It’s for real: debunking the skills gap myth
How organizations can close the skills gap with real solutions
By Dan Cheuvront | 1 minute read | September 25, 2019
A recent IBM Institute for Business Value study revealed that there are nearly 120 million – yes million – workers in the world’s 12 largest economies that may need to be re-skilled to keep up with a growing number of workplace process changes presented by AI and intelligent automation. As companies shift processes to take advantage of myriad advances in technology, employees too need to shift their skills to remain productive and fulfilled and keep the company competitive.
That’s no skills gap myth. Rather, it is a real challenge that more than 5,500 global executives tell us their companies are facing today. What’s more, executives are aware of this gap but are choosing not to tackle the issue.
According to the study, the time it takes to close a skills gap has increased more than 10-fold in the last 4 years, and there are no signs of that slowing down. To illustrate the issue, a skills gap that used to take an average of 3 days to close now takes 36 days. “Organizations are facing mounting concerns over the widening skills gap and tightened labor markets with the potential to impact their futures as well as worldwide economies,” said Amy Wright, Managing Partner, IBM Talent & Transformation, IBM. “Yet while executives recognize the severity of the problem, half of those surveyed admit that they do not have any skills development strategies in place to address their largest gaps.”
To help address and shift the growing skills gap dilemma, IBM recently published “The Enterprise Guide to Closing the Skills Gap“. The IBV study, based on insights from multiple research initiatives, provides a strategic roadmap for executives and their businesses to better cultivate talent and close the widening skills gap.
The study explores a set of recommendations that use personalization at scale, increased transparency, and leveraging the ecosystem. The recommendations are centered around AI to help organizations in closing the skills gap at scale. To learn how to get started in your organization, read the full IBV study here.