Guild insights: Time poverty, successful reskilling and future-proof proficiencies
Guild Education works at the intersection of education, technology, workforce development, and corporate strategy.
So, here is a curated roundup of the trends, big stories, and upcoming events that we think are important in this space.
Effectively closing the skills gap could boost GDP by $6.5 trillion over the next decade. But the current way in which most companies invest in reskilling is nearly impossible to quantity. Instead of examining soft metrics such as employee feedback, four specific measurements are especially impactful to determine true ROI.
Why it matters: As companies continue to prioritize reskilling and upskilling, quantifying the success of these efforts becomes even more critical. And when metrics tangibly prove success, the continuation of these investments are justified further, creating a virtuous cycle.
Defining the skills citizens will need in the future world of work, McKinsey & Company
In our new world of work — defined by adaptation, a digital environment, and value beyond automation — what are the most necessary skills? And more importantly, how do today’s workers measure in proficiency?
Why it matters: When it comes to workplace changes, those with higher levels of education are — perhaps not surprisingly — most prepared. Affordable access to quality education and skills development is a necessity for the millions of working adults hoping to stay employed as the future of work unfolds.
Pandemic Wave of Automation May Be Bad News for Workers, New York Times
During the pandemic, many restaurants and grocery stores installed advanced technologies to help follow social distancing protocols and to replace their quarantining employees. Despite a tight labor market and so many businesses being short-staffed, the increase in automation threatens to remove workers’ bargaining power.
Why it matters: With automation in place, the future of investment in human workers is unclear. For many businesses, technology implementations went smoothly and expansion is on the horizon — especially harmful to the jobs for the lowest-paid workers.
This time, the war for talent is different. Workers have the upper hand, as they selectively choose a place of employment among the large pool of short-staffed businesses. However, four strategies are proven to help attract, retain, and develop talent across your organization. Start with finding your mission, and don’t ignore the potential of frontline talent.
The process behind talent acquisition used to mean looking outside the existing employee base. Yet in recent years, companies have begun to see the untapped potential of talent within office walls. Gloat, a NY-based company, has created a talent marketplace to connect employees with internal work opportunities, reskilling, and mentoring, making it easier for employers to find the right talent as well.
Why it matters: To win today’s war for talent, companies are exploring their own talent base — an action that is long overdue. Upskilling and reskilling existing employees closes skills gaps and helps plan for the future of work in a much faster manner than acquiring external talent in this tight labor market.
Chloe Rittenhouse, Principal of Employer Solutions at Guild Education, explains that lack of time is the most overlooked reason employees don’t — or can’t — take advantage of work-sponsored education programming. While often dismissed as poor time management, the reality of time poverty is far more damning, disproportionately affecting the most vulnerable working populations — the same employees who have the most to gain.
Why it matters: Employers have an opportunity and obligation to help ease time scarcity. Curriculum variety, designated study spaces, and mentors and coaches are incredibly impactful. And it’s worth remembering: boosting enrollment, retention, and graduation rates in education programming help employees — and with that, your bottom line.
Closing skills gaps, especially amidst this war for talent, requires collaboration between educators, employers, and economic development professionals. A new coalition of these groups, The Open Skills Network, is looking to define common standards and language that both empower American workers with in-demand skills and help employers to identify those skills which are most impactful.
Why it matters: A universal skills language has the power and potential to help employees leverage their existing skills and employers identify workers that can help close critical gaps. And, a unified approach to skills-based hiring helps talent that is traditionally overlooked, bringing equity to the economy, labor market, and workplace.
Last month, Guild hosted an incredibly successful webinar with leading talent executives sharing their strategies to “win the war” through thoughtful recruiting, while retaining workers and fostering career mobility. Listen to the webinar’s recording to hear the full discussion about overcoming the challenges of today’s labor shortages.