Key Highlights
- Approximately 69% of executives believe that the skills gap is the biggest threat to their growth potential
- 54% of organizations report that they are experiencing a significant skills gap
- 89% of employees do not have the skills to do their present jobs
- 56% of employers find it difficult to find candidates with the right digital skills
- 40% of employers worldwide say that their employees lack the necessary soft skills
- 63% of technical jobs will require at least some post-secondary education by 2025
- The US faces a projected shortage of 2.4 million workers with college degrees in emerging fields by 2025
- 45% of jobs will require skilled trades, yet only 15% of youth see skilled trades as a desirable career
- 85% of firms expect to increase their investment in employee training over the next 12 months
- 37% of employers identify a digital skills gap as the main obstacle to deploying new technologies
- 42% of employers say that a lack of skilled talent is the reason for their delay in digital transformation projects
- The global skills gap could result in $11.5 trillion in lost annual GDP by 2030
- Nearly 60% of respondents in a survey believe that the skills gap will hinder economic recovery post-pandemic
With nearly 7 in 10 executives worldwide viewing the skills gap as the biggest threat to growth and billions lost annually in productivity, it’s clear that bridging the talent divide is not just an urgent business challenge but a global economic imperative.
Employee Perceptions and Attitudes Toward Skills
- 45% of jobs will require skilled trades, yet only 15% of youth see skilled trades as a desirable career
- 82% of employees believe that developing new skills will help them stay employable
- 77% of the global workforce believes upskilling and reskilling are necessary for future employability
Employee Perceptions and Attitudes Toward Skills Interpretation
Employer Challenges in Talent Acquisition and Development
- 56% of employers find it difficult to find candidates with the right digital skills
Employer Challenges in Talent Acquisition and Development Interpretation
Gender and Diversity Issues in Skills Development
- The gender gap in STEM skills persists, with women representing just 28% of the workforce in science, technology, engineering, and mathematics
Gender and Diversity Issues in Skills Development Interpretation
Organizational Investment in Training and Upskilling
- 85% of firms expect to increase their investment in employee training over the next 12 months
- 62% of employers say that they are investing more in upskilling and reskilling initiatives
- 70% of companies are investing in new training programs to bridge their skills gap, with a focus on digital and technology skills
- 68% of companies plan to increase their investment in AI and automation tools to compensate for skills shortages
- Employer training budgets allocate only 2% of payroll expenses on skills development initiatives, indicating underinvestment in addressing skills gaps
Organizational Investment in Training and Upskilling Interpretation
Workforce Skills and Competency Gaps
- Approximately 69% of executives believe that the skills gap is the biggest threat to their growth potential
- 54% of organizations report that they are experiencing a significant skills gap
- 89% of employees do not have the skills to do their present jobs
- 40% of employers worldwide say that their employees lack the necessary soft skills
- 63% of technical jobs will require at least some post-secondary education by 2025
- The US faces a projected shortage of 2.4 million workers with college degrees in emerging fields by 2025
- 37% of employers identify a digital skills gap as the main obstacle to deploying new technologies
- 42% of employers say that a lack of skilled talent is the reason for their delay in digital transformation projects
- The global skills gap could result in $11.5 trillion in lost annual GDP by 2030
- Nearly 60% of respondents in a survey believe that the skills gap will hinder economic recovery post-pandemic
- In the US, roughly 30 million jobs are at high risk of automation, requiring reskilling
- Only 54% of adults in the US have basic digital literacy skills
- According to a World Economic Forum report, 54% of all employees will require significant retraining by 2025
- The skills gap is most pronounced in the tech industry, with 80% of tech leaders citing talent shortage as a critical issue
- 70% of employers report that their new hires lack critical soft skills like communication and teamwork
- The cost of replacing an employee who leaves due to skills mismatch can be up to 33% of their annual salary
- 58% of companies report difficulty in filling mid-skilled positions, indicating a skills gap at the operational level
- 65% of students and recent graduates report feeling unprepared for the workforce due to skills gaps
