Learning Emerging Skills Doesn’t Always Pay Off
Summary.
It’s crucial for your company to invest in training that will have a lasting and meaningful impact on your organization. You may think that means focusing on new cutting-edge skills employees will use in the future, but research shows that strengthening the core skills workers need right away has a much bigger payoff.If your first inclination is to hire and train with an eye toward cutting-edge skills that your company might have to deploy in the future, you’re not alone. In 2023 the World Economic Forum reported that 44% of workers’ skills would need to be updated within the next five years and that 60% of employees would require retraining before 2027. Despite those needs, the average training investment for large companies fell from $19.2 million in 2022 to $16.1 million in 2023, according to Training magazine’s 2023 industry report. Companies of all sizes offered five fewer hours of training per year per employee, on average, while the expenses for conducting training continued to climb. With less time and money available, it’s crucial that your company invest in skills that will have a lasting and meaningful impact on your organization. But where should you start?