Key Highlights
- 94% of North American executives believe that upskilling is essential for their company's future success
- 65% of workers globally feel they need more training to meet their current role requirements
- The global spend on corporate training and development reached $370 billion in 2022
- 78% of companies report that reskilling initiatives have improved employee retention
- By 2025, it's estimated that 87% of organizations worldwide will be actively reskilling their workforce to meet digital transformation goals
- 52% of employees said they would stay at their current job longer if their employer invested in upskilling opportunities
- 70% of companies report a skills gap that is impacting their ability to innovate
- 44% of new jobs created between 2018 and 2028 will require post-secondary education or training beyond high school
- 89% of companies that invest in upskilling see a positive impact on productivity
- The average time spent on reskilling initiatives increased by 18% in 2023 compared to 2022
- 82% of employees say that skill development opportunities influence their decision to stay with a company
- 56% of organizations have implemented or plan to implement AI-based learning systems for upskilling purposes
- 65% of training budgets are allocated to digital skills development, reflecting the importance of technological upskilling
With 94% of North American executives recognizing upskilling as vital for future success and global investments in corporate training soaring to $370 billion in 2022, the industry is amid a transformative wave driven by digital innovations and a rapidly evolving skills landscape.
Corporate Training Investment and Budget Allocation
- The global spend on corporate training and development reached $370 billion in 2022
Corporate Training Investment and Budget Allocation Interpretation
Employee Engagement, Preferences, and Retention
- 52% of employees said they would stay at their current job longer if their employer invested in upskilling opportunities
- 82% of employees say that skill development opportunities influence their decision to stay with a company
- Less than 20% of employees feel that their current employer offers adequate training pathways for advancement
- 83% of employees feel more empowered and engaged when they receive tailored learning experiences, according to recent surveys
- 65% of corporate learners prefer self-paced courses over instructor-led training, enabling them to learn at their own convenience
Employee Engagement, Preferences, and Retention Interpretation
Technologies and Digital Transformation in Learning
- The adoption of online learning platforms increased by 120% in the past three years
- 58% of companies offer some form of automated or AI-powered personalized learning experiences, resulting in higher engagement rates
- By 2024, over 50% of job training programs will be delivered via mobile or tablet devices, increasing accessibility
Technologies and Digital Transformation in Learning Interpretation
Workforce Skills Development and Reskilling Trends
- 94% of North American executives believe that upskilling is essential for their company's future success
- 65% of workers globally feel they need more training to meet their current role requirements
- 78% of companies report that reskilling initiatives have improved employee retention
- By 2025, it's estimated that 87% of organizations worldwide will be actively reskilling their workforce to meet digital transformation goals
- 70% of companies report a skills gap that is impacting their ability to innovate
- 44% of new jobs created between 2018 and 2028 will require post-secondary education or training beyond high school
- 89% of companies that invest in upskilling see a positive impact on productivity
- The average time spent on reskilling initiatives increased by 18% in 2023 compared to 2022
- 56% of organizations have implemented or plan to implement AI-based learning systems for upskilling purposes
- 65% of training budgets are allocated to digital skills development, reflecting the importance of technological upskilling
- The demand for data analysis skills has increased by 130% over the last five years
- 88% of CEOs worldwide see reskilling as a critical strategy to bridge their digital talent gaps
- 60% of workers in emerging markets report participating in formal upskilling programs, compared to 45% in developed countries
- Only 25% of companies say their current training programs are effectively tailored to individual learning needs
- Organizations that utilise microlearning report a 50% faster learning curve for employees
- 73% of HR professionals believe that upskilling enhances organizational agility
- The return on investment (ROI) for corporate training is estimated at $4.53 for every dollar spent
- 40% of all job roles will require significant reskilling by 2030 due to automation and AI
- 69% of job seekers consider upskilling and reskilling as top criteria in choosing an employer
- 81% of companies reported that their employees lacked certain digital skills necessary for new digital initiatives
- 35% of employees in the manufacturing sector participated in reskilling programs aimed at Industry 4.0 technologies in 2023
- Small and medium-sized enterprises (SMEs) are 30% less likely to have formal upskilling programs compared to large corporations
- 78% of front-line workers feel they need more digital skills training to perform their jobs effectively
- The global AI training market is projected to grow at a CAGR of 40% through 2030, driven largely by upskilling efforts in industries
- 60% of organizations have increased investment in reskilling initiatives since 2020, aiming to future-proof their workforce
- 80% of executives see upskilling and reskilling as a critical element of their overall digital transformation strategy
- 55% of companies report difficulty in finding candidates with updated digital and technical skills
- The average age of reskilling participants is 34 years old, indicating that mid-career professionals are primary beneficiaries
- 92% of corporate trainers agree that ongoing training helps maintain a competitive advantage
- 68% of organizations reported increased costs associated with reskilling in the past year, but still view it as necessary for growth
- 71% of workers believe that employers should provide more comprehensive reskilling programs to stay competitive in the digital age
- The gig economy has led to a 50% increase in self-directed upskilling activities among gig workers over the past three years
- 42% of organizations report that outdated skills are a significant obstacle to digital transformation projects
- By 2030, the estimated global spend on upskilling and reskilling will reach $490 billion annually, up from $370 billion in 2022
- 80% of organizational leaders believe that reskilling is critical to staying competitive in Industry 4.0
- 72% of HR leaders report difficulty in measuring the success of upskilling initiatives
- 66% of employees desire skill development programs that are accessible anytime and anywhere, emphasizing the importance of flexible learning solutions
- 38% of companies have increased their usage of virtual reality (VR) and augmented reality (AR) for employee training purposes, leading to higher retention rates
- Generational differences influence upskilling preferences, with 58% of Millennials favoring digital learning, compared to 40% of Baby Boomers
- 59% of organizations use analytics to identify skills gaps and tailor upskilling efforts accordingly, reflecting data-driven training approaches
- Women represent 36% of the workforce involved in reskilling programs, indicating progress but also highlighting the need for more gender-inclusive initiatives
- 48% of companies believe that upskilling can significantly reduce the time to fill vacancies, streamlining hiring processes
- The adoption of blockchain technology in credentialing and skills verification gained 45% in adoption rates in 2023, helping confirm upskilling achievements securely
- 38% of organizations have integrated social learning or collaborative platforms into their upskilling programs, enhancing peer-to-peer knowledge transfer
- 55% of respondents in a survey indicated that mental health support is increasingly integrated with upskilling programs to promote holistic employee development
- The average cost of reskilling per employee is estimated at $3,000, varying significantly across industries
- 91% of organizations say that upskilling and reskilling are vital to their digital transformation and long-term competitiveness
- 46% of employees plan to acquire new digital skills within the next 12 months, signaling high demand for relevant upskilling opportunities
- The biggest barriers to reskilling include lack of time (40%), lack of management support (35%), and funding constraints (25%)
Workforce Skills Development and Reskilling Trends Interpretation
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