According to a research by IBM, businesses will face significant job retraining challenges in the near future

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According to a new IBM research, roughly 120 million people in the world’s 12 largest economies would likely need to be retrained in the next three years as a result of AI and intelligent automation.


Only two out of five CEOs polled stated they have the people, skills, and resources they need to implement their business strategies.


All of this job retraining isn’t going to be easy


According to the same survey, the average time it takes to bridge a skills gap has climbed 12-fold, from three days in 2012 to 36 days last year!


The study, titled The Enterprise Guide to Closing the Abilities Gap, revealed that new skill requirements are emerging at a rapid pace, while other skills are becoming obsolete.


Core STEM competencies, as well as fundamental computer and software/application skills, were ranked as the top two most crucial talents for employees by CEOs in 2016.


The capacity to prioritise and the willingness to be flexible, nimble, and adaptive to change were the top two abilities required in 2020.


“Organizations are increasingly concerned about the rising skills gap and tightening labour markets, which might have an impact on their future as well as the future of worldwide economies,” said Amy Wright, Managing Partner, IBM Talent & Transformation. “They don’t have any skills development initiatives in place to address their major deficiencies,” half of CEOs admit, according to Wright.


The core recommendation is to take on a comprehensive strategy that can address the skills gap by:

 

  • Peer-to-peer learning through agile teams and cross-training

 

  • Hands-on practice served up in the flow of work

 

  • Traditional classroom and online learning

 

The study emphasised the importance of HR assisting the development of dynamic and adaptable teams in order to enable continual reinvention of work and skills.


Managing training? See how HealthBoxHR can help your business manage training, set goals for your employees, book one to ones & more with our Performance Management Tool!

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