Industry 5.0 represents the integration of advanced technologies, such as artificial intelligence, robotics, and the Internet of Things, with human capabilities. However, this paradigm shift poses challenges in terms of the skills required by the workforce. The main aim of this paper is to examine the concept of Industry 5.0 and its implications for the skills gap. It also focuses on identifying key aspects of the skills gap and analyzing current strategies at reducing this gap and developing a future-ready workforce. By implementing these strategies, businesses and societies may actively bridge the skills gap and provide their workforce with the talents required to succeed in the changing world of Industry 5.0. Additionally, this paper aims to provide significant insights for stakeholders to establish a resilient and flexible workforce ready to embrace the opportunities given by Industry 5.0. It can also serve as a basis for further research in the field of skill development and workforce transformation in the face of rapid technological changes.