GITNUX REPORT 2024

Global Skills Gap Statistics: $8.5 Trillion Lost Revenue Forecast

Unfilled revenue potential, workforce challenges and industry impacts: A deep dive into the skills gap.

Author: Jannik Lindner

First published: 7/17/2024

Statistic 1

72% of educators believe that graduates are prepared for entry-level job openings, while only 42% of employers agree.

Statistic 2

69% of employers believe that college graduates are not prepared for the workforce due to the skills gap.

Statistic 3

The education sector is facing a shortage of 2 million teachers by 2030 due to the skills gap.

Statistic 4

82% of executives agree there is a skills gap in the U.S.

Statistic 5

By 2030, it is estimated that the global skills gap could result in $8.5 trillion in unrealized annual revenues.

Statistic 6

Approximately 75% of job seekers have the skills required for only 11% of jobs posted.

Statistic 7

Over 50% of employers report difficulty filling job vacancies due to the skills gap.

Statistic 8

40% of global employers are having trouble finding employees with the necessary technical skills.

Statistic 9

Nearly 60% of employers say that a lack of soft skills is the biggest gap they see in the U.S. workforce.

Statistic 10

The digital skills gap is estimated to cost the UK economy £63 billion a year in lost income.

Statistic 11

Over 80% of hiring managers believe that the skills gap is an issue in their industry.

Statistic 12

90% of small businesses report that they struggle to find and retain skilled workers.

Statistic 13

The cybersecurity skills gap is projected to reach 1.8 million unfilled positions by 2022.

Statistic 14

42% of employers offer additional training to employees to address skills gaps.

Statistic 15

The skills gap could leave over 2 million cybersecurity positions unfilled worldwide by 2022.

Statistic 16

69% of U.S. employers report struggling to find qualified candidates, primarily due to the skills gap.

Statistic 17

The analytics skills gap is projected to reach 250,000 workers in the U.S. by 2021.

Statistic 18

63% of U.S. hiring managers agree that there is a skills gap in today's workforce.

Statistic 19

90% of employers believe that the skills gap has a significant impact on their business.

Statistic 20

By 2028, there will be 2.4 million unfilled STEM jobs due to the skills gap.

Statistic 21

60% of U.S. employers are struggling to find applicants with the right skills and qualifications.

Statistic 22

The skills gap in data science and analytics is expected to expand to 1.5 million by 2018.

Statistic 23

61% of U.S. employers think the skills gap will worsen over the next five years.

Statistic 24

The skills gap in coding and software development is expected to reach 1.4 million by 2020.

Statistic 25

57% of employers believe that the skills gap is the primary reason for extended job vacancies in the U.S.

Statistic 26

The AI industry is projected to face a shortage of 1.5 million professionals due to the skills gap.

Statistic 27

80% of employers believe that the skills gap is affecting their ability to serve customers effectively.

Statistic 28

68% of employers say that the skills gap is lowering employee productivity.

Statistic 29

55% of employers believe that the skills gap is hampering their innovation and growth strategies.

Statistic 30

The healthcare industry is expected to face a shortage of 1 million workers by 2030 due to the skills gap.

Statistic 31

The Skills Gap in the healthcare industry is projected to result in 2.3 million vacancies by 2025.

Statistic 32

The construction industry is facing a skills gap of 50,000 workers in the U.S.

Statistic 33

Only 39% of manufacturers have a comprehensive workforce development strategy in place.

Statistic 34

The skills gap in manufacturing could leave 2.4 million positions unfilled between 2018 and 2028.

Statistic 35

The manufacturing skills gap could leave over 2 million positions unfilled by 2025.

Statistic 36

Only 16% of women in technology believe their employer is closing the gender gap in technology.

Statistic 37

The skills gap in the tech industry is expected to reach 1.4 million open jobs by 2020.

Statistic 38

In the U.S., 75% of IT professionals believe their company suffers from a tech skill gap.

Statistic 39

43% of technology professionals are concerned about the skills gap impacting their career development.

Statistic 40

46% of employers believe that the skills gap is widening, especially in the technology industry.