- 75% of employers say that soft skills are just as important as hard skills when hiring
- The healthcare industry faces a projected shortage of over 200,000 nurses by 2025, driven by skills gap and retirements
- 45% of manufacturing companies report a skills shortage impacting production quality
- Only 47% of companies offer ongoing training programs for their employees, which exacerbates the skills gap
- Internationally, 66% of companies report skills shortages in digital and data literacy
- 80% of future jobs require some form of post-secondary education or training, yet access remains limited for many populations
- Developing countries face a stark skills gap: only 20% of workers in these regions possess the necessary skills for their jobs
- The cost of workforce skills gaps globally is estimated at over $11 trillion annually in lost productivity
- 51% of employers in a survey believe that they are losing revenue because of skills gaps
- 60% of employees say they want more training and development opportunities, yet only 34% report receiving sufficient training
- In a survey, 78% of HR professionals identify skills gap as a primary challenge in hiring
- 45% of small to medium-sized enterprises report they cannot find workers with the right digital skills
- The average age of blue-collar workers facing skills gaps is 45, indicating an aging workforce in trade sectors
- Only 46% of adults in developing countries have access to quality education necessary to bridge the skills gap
- The automotive industry will require 2.4 million new skilled workers by 2025 to meet demand, according to industry forecasts
- 83% of firms report difficulty in adopting AI and automation due to lack of skilled personnel
- The United States' skills gap is most acute in STEM fields, with over 50% of engineering and technology positions unfilled
- 52% of recent graduates feel unprepared for the workplace due to skills gaps, especially in communication and technical skills
- 61% of employers prioritize soft skills over technical skills when hiring, citing soft skills as crucial for teamwork and leadership
- 78% of organizations report internal skills gaps that hinder growth, with a significant portion related to digital competencies
- The global skills mismatch could cost the economy over $15 trillion in lost output by 2030
- 67% of manufacturing firms face difficulty in finding skilled tradespeople, impacting production efficiency
- 53% of corporate training programs lack alignment with actual business needs, contributing to persistent skills gaps
- Youth unemployment is 2-3 times higher than adult unemployment in many countries, partly due to skills mismatches
- 55% of companies see online learning as an effective way to bridge the skills gap, especially during remote work scenarios
- 74% of organizations report that the skills gap has increased in the past five years, with digital skills being the most affected
- Only 39% of low-income students graduate from college, indicating a disparity in skills development opportunities
- The cost of unfilled skilled labor positions in the manufacturing sector alone is estimated at $1 trillion annually across the globe
- 60% of healthcare providers report a skills gap impacting patient care quality, particularly in emerging medical technologies
- 48% of companies say they experience challenges in training older workers, which affects their ability to keep skills up-to-date
- The digital skills gap is most acute in Africa, with only 20% of the workforce having basic digital skills
- Over 75% of employers worldwide say that the skills gap impacts their ability to innovate and compete effectively
- The construction industry faces a shortage of 1.5 million skilled workers globally, slowing infrastructure development
- 42% of recent college graduates report feeling unprepared for the technical requirements of their jobs, highlighting a skills gap during transition to employment
- 80% of small businesses report difficulties recruiting employees with adequate digital skills, emphasizing the skills gap in the SME sector
- The skills gap varies significantly by region, with Asia experiencing the largest shortages in IT and engineering skills
- Only 35% of workers in developing countries receive adequate training, aggravating the global skills gap
- The financial sector faces a skills shortfall in cybersecurity skills, with 70% of firms unable to find qualified candidates
- 72% of organizational change initiatives fail due to inadequate skills among employees, highlighting the importance of skills development
- 65% of job seekers feel that their skills are not aligned with current market demand, pointing to a widespread skills mismatch
- 54% of companies report that skills gaps delay project timelines and reduce productivity, impacting overall business output
Workforce Skills and Competency Gaps Interpretation
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