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The Only Solution to Beating the Skills Gap
The job skills gap of workers in the USA is keeping many executives up at night, and unfortunately, forecasts predict that this is probably going to get worse.
Workforce Increase Statistics
What percentage of companies plan to hire in the next year, and what are they planning for salaries?
63% of private companies plan to hire in the next year.
- Companies plan to increase their workforce by 2.6% right now, compared with only 1.6% last quarter
- Companies also plan to increase salaries by 2.62%, compared with 2.76% last quarter.
What Type of Workers Do Companies Plan to Hire?
- 24% of companies seek marketing and sales professionals
- 34% of product companies seek blue collar workers
- 42% of service companies seek technology workers
The Skills Gap Crisis by Industry
The skills gap has a unique effect on certain industries and job levels.
- 71% have difficulty finding people with adequate math and technology skills
- 3 of the top 10 job employers are having difficulty filling high tech positions
- 5% of the top degrees granted fall witin the high-demand areas of engineering and technology
Over the next decade, nearly 3.5 million manufacturing jobs will need to be filled, but the skills gap is expected to result in 2 million of those jobs going unfulfilled.
Middle Skill Jobs
Middle skill jobs are traditionally well-paid and don’t require a four year degree, only a high school diploma or equivalent, but nearly 8 in 10 of those jobs will require digital skills. Those jobs requiring digital skills have grown 2.5 times more rapidly and pay 18 percent higher wages than those without it.
Where Organizations Are Going Wrong
Over 70% of companies have tried to change this by increasing recruiting, while less than 60% have decided to train existing staff, which is completely backwards. Launching more effective training programs and working with existing staff is a skills gap solution that ensures employees have the skills they need to do the job. There is no guarantee that a new hire will have these skills. Some are even raising salaries by 20% as talent becomes more competitive.
94% of senior business leaders agree that internal training and development programs are among the most effective workforce development strategies.
More Learning Content
A fully-developed learning content strategy will get the right training to the right people at the right time to develop critical skills. Content strategy and management make up one of the top four factors for high-impact learning organizations (as predicted by Bersin by Deloitte). Learning content capability can predict 83% of the difference between high-impact organizations and the rest.