We’re in a race we’ll never fully win, but we can’t afford to stop running. With industries evolving at breakneck speed—thanks largely to the rise of AI—the skills gap is widening faster than ever and there’s an urgent need to close that gap.
The World Economic Forum has even declared a “reskilling emergency” predicting that by 2028, 44% of worker skills will be disrupted and by 2030 over a billion people globally will need to acquire new skills. According to the National Skills Coalition, 92% of those jobs necessitate digital skills.
As writer Kip Kelly in a Chief Learning Officer article puts it, “Digital disruption is making many technical skills obsolete, and rapidly creating new skills gaps. By the time a new technical skill is identified, learned, and disseminated across a workforce, there’s already a new technology or tool requiring a new and expanded skill set. This perpetual cycle makes it impossible for organizations to ‘close’ the skills gap. Instead, it becomes a constant game of catch-up.”
Peter Cappelli, a professor of management at the University of Pennsylvania’s Wharton School and author of Our Least Important Asset: Why the Relentless Focus on Finance and Accounting is Bad for Business and Employees, argues that CEOs place too much focus on talent acquisition rather than reskilling and upskilling.
He says, “I think the most pressing issue is that everybody wants to hire somebody with three years’ experience, and nobody wants to give them three years’ experience. We’re not helping people learn how to get proficient in their jobs, and for sure we’re not helping them develop. We’re focused entirely on talent acquisition which is just about hiring people from each other. And it just does not make sense.”
The answer, of course, is to focus on stepping up the level of training which improves employee morale, productivity, and retention. And there’s plenty of evidence to back that up.
Research by the Society for Human Resource Management (SHRM) found that 55% of workers said they need more training to perform their job more effectively, and 32% want training to have a social element, such as peer-to-peer learning. Training is important. Some 83% of HR managers say it’s a recruitment tool and 86% believe it helps retain employees while 76% of employees agree they are more likely to stay with a company that offers continuous training.
So, what can you do to close the skills gap?
Build a learning culture
Make learning a part of your company’s brand and internal identity. This includes communicating about your learning culture in job descriptions, interviews, onboarding processes, and corporate communications.
Lead the way
CEOs should lead by example. It all starts at the top. Leaders must not only advocate for a learning culture but also actively participate in learning initiatives to transmit the message that personal development is highly valued.
Invest in personal learning
In-house training, especially with the aid of external specialists, is essential but CEOs should also consider offering a personal learning stipend for employees to use as they see fit. SHRM research shows that 54% of workers are so eager to acquire new skills to improve their ability to build their careers that they pursue training outside of their place of work.
Keep training current
It’s always tempting once a training program is developed and instituted to feel that the job is done. That couldn’t be further from the truth. In a business world of rapid change, learning and development initiatives must be constantly updated to keep pace.
Make learning personal
Bear in mind that individuals have preferred learning styles. Make sure that training is delivered in multiple formats so that everyone is engaged and more likely to absorb and retain the key points of the training.
Get feedback
Put workers in the driving seat. Survey them to discover how you can meet their training needs and in particular, of course, those that gel with the organization’s goals.
Appoint learning ambassadors
Every organization has individuals who embrace learning and thrive when given such opportunities. Harness their enthusiasm to spread the good word among their coworkers. It can be even more potent than messages from the top.
Earn trust
Boston Consulting Group research found that 68% of workers, fully cognizant of pending disruptions in their field, are willing to reskill. More than half in particular feel the need because of the impact of artificial intelligence yet 88% of respondents to a Jobs for the Future survey said they don’t yet trust their employer to support them in understanding AI. That’s a gap companies must address.
Promote soft skills
With AI coming to the fore let’s not forget that soft skills such as communication, emotional intelligence, adaptability and leadership will always be critically important. These human-centric skills ensure that organizations can thrive in a collaborative and adaptable environment. Despite wonderful advances in technology, business is fundamentally about people and relationships.
Going forward
The skills gap is not going to disappear. Corporate leaders should concentrate on an all-out effort to make that gap as small as possible through the promotion of ongoing learning and coaching and by developing an adaptable organization of people willing to continually acquire new skills in an ever-changing business climate. Closing the skills gap is not just about addressing immediate deficiencies but also about anticipating future trends and preparing the workforce accordingly. Strategic investments in training and development, particularly in digital and soft skills, are essential for enhancing worker capabilities and ensuring organizational resilience.
Written by Jason Richmond.
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