The skills transfer paradox
The problem
The 4th industrial revolution, the green economy, the globalization of work, the new demographics and the rise of the gig market, have led to a global skills shortage. To address this reskilling emergency, CEO's and governments are investing billions of dollars year on year and yet...the degree to which the skills are transfered on the job remains largely unknown.
The impact in numbers
92% of organizations worldwide are unable to measure the skills transfer reporting challenges with the process (time-consuming and complex), data management (collection, analysis and validity) and costs. Industry research suggests only 2% to 15% of skills are transferred on the job. Best case scenario 85% of the investment is lost!
The missed opportunity
With the global spend reaching $383b in 2023 and forecasted to grow at a CAGR of 8% annually, the pressure is on to deliver a strong return. Yet, existing investments and technologies focus on the personalization of the content, overlooking this crucial problem which raises major economic concerns.