Developing employees is a major concern of any organization, but with the current mix of employees, specifically fresh graduates and the millennials, it’s hard to create a one size fits all program for training and development. This difficulty, along with the cultural and work-ethics gap between the two genres widens the already big skill gap the US workforce needs to plug.
What Skill Gap are You Talking about?
There is a gap between the current skills majority of American workers have, compared to the skills that they need to perform efficiently in a modern industrial workspace.
In 2012, over 600,000 jobs were not filled in the manufacturing sector alone, mainly because of the gap between the skills needed versus the skills that are available. Those jobs are not limited to entry-level positions, mind you.
Out of the 500 executives that Adecco surveyed, 92% believed that there is indeed a gap between the skills available, and the skills that are needed in today’s economy. Although only 13% of these executives believe that such gap poses a threat to the US economy today, it could be a different story in the near future.
Predictions for the Labor Market’s Future
McKinsey & Company’s 2012 report revealed an alarming future for the labor market- not just for businesses, but for employees as well. The report states that by 2020, the world will have 40 million workers fewer than in 2012 that posses the skills and educations employers need. The surplus of unqualified or employees lacking in industry experience or education, on the other hand is expected to spike to almost 95 million people.
While the predictions are indeed unsettling, the manufacturing industry is most probably sector that would be highly affected by this gap. About 30% of those surveyed in 2012 said that the manufacturing industry is affected the most, followed by technology at 21% and business services at 19%.
There’s Still Time to Start Developing Employees!
Although these figures may not be that big a number that could cause everyone to panic, there are other statistics provided for in the Addeco 2012 Survey that may alarm you. These predictions are most likely to happen if organizations will neglect the need to start developing employees for the aforementioned industries.
Almost half of the executives that were surveyed believe that businesses are missing out on opportunities that would help them grow. Secondly, 34% of them realize that research and development departments for new or improved products are suffering because inadequately skilled workers.
Addressing the Skill Gap by Creating Intensive Job-Specific Programs for Developing Employees
Many job opportunities are available but with an inadequately skilled workforce, these opportunities may be hard to grasp because of lack of skill and knowledge. Hence, the government, educational institutions and for-profit companies should team up and invest in developing employees as a first course of action.
Corporate apprenticeship and on-the-job training are two ways to help in developing employees and at the same time profit from training them. These programs ensure a direct participation in the company or business where seasoned trainers or facilitators guide employees in building specific skill sets for a job post.
In addition, more investments in developing employees, such as additional trainings, seminars and further education can go a long way. By investing in the skills of your company’s workforce, you are further securing the assets the business needs to sustain it for the coming years.
