Is your workforce equipped with the skills of the future?

Over the past four years, discussions about labor shortages have dominated the conversation — and rightfully so. In the United States, even if every unemployed individual found a job, we would still face a deficit of about 1.5 million workers.?

But focusing solely on headcount doesn't paint the complete picture. The real challenge lies not just in the number of people available but in the skills they bring to the table. As industries evolve and new technologies emerge, the demand for specific skill sets has surged, creating a gap that can't be filled by numbers alone.?

According to a recent survey of more than 800 global companies, only four in 10 workers have completed the necessary training to keep up with the skills that are most in demand. That’s led to a widening skills gap, creating a mismatch between the skills an employer expects their employees to possess and the actual skills employees bring to the table. Left unchecked, this could have a seismic impact on the economy. One estimate, released prior to the pandemic, placed the global price tag of a skilled talent shortage at nearly $8.5 trillion in unrealized revenue by 2030 — equal to the combined GDPs of Germany and Japan.?

The global skills gap forms the overarching theme of AgileOne’s Workforce Solutions Market Overview: 2024 Mid-Year Update . This report summarizes key economic research from the United States, along with leading solutions that companies of any size or scope can put into practice. In this edition, we focus on the Skills of the Future, presenting current data on the fastest-growing jobs within the United States, expertise from our data and AI researchers, and key trends across accounting and finance, automotive manufacturing, and life sciences.?

Our research focuses on various strategies designed to help companies fill vacant positions and find the right talent equipped with the necessary skills to tackle today’s challenges. I encourage you to download our report to explore these strategies in detail.?

These are three of the solutions that resonated most with me:?

1. Equip your team with tomorrow’s skills?According to a comprehensive survey of global companies, 44 percent of the skills required today will be disrupted in the next five years alone. This rapid pace of change underscores the pressing need for companies to proactively address skill gaps. By equipping your workforce with tomorrow’s skills today, you can gain a crucial advantage over competitors. Investing in reskilling and upskilling initiatives not only prepares your employees to navigate future challenges but also enhances your organization’s agility and resilience. Embracing continuous learning and development ensures that your team remains adaptable in the face of evolving market demands and technological advancements. As we look toward the future, the ability to anticipate and respond to skill disruptions will be a defining factor in maintaining a competitive edge — no matter what tomorrow brings.?

2. Tap into the potential of a diverse workforce?One of the most important lessons from the historically tight labor market over the past?four years is the value of tapping into a deeper talent pool. As demographics shift and an?aging workforce is supplanted by the emergence of Generation Z, diversifying your team?is a powerful asset, bringing a wide range of perspectives, skills, and experiences that?enhance innovation and problem-solving. At AgileOne, diversity is in our DNA. As a woman-?and minority-owned business, we are proud to champion inclusivity and representation in our approach to recruitment process outsourcing (RPO). Whether you need a complete end-to-end solution or want to supplement aspects of your internal recruitment processes, our RPO solutions are designed to provide a distinct strategic advantage for your company, enabling you to access a deep pool of talent that reflects the diversity of the world you serve.??

3. Reward workers for gaining new skills?Skilled workers are happy workers. According to a recent survey, more than three-quarters of employees say they are more likely to stay with a company when they have access to continuous training. To foster an environment where workers want to learn, employers can consider rewarding workers for acquiring new skills and demonstrating a commitment to transformation. This might include financial incentives such as bonuses, raises, and tuition reimbursement programs or offering flexible work arrangements and extra paid time off for hours spent obtaining new skills. As a leader in workplace innovation, AgileOne can help you determine which incentive programs make the most sense for your company.?

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Download AgileOne’s Workforce Solutions Market Overview: 2024 Mid-Year Update here .?