As hiring challenges continue, private companies plan to place a priority on reskilling during the next 12 months, according to Deloitte’s Dec. 12 private company outlook report on talent strategies.

To be more competitive, companies are also focused on skills-based hiring, hybrid work and new compensation strategies.

“As private companies juggle limited cash flow, aspirations for digital transformation and efforts to increase productivity, they’re relying on their own workforce to meet their business priorities,” Wolfe Tone, vice chair and U.S. Deloitte private leader, said in a statement.

“Private companies are leaning into reskilling in combination with skills-based hiring and hybrid work as part of a broader portfolio of talent strategies,” he said.

In a survey of 100 private company executives, 60% said cash flow may limit their ability to hire in the next 12 months. About 78% of C-suite leaders with annual revenues of $100 million to under $200 million expressed this sentiment, as compared with 41% of those at companies earning more than $1 billion.

Looking ahead, executives’ main business priorities include increasing productivity and investments in technology. To meet these priorities, leaders placed an emphasis on top skills such as information technology (excluding AI and cybersecurity), sales and marketing and supply chain.

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