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Summary

  • 82% of executives agree there is a skills gap in the U.S.
  • By 2030, it is estimated that the global skills gap could result in $8.5 trillion in unrealized annual revenues.
  • 72% of educators believe that graduates are prepared for entry-level job openings, while only 42% of employers agree.
  • Approximately 75% of job seekers have the skills required for only 11% of jobs posted.
  • Over 50% of employers report difficulty filling job vacancies due to the skills gap.
  • 40% of global employers are having trouble finding employees with the necessary technical skills.
  • The construction industry is facing a skills gap of 50,000 workers in the U.S.
  • Nearly 60% of employers say that a lack of soft skills is the biggest gap they see in the U.S. workforce.
  • Only 39% of manufacturers have a comprehensive workforce development strategy in place.
  • The digital skills gap is estimated to cost the UK economy £63 billion a year in lost income.
  • Over 80% of hiring managers believe that the skills gap is an issue in their industry.
  • 90% of small businesses report that they struggle to find and retain skilled workers.
  • The cybersecurity skills gap is projected to reach 1.8 million unfilled positions by 2022.
  • The healthcare industry is expected to face a shortage of 1 million workers by 2030 due to the skills gap.
  • Only 16% of women in technology believe their employer is closing the gender gap in technology.

Talent is in high demand, but it seems to be playing hard to get as the skills gap epidemic continues to wreak havoc across industries. With 82% of executives nodding in agreement and an estimated $8.5 trillion in missed opportunities looming on the horizon, its clear that the mismatch between what employers need and what job seekers bring to the table is no laughing matter. From construction crews hunting for 50,000 missing hands to cybersecurity firms bracing for a 1.8 million-member exodus, the skills gap is shaping up to be the ultimate game of hide-and-seek. So, grab your magnifying glass and get ready to delve into the curious case of disappearing expertise as we unravel the tangled web of statistics behind this modern-day workforce conundrum.

Education Sector Skills Gap

  • 72% of educators believe that graduates are prepared for entry-level job openings, while only 42% of employers agree.
  • 69% of employers believe that college graduates are not prepared for the workforce due to the skills gap.
  • The education sector is facing a shortage of 2 million teachers by 2030 due to the skills gap.

Interpretation

In a bizarre twist of academic realpolitik, it seems we are witnessing a grand mismatch in perceptions between the ivory tower and the corner office. While the educators confidently bestow their blessings upon their freshly minted graduates, the employers, with a sigh and a shake of their heads, beg to differ. As the skills gap saga unfolds, it appears that the entrance to the workforce is starting to resemble a riddle wrapped in a mystery inside an enigma, with college certificates acting as the golden ticket to an uncertain future. The looming shortage of 2 million teachers only adds to the drama, painting a picture where the school bell tolls not for happy faces and eager minds, but for an impending crisis in the education arena.

Global Skills Gap Projections

  • 82% of executives agree there is a skills gap in the U.S.
  • By 2030, it is estimated that the global skills gap could result in $8.5 trillion in unrealized annual revenues.
  • Approximately 75% of job seekers have the skills required for only 11% of jobs posted.
  • Over 50% of employers report difficulty filling job vacancies due to the skills gap.
  • 40% of global employers are having trouble finding employees with the necessary technical skills.
  • Nearly 60% of employers say that a lack of soft skills is the biggest gap they see in the U.S. workforce.
  • The digital skills gap is estimated to cost the UK economy £63 billion a year in lost income.
  • Over 80% of hiring managers believe that the skills gap is an issue in their industry.
  • 90% of small businesses report that they struggle to find and retain skilled workers.
  • The cybersecurity skills gap is projected to reach 1.8 million unfilled positions by 2022.
  • 42% of employers offer additional training to employees to address skills gaps.
  • The skills gap could leave over 2 million cybersecurity positions unfilled worldwide by 2022.
  • 69% of U.S. employers report struggling to find qualified candidates, primarily due to the skills gap.
  • The analytics skills gap is projected to reach 250,000 workers in the U.S. by 2021.
  • 63% of U.S. hiring managers agree that there is a skills gap in today's workforce.
  • 90% of employers believe that the skills gap has a significant impact on their business.
  • By 2028, there will be 2.4 million unfilled STEM jobs due to the skills gap.
  • 60% of U.S. employers are struggling to find applicants with the right skills and qualifications.
  • The skills gap in data science and analytics is expected to expand to 1.5 million by 2018.
  • 61% of U.S. employers think the skills gap will worsen over the next five years.
  • The skills gap in coding and software development is expected to reach 1.4 million by 2020.
  • 57% of employers believe that the skills gap is the primary reason for extended job vacancies in the U.S.
  • The AI industry is projected to face a shortage of 1.5 million professionals due to the skills gap.
  • 80% of employers believe that the skills gap is affecting their ability to serve customers effectively.
  • 68% of employers say that the skills gap is lowering employee productivity.
  • 55% of employers believe that the skills gap is hampering their innovation and growth strategies.

Interpretation

In a world where the gap between the skills companies need and the skills workers possess resembles a chasm of missed opportunities, the numbers don't lie. From the digital divide costing the UK billions to the looming cybersecurity crisis threatening millions of unfilled positions, it's clear that the skills gap is not just a statistic—it's a call to action. As hiring managers struggle to find qualified candidates and employers grapple with a workforce lacking both technical prowess and soft skills, the repercussions ripple through industries worldwide. With STEM jobs unfilled, analytics skills in short supply, and innovation stifled, it's time for businesses to bridge the gap with robust training programs and forward-thinking strategies, or risk being left behind in a sea of lost potential and untapped revenue.

Healthcare Industry Skills Gap

  • The healthcare industry is expected to face a shortage of 1 million workers by 2030 due to the skills gap.
  • The Skills Gap in the healthcare industry is projected to result in 2.3 million vacancies by 2025.

Interpretation

The forecasted shortage of 1 million workers in the healthcare industry by 2030 due to the skills gap is a prescription for disaster. With 2.3 million vacancies looming by 2025, the prognosis for quality patient care is looking grim. It seems that in the race to save lives, we may be losing the battle of skill acquisition. Time to scrub in and bridge that gap before we find ourselves in a critical condition of understaffed hospitals and heartbroken communities.

Manufacturing Industry Skills Gap

  • The construction industry is facing a skills gap of 50,000 workers in the U.S.
  • Only 39% of manufacturers have a comprehensive workforce development strategy in place.
  • The skills gap in manufacturing could leave 2.4 million positions unfilled between 2018 and 2028.
  • The manufacturing skills gap could leave over 2 million positions unfilled by 2025.

Interpretation

The statistics reveal a stark reality: as the construction and manufacturing industries continue to face a growing skills gap, the future workforce seems more elusive than Waldo in a crowded room. With vacant positions looming like unwritten job descriptions, it's clear that the time to bridge the gap is now. Perhaps it's time for the recruitment process to take a page from the construction industry's book and lay a solid foundation for future talent, or for manufacturers to dial up their workforce development strategies from 39% to a solid 100%. Otherwise, by 2025, we might find ourselves with more unfilled positions than a pickup game of musical chairs at the talent table.

Technology Industry Skills Gap

  • Only 16% of women in technology believe their employer is closing the gender gap in technology.
  • The skills gap in the tech industry is expected to reach 1.4 million open jobs by 2020.
  • In the U.S., 75% of IT professionals believe their company suffers from a tech skill gap.
  • 43% of technology professionals are concerned about the skills gap impacting their career development.
  • 46% of employers believe that the skills gap is widening, especially in the technology industry.

Interpretation

As the tech industry hurtles towards the future, it seems we are simultaneously stuck in a cosmic tussle with the elusive skills gap. With only 16% of women in technology feeling their employer is bridging the gender chasm, it's clear that the gender gap still blares a siren. Add in the impending 1.4 million vacancies by 2020, the tech world appears to be quaking at the knees. Even the seasoned IT professionals cry foul, with 75% lamenting their company's tech skill drought. With a staggering 43% of techies fearing for their career growth and 46% of employers watching the gap widen like a sinkhole, it seems we're all straddling the precarious edge of progress.

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