Employers Need to Train for Future Skills to Keep Pace

The landscape of Canada's economy is undergoing a rapid transformation; change that is characterized by profound economic and technological shifts that are fundamentally reshaping the labour market. With skills shortages and evolving workforce dynamics, employers are being challenged to innovate—to reinvent their workforce and their training programs to gain an edge or even merely to keep pace.

In Ontario, a rapidly evolving economy, driven by technology, requires employers to focus their consistent and concerted efforts to develop their workforce, ensuring their talent is at the forefront of new trends, industry development, and has access to the latest and best technologies. There is, and will continue to be, a need for employers to upskill so their organizations can keep pace and thrive thorough periods of immense and rapid change.

The Changing Workforce Landscape?

The labour market has been experiencing a significant transformation driven by various factors, including technological advancements and shifting market dynamics. Sectors such as healthcare, logistics, and advanced manufacturing face an immediate and high demand for labour, while automation and artificial intelligence are influencing how all businesses operate and what skills they require from their employees.?

While traditional employment opportunities remain, new roles are emerging, demanding updated skill sets and competencies. Employees need to adapt to these shifts by acquiring fresh skills and competencies that meet the evolving demands of the labour market. The need to address skills shortages and gaps is paramount, and upskilling has become an essential strategy to bridge these disparities.?

The Importance of Upskilling?

In an environment where job requirements are in a constant state of flux, upskilling has become a crucial strategy for many organizations:

• Retention - Upskilling not only equips employees with new skills but also enhances their job satisfaction, making them more likely to stay with their current employer.
• Improved Performance and Morale - Employees who acquire new skills tend to perform better, resulting in increased morale within the organization.
• Enhanced Agility and Innovation - A workforce well-equipped with up-to-date skills can adapt to changing market conditions more effectively and drive innovation.
• Competitive Advantage - Organizations that prioritize upskilling can gain a competitive edge in the evolving labour market.?

In-Demand Skills?

The World Economic Forum (WEF) estimates that 50% of all employees will need some form of reskilling by 2025 to keep up with technological disruption. The kinds of skills that will be needed are developing rapidly in their own right. Here, according to the WEF, are the top 10 most in-demand skills globally:

• Blockchain
• Cloud computing
• Analytical reasoning
• Artificial intelligence
• UX design
• Business analysis
• Affiliate marketing
• Sales
• Scientific computing
• Video production

?Meeting these demands requires a commitment to training and upskilling to ensure employees are equipped with the necessary competencies to excel in these roles.?

Benefits of Third-Party Training and Support?

Considering the changing labour market and the urgent need for upskilling, many organizations are exploring third-party training and support options to address their evolving needs. This approach offers several advantages:?

• Subject Matter Experts - Engaging third-party specialists ensure access to experts well-versed in their respective fields, without stretching your existing workforce thin.
• Strengthening B2B Relationships - Outsourcing training can introduce your organization to new, potentially fruitful business relationships. Diverse training modules provide opportunities to collaborate with various vendors, fostering long-lasting partnerships.
• Cost Savings - Many third-party vendors offer cost-effective training solutions to establish sustainable, long-term relationships.?

Financial Support through Canada-Ontario Job Grants?

With funding provided by the Government of Canada and programs administered by the Government of Ontario, it is possible for employers to get up to $10 000 in government support per person for training costs. Forward-thinking HR leaders are utilizing Canada-Ontario Job Grants (COJG) to fund their training and upskilling initiatives. ACCES Employment will help employers with support and funding for their training needs through our COJG services. The grant provides financial support to employers who plan to train current staff and new hires. ACCES will provide a personal consultation to employers about the COJG grant, discuss and refine training needs to help secure the grant, and then guide and support employers through the application process. You can learn more about Canada-Ontario Job Grants here: https://accesemployment.ca/employers/canada-ontario-job-grant.

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