In an increasingly competitive job market, finding the right talent can be challenging. In fact, talent shortages are now the number one risk facing companies both within the U.S. and globally. The workforce simply does not have enough workers and skilled candidates to fill an ever-increasing number of high- skilled jobs.
Executives recognize the skills gap. A skills gap threatens the sustainability of businesses around the world. They know it’s both real and problematic. But most of their organizations don’t appear to be actively or effectively tackling the issue. The result is looming global talent shortage with the power to severely impact individuals and economies worldwide.
The problem will not dissipate, in fact, it’s increasing in severity. Global labor markets are only tightening, as unemployment rates continue to decline.
Throughout economic history, talented humans have been a source of innovation and advancement- their skills have become the impetus for economic growth.
With how fast the workplace has continued to change in recent years, businesses and
their employees need to adapt to meet these changes. While this has been seen in a variety of ways, it’s meant that quite a large number of people have had to unlearn skills that may no longer be used.
Alongside this, a significant number of workers will have to learn new skills to keep up with the ever-changing market.
The workplace has changed and will continue to change as older workers retire and new generations take their place employees require a lifetime of continuous learning to keep up. Workforce shifts are leaving organizations with a sizeable knowledge and skills gap and the dual challenge of retaining millennial employees and transferring boomer knowledge before they retire.
Upskilling millennials for the skills the organization needs and implementing an intergenerational knowledge transfer process. How can educators endure that young people who attain a postsecondary credential are adequately prepared for the future?
The bulk of skills gap is the result of an educational system that hasn’t kept pace with the evolving economy. This gap has continued to steadily widen, hunting prospective workers, businesses and the economy. The gap in skills training is enormous — problem-solving skills, logical reasoning, language comprehension, general knowledge and data interpretation. Life skills needed to enter the world of work are totally missing from the curriculum. Schools have become marks-generating factories. Soft skills are an important requirement in today’s job industry, but they are routinely ignored in educational institutes.
Companies will need to adapt to retain and foster the necessary technical know-how but many organizations aren’t providing the learning environment needed to tackle the workforce skills gap.
To ensure that workers are equipped with the skills succeed, educational programs at all levels must better align with the needs of the modern economy. Employers can’t solve the skills gap issue alone; they need support from education systems to build talent pools with skills relevant to today’s business needs. While some organizations have worked directly with education partners to build talent pipelines, most are reliant upon education systems identifying and developing the needed skills of the future workforce on their own.
As robots, automation and artificial intelligence perform more tasks and there is massive disruption of jobs, experts say a wider array of education and skills-building programs need to be created to meet new demands.