According to Korn Ferry’s “Future of Work Findings,” we can expect to see an estimated total talent deficit of 85 million workers in 2030, resulting in $8.452 trillion in unrealized revenue globally — more than the yearly GDP of the U.K. and Germany combined. The U.S. could miss out on $1.748 trillion in revenue due to labor shortages — about 6 percent of the entire U.S. economy.
This long-reported global talent crunch is driven by a shortage of skills, not people — plenty are willing to learn whatever is needed. The future workplace landscape necessitates an entirely new way of working as technologies advance and talent pipelines dwindle.
While many leaders are betting on technology and automation for future growth — 67 percent of CEOs believe technology will be their primary value generator — they must not discount the importance of human talent.
Successful organizations will move to a more flexible approach with workers and adapt to new technologies as they change the workplace. In the future of work, organizations and learning and development leaders can maximize their full potential by finding harmony between technology and human talent. Learning leaders must implement programs that address clearly defined gaps to gain and maintain relevant skills to reach this future.
A growing disconnect
The investment in skills and workforce training has continually fallen since the 1970s. This effect has been exacerbated as many companies have relied on buying talent and pressuring talent to fill gaps in skill rather than upskilling their own workforce.
“It really comes down to that build-versus-buy strategy,” says Dr. Michelle Weise, vice chancellor of strategy and innovation at National University System. “Instead of taking the time to invest in building the existing talent, it felt much easier to go out and externally recruit and buy precisely the talent you were seeking. And that was the fix for a very long time.”
Many employers don’t understand the skills of their existing workforce. According to a study by Harvard Business School, most employers don’t think their employees are ready for the future of work for fear of change, but just the opposite is true. Workers were found to be more than twice as likely to hold themselves responsible for preparing for the future of work compared to just 19 percent of their employers.
This disconnect is massive, but learning leaders are in the perfect position to fill these gaps from within. With the labor market being so tight, employers can’t just pluck their desired talent anymore.
“Work and learning need to go together,” says Dara Warn, chief customer officer and president of the career division at Penn Foster. “Part of someone’s job needs to carve out time to learn and refine the skills they have so they can be ready for what that next job is.” More time should be spent learning as many companies evolve quicker than the overall education landscape.
Continue reading: https://www.chieflearningofficer.com/2022/02/21/the-8-5-trillion-dollar-skills-gap-how-learning-leaders-must-address-it-through-talent-and-tech/
This long-reported global talent crunch is driven by a shortage of skills, not people — plenty are willing to learn whatever is needed. The future workplace landscape necessitates an entirely new way of working as technologies advance and talent pipelines dwindle.
While many leaders are betting on technology and automation for future growth — 67 percent of CEOs believe technology will be their primary value generator — they must not discount the importance of human talent.
Successful organizations will move to a more flexible approach with workers and adapt to new technologies as they change the workplace. In the future of work, organizations and learning and development leaders can maximize their full potential by finding harmony between technology and human talent. Learning leaders must implement programs that address clearly defined gaps to gain and maintain relevant skills to reach this future.
A growing disconnect
The investment in skills and workforce training has continually fallen since the 1970s. This effect has been exacerbated as many companies have relied on buying talent and pressuring talent to fill gaps in skill rather than upskilling their own workforce.
“It really comes down to that build-versus-buy strategy,” says Dr. Michelle Weise, vice chancellor of strategy and innovation at National University System. “Instead of taking the time to invest in building the existing talent, it felt much easier to go out and externally recruit and buy precisely the talent you were seeking. And that was the fix for a very long time.”
Many employers don’t understand the skills of their existing workforce. According to a study by Harvard Business School, most employers don’t think their employees are ready for the future of work for fear of change, but just the opposite is true. Workers were found to be more than twice as likely to hold themselves responsible for preparing for the future of work compared to just 19 percent of their employers.
This disconnect is massive, but learning leaders are in the perfect position to fill these gaps from within. With the labor market being so tight, employers can’t just pluck their desired talent anymore.
“Work and learning need to go together,” says Dara Warn, chief customer officer and president of the career division at Penn Foster. “Part of someone’s job needs to carve out time to learn and refine the skills they have so they can be ready for what that next job is.” More time should be spent learning as many companies evolve quicker than the overall education landscape.
Continue reading: https://www.chieflearningofficer.com/2022/02/21/the-8-5-trillion-dollar-skills-gap-how-learning-leaders-must-address-it-through-talent-and-tech/
