resilience, right-size spending, and position organizations for choppy waters ahead.
     
• Global human resources (+314%), compensation strategy (+215%), and benefits planning and management (+100%) all made the list of fastest growing skills as companies seek experts to build out or scale up HR capabilities, design strategies to attract and retain top talent, and fill critical gaps in the HR organization. Notably, requests for interim HR leaders at all levels increased 400% year-over-year.
     
• Financial controls, accounting, and audit and financial planning, analysis, and modeling entered the top 10 most in-demand skills for the first time—driven in large part by the 91% increase in demand for interim CFOs and other finance leaders—reflecting the changing demands placed upon the function as its responsibilities grow in complexity and scope.
     
• Market landscape and growth strategy remained on the most in-demand skills list, but with requests for experts in risk management rising by 200% year over year, it's clear that business leaders find themselves balancing optimism for continued growth with concern that key initiatives could be derailed by any number of economic, geopolitical, ecological, and cybersecurity threats present in today's extraordinary risk environment.

BTG's most in-demand and fastest growing skills are as follows:

TOP 10 MOST IN-DEMAND SKILLS FOR 2022

1. Project Management
2. Organizational Design and Workforce Planning
3. Market Landscape and Research
4. Financial Controls, Accounting, and Audit
5. Financial Planning, Analysis, and Modeling
6. Process Optimization and Transformation
7. Growth Strategy
8. Program Management Office (PMO)
9. Strategic Planning
10. Corporate and Business Unit Strategy

TOP 10 FASTEST GROWING SKILLS FOR 2022

1. Artificial Intelligence and Machine Learning (+500%)
2. Cost Reduction (+400%)
3. Global Human Resources (+314%)
4. Compensation Strategy (+215%)
5. Risk Management (+200%)
6. Engagement Management (+167%)
7. Data Visualization (+120%)
8. Benefits Planning and Management (+100%)
9. Database Architecture and Management (+82%)
10. Product Development (+82%)

For a detailed look at the most in-demand and fastest growing skills, view the full 2022 Skills Index from BTG.

About BTG

Business Talent Group (BTG) is the leading talent marketplace that connects independent management consultants, subject matter experts, project managers, and interim executives with the world's best companies. BTG provides just the right on-demand talent needed: remote or on-site, part-time or full-time, individuals or teams, all around the world. That's why more than 50% of the F100 and hundreds of other leading companies trust BTG to curate, vet, and compliantly deliver talent who fuel growth, innovation, and performance improvement. BTG is a wholly owned subsidiary of Heidrick & Struggles (Nasdaq: HSII). 

For more information, visit businesstalentgroup.com and join the conversation on Twitter and LinkedIn. 

Business Talent Group Media Contact:
Jennifer Napier
+1 (312) 315-3860
jennifer.napier@businesstalentgroup.com

 

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SOURCE Business Talent Group

FAQ

What significant skill demand increases were reported in the 2022 Skills Index by BTG?

The 2022 Skills Index by BTG reports a 500% increase in demand for artificial intelligence and machine learning skills and a 400% increase for cost reduction experts.

How has the demand for interim finance leaders changed according to the report?

The demand for interim finance leaders has risen by 91%, reflecting changing financial management needs.

What are the main challenges identified for CEOs in the 2022 Skills Index report?

The report notes that 59% of CEOs consider labor and skills shortages a top disruptor for their businesses.

What does the Skills Index indicate about the state of human resources in 2022?

The index shows a 314% increase in demand for global human resources, highlighting a focus on attracting and retaining talent.

How important is AI and machine learning in the current job market according to the BTG report?

AI and machine learning skills are now the most in-demand, with a 500% increase, illustrating their critical role in business strategies.