![]() ![]() Some 41% said there was a lack of career development and advancement at their existing opportunity. Guild’s recent American Workforce Survey found that a majority of employees actually want to stay at their employers - but many feel they have no choice but to leave. ![]() Instead, they want stability, purpose driven work and clear career pathways. But what they’re looking for might not necessarily be higher pay. That’s how many millions of workers are looking for their next job right now. Make the case in your organization for a long-term investment in such programs, which can drive business goals while supporting talent attraction and retention, career mobility, strategic skilling and education. What companies can do to address this? Evaluate the return on investment for building skilling programs and supporting education benefits for your employees. Research also suggests that these investments help with retention and recruitment. That means that labor shortages may represent more than 6% of the entire US economy.Īt a high-level, these numbers also highlight the potential impact of investing in reskilling efforts.Ī Guild analysis of all employers the company works with on reskilling and career mobility efforts found that for every $1 companies spent they had a $3 return on their investment. For perspective, the current GDP of the US is about $26.4 trillion. That’s the estimated revenue in trillions of dollars the US could miss out on because of labor shortages from unfilled roles and skills gaps. Leaders can plan for that by investing in programs that help talent rise and create new career pathways. The OECD and WEF numbers highlight the importance of continuing education and learning. What companies can do to address this? Invest in reskilling and upskilling to address issues with skills gaps. The WEF notes that only 0.5% of global GDP is invested in adult lifelong learning. ![]() The World Economic Forum actually predicts that while transforming work, technological change will result in more jobs being created versus jobs being eliminated - but says that a “ reskilling revolution” is needed in order to ensure that the current skills mismatch doesn’t widen in the years ahead. That's the number of jobs that the Organization for Economic Cooperation and Development predicts will be transformed by technology alone in the next 10 years. ![]()
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