The importance of accurately identifying evolving skill requirements and planning for them is critical to effectively compete in tomorrow’s talent marketplace.
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Hiring a good lawyer is a big investment. It takes years of training and practice to attain the right skills and experience, and salary expectations are high – but a top-class legal mind can earn their firm millions through billable hours, or save a client ten times as much through shrewd advice.
Sectors such as professional services, accountancy, architecture, engineering and law have one key thing in common: their business model is based on harnessing the skills of the people they employ to meet clients’ needs.
In most sectors, and particularly in professional services, employees are the main cost and at the same time the main source of revenue. As a result, getting resource utilisation right really matters. Companies that can’t optimise the allocation of their human resources expose themselves to revenue risks.