Key Highlights
- 75% of employers consider reskilling and upskilling critical for their company's future success
- 54% of employees feel uncomfortable or unprepared for AI-driven changes in their work
- The global corporate training market is projected to reach $451 billion by 2027
- 60% of companies have increased their reskilling budgets by more than 25% in the past year
- Only 21% of employees say their company offers sufficient opportunities for upskilling
- 82% of company leaders believe that reskilling existing employees is more cost-effective than hiring new ones
- 45% of all work activities could be automated with current technology, potentially impacting 1.4 billion jobs worldwide
- The average time for an employee to reskill or upskill is approximately 6 months
- 52% of companies consider digital skills the most critical area for upskilling efforts
- 68% of employees say they would stay longer at a company that invests in their upskilling
- The number of skill-based training programs increased by 40% globally during the COVID-19 pandemic
- By 2025, 70% of all employees are expected to undertake some form of reskilling or upskilling
- 84% of employers say that reskilling employees will be critical to their future workforce plans
With 75% of employers deeming upskilling and reskilling vital for their future success, and over half of employees feeling unprepared for AI-driven changes, the rapidly evolving job industry is urgently redefining workforce development through innovative training, substantial investments, and a focus on digital skills.
Automation
- Nearly 60% of organizations believe that AI and automation will significantly impact their workforce within the next five years
Automation Interpretation
Digital Skills
- 52% of companies consider digital skills the most critical area for upskilling efforts
- 55% of organizations report difficulty in recruiting candidates with the right digital skills
- The most in-demand digital skills include AI, machine learning, cloud computing, and cybersecurity
- 49% of workers in developing countries lack basic digital skills, hindering their employment prospects
- Nearly 50% of employees report a lack of confidence in their digital skills, hindering their ability to upskill effectively
- 80% of new jobs created in the past decade require digital skills, emphasizing the importance of upskilling efforts
- 72% of employers believe that a lack of digital skills among employees is a barrier to digital transformation
Digital Skills Interpretation
Digital Skills, Technological Adoption, and Automation
- 54% of employees feel uncomfortable or unprepared for AI-driven changes in their work
Digital Skills, Technological Adoption, and Automation Interpretation
Employee Engagement, Preferences, and Retention
- 68% of employees say they would stay longer at a company that invests in their upskilling
- 58% of employees prefer flexible online or blended training programs for their upskilling
- Employees with access to upskilling opportunities are 30% more likely to be engaged and productive
- 83% of HR professionals report that reskilling initiatives have improved employee retention rates
- Reskilling initiatives have led to a 23% increase in employee satisfaction scores, according to recent surveys
Employee Engagement, Preferences, and Retention Interpretation
Market Growth, Investment Trends, and Industry Expansion
- The global corporate training market is projected to reach $451 billion by 2027
- The use of virtual and augmented reality tools for training grew by 180% during the pandemic period
- The global upskilling market for technical skills is projected to grow at a CAGR of 14.5% from 2023 to 2030
Market Growth, Investment Trends, and Industry Expansion Interpretation
Talent Development and Reskilling Strategies
- 75% of employers consider reskilling and upskilling critical for their company's future success
- 60% of companies have increased their reskilling budgets by more than 25% in the past year
- Only 21% of employees say their company offers sufficient opportunities for upskilling
- 82% of company leaders believe that reskilling existing employees is more cost-effective than hiring new ones
- The average time for an employee to reskill or upskill is approximately 6 months
- The number of skill-based training programs increased by 40% globally during the COVID-19 pandemic
- 84% of employers say that reskilling employees will be critical to their future workforce plans
- Only 37% of employees aged 55 and above have received formal training to stay current
- 65% of HR managers say that identifying employee skill gaps is a top priority
- 78% of gig workers say they need additional training to improve their employability
- The average cost for a company to reskill an employee is around $1,200, compared to $4,000 to hire and onboard a new employee
- 80% of learners prefer bite-sized or microlearning modules for quick upskilling
- In 2022, 35% of companies increased their investment in leadership and management training programs
- 70% of organizations say that reskilling employees has directly contributed to increased innovation
- 66% of employees feel their current skills are becoming obsolete within three years, underscoring the need for ongoing upskilling
- 25% of companies globally plan to implement AI upskilling programs within the next year
- 45% of U.S. employers are currently offering online upskilling courses to their employees
- The top barriers to employee upskilling include lack of time, resources, and management support, according to 70% of HR managers
- 65% of companies plan to increase their use of personalized learning in upskilling initiatives, to better meet individual employee needs
- 35% of workers in non-tech sectors expect to need significant retraining over the next five years due to automation
- Companies that invest in reskilling see an average ROI of 8:1 in increased productivity and reduced turnover
- 78% of senior managers consider ongoing learning and upskilling as essential for organizational agility
- 59% of employees believe their organizations do not provide enough opportunities to learn new skills
- 70% of companies report a skills gap in data analytics, leading them to seek targeted upskilling programs
- The percentage of employers including soft skills training in upskilling programs increased by 52% over the past five years
- Employee participation in voluntary upskilling programs rose by 30% during remote work adoption in 2020
- Nearly 90% of learners prefer online courses for their flexibility and convenience, impacting how companies design upskilling initiatives
- The number of companies offering competency-based training increased by 60% since 2019, aligning training with specific skill outcomes
- 45% of employers worldwide report that their reskilling programs have directly led to improved business performance
- The average salary increase for employees who successfully complete upskilling programs is 12%, indicating financial incentives' role in participation
- 65% of small and medium enterprises (SMEs) have started internal upskilling programs in the past two years to stay competitive
- 50% of workers in aging economies worry about their ability to keep pace with technological change, highlighting the importance of reskilling
Talent Development and Reskilling Strategies Interpretation
Technological Adoption, and Automation
- 45% of all work activities could be automated with current technology, potentially impacting 1.4 billion jobs worldwide
Technological Adoption, and Automation Interpretation
Workforce Development and Strategic Partnerships
- 42% of companies are actively partnering with educational institutions to facilitate upskilling
Workforce Development and Strategic Partnerships Interpretation
Workforce Development and Trends
- By 2025, 70% of all employees are expected to undertake some form of reskilling or upskilling
Workforce Development and Trends Interpretation
Workforce Diversity, Inclusion, and Demographic Challenges
- Women make up 40% of the workforce involved in upskilling programs, indicating gender parity efforts are improving
- 60% of organizations see upskilling as a key strategy to diversify their workforce and reduce skills gaps among underrepresented groups
Workforce Diversity, Inclusion, and Demographic Challenges Interpretation
Sources & References
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