help wanted: bridging the gap in today’s skill lacking economy
DESCRIPTION
The growing gap between the market places’ current skills and the future capabilities of the marketplace to meet the needs for future development is what is being called the Skills Gap. Organizations and companies in the US and across the globe are noting this every widening gap. Even more disturbing is the large unemployment rate still plaguing the US and other economies. The skills gap, if left unchecked, will have lasting effects on business, the economy, and the world at large. This visualization was based on two prestigious reports from National Institute of Standards and Technology (NIST) & Mckinsey Center for Government.TRANSCRIPT
http://mckinseyonsociety.com/downloads/reports/Education/Education-to-Employment_FINAL.pdf
http://nist.gov/mep/upload/Bridging-the-Skills-Gap_2012.pdf
Created by oBizMedia
SOURCES
It is the point at which an organization can no longer grow or remain competitive because it cannot fill critical jobs with employees who have the right knowledge, skills, and abilities.
ACCORDING TO A 2012 ASTD MEMBER SURVEY
5%: increase in respondents that indicate there is a skills gap in their organization between 2009 and 2012
84% of respondents indicated that there is a skills gap in their organization
Worldwide, young people are three times more likely than their parents to be out of work
Potential shortage of workers in 2020:
of US employers say lack of skills is a common reason for entry-level vacancies
Middle-skill:Highly specialized mechanical, technical, and production careers that may require industry or government certification but not necessarily a bachelor’s degree
The manufacturing industry has shrunk by 1/3 its size during the last decade–losing nearly 4 million jobs.
forecasted growth for non-residential construction projects by 2015 – such growth has serious implications for the availability of skilled construction workers
“Skilled green workers are hard to hire for” (According the MHC’s 2012 Construction Industry Workforce Shortages Report)
Automation has transformed factories and altered necessary skills for operating and maintaining equipment.
Top 3 Factors Contributing to Construction Skills Shortage:According to ASTD:
IMPACT ON GREEN SKILLS JOB MARKET
INDUSTRIES WITH GROWING HIGH-SKILLS GAPS
According to Deloitte’s report, Boiling Point? The skills gap in U.S. manufacturing
of surveyed U.S. manufacturing executives report a moderate to severe shortage of available, qualified workers
anticipate the shortage of available, qualified workers to grow worse in the next three to five years
of architecture/engineering firms agreed with the above statement
High-skills: STEM fields (science, technology, engineering, and math) require at least an undergraduate degree
Businesses that rate the aggregate skill levels of their IT sta� as less than optimal
IT employers that indicate that there is an overall skills gap among employees
*Soft skills: communication, collaboration, creativity, and critical thinking
executives: said that soft skills are important to support business expansion
Skills of the workforce don’t match company strategy, goals, markets, or business models
Lack of bench strength in the company’s leadership ranks
Less of an investment in training/lack of support for employee learning and development in training/lack of support for employee learning and development
“The main reason students drop out is that the course of study is too difficult”
½: those above are enrolled in curricula that prioritize those techniques
Lead to more long-term and permanent joblessness
Greater polarization of incomes between high- and low-skilled workers
Millions of low-skilled workers will be trapped in subsistence agriculture and urban poverty
9 TIMES HIGHER:the income gap between the top 10% and the bottom 10%
1/4 of youth do not make a smooth transition to work
36%:OECD Country’s employers reported that a lack of skills caused
“