The numbers don’t lie – unemployment is at a near all-time low and there seem to be new articles coming out every week about labor shortages and skill gaps across the globe – from IT to manufacturing to healthcare and beyond. And each of these institutions need to start coming up with new ways to tackle this ever-growing chasm in the demand for talent.
With more companies reporting that filling job vacancies is becoming increasingly difficult due to gaps in the necessary skills required for the job against those who are willing to work, it’s crucial that we seek creative and alternative ways to close the gap.
As part of this year’s World Economic Forum (aka Davos) a new report was published about the future of work, emphasizing that employers can no longer rely solely on new workers entering the labor market with the right ready-made skills, and that retraining and reskilling talent for this Fourth Industrial Revolution “are essential levers to fuel future economic growth, enhance societal resilience in the face of technological change and pave the way for future-ready education systems for the next generation of workers”. With the continual changes in the workforce and technology, approximately 1.4 million Americans will lose their jobs in the next eight years. Without developing new or refining existing skills, 41% (~575,000) will have very little to no work opportunities.Data: World Economic Forum and Bureau of Labor Statistics (via Axios); Chart: Chris Canipe / Axios
 (Towards a Reskilling Revolution, 2018)