IBM Study: Businesses see big job retraining challenges ahead
In the
next three years, about 120 million workers in the world’s 12 largest economies
will likely need to be retrained as a result of AI and intelligent automation,
according to a new IBM study.
Just two
in five CEOs surveyed said they currently have the people, skills and resources
required to execute their business strategies.
All that job retraining won’t come easy
The same study found the average time it takes to close a skills gap has increased 12-fold — from just three days on average in 2012 to a full 36 days last year!
The study,
called The Enterprise Guide to Closing the Skills Gap, showed that new
skills requirements are rapidly emerging, while other skills are becoming
obsolete.
For
instance, in 2016 CEOs ranked core capabilities for STEM and basic computer and
software/application skills as the top two most critical skills for employees.
In 2018,
the top two skills sought were behavioral — the willingness to be flexible,
agile, and adaptable to change; and the ability to prioritize.
“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. Half of CEOs recognize “they do not have any skills
development strategies in place to address their largest gaps,” Wright said.
The core
recommendation is to take a holistic approach to closing the skills gap
including:
- peer-to-peer learning
through agile teams and cross-training - hands-on practice served
up in the flow of work, and - traditional classroom and
online learning.
The study
stressed the critical role HR must play in helping to develop dynamic and flexible teams to enable the ongoing
reinvention of work and skills.
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