New research published by Kineo at City & Guilds Group, the leading global skills development body, 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 today, employees are less confident than their bosses that they’ll have skills they need for the future.
The study surveyed 6500 employees and 1300 employers across 13 international markets. It 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 employers 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 and opportunities as employees seek out organisations who can better meet their training needs.