November 28, 2019
· Emerging economies investing most heavily in skills
· 71% of employees worldwide recognise the skills needed to do their job are changing, but only two thirds think their employer is keeping pace
New research published by Kineo, a City & Guilds Group business, reveals that employers across the world are racing to upskill their workforces. However, with digitalisation and fluctuating economies transforming the skills needed in the workplace, employees are less confident than their bosses that they’ll have the skills needed for the future.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191127005098/en/
Businesses Battle to Upskill Workers in Global Skills Race, Reveals City & Guilds Group (Graphic: Business Wire)
The study, which surveyed 6500 employees and 1300 employers across 13 markets, found that employers in more developed economies risk falling behind in the race to upskill as emerging economies are more likely to ramp up investment in learning and development (L&D) in the near future.
A significant 92% of Indian employers and 78% of Kenyan employers predicted a net increase in L&D investment in the next 12 months, compared to just 64% of US and 67% of Australian employers. The UK (54%) and Sweden (52%) came in last, with just over half of employers in these markets anticipating an increase in L&D investment.
Whilst 71% of employees across the world recognise that the skills they need to do their job will change in the next 3-5 years, only 67% of them say their employers are keeping pace with changing skills. This confidence drops to just 56% for workers in New Zealand and 58% in Sweden. However, 81% of employers globally say they’re confident their staff have the skills their business needs for the next 3-5 years. This highlights a worrying perception gap, that could lead to lower retention rates and compromised service levels as employees seek out organisations who can better meet their training needs.
John Yates, Group Director at City & Guilds Group comments:
“Businesses worldwide are navigating immense transformation. As the workforce becomes increasingly connected, there needs to be greater synergy in the way employers are tackling new and existing challenges. Employers across the world need to listen to their workers’ training needs and invest in upskilling – or they risk losing employees to other markets who are making this a priority.”
To download the full report, visit kineo.com/resources/global-skills-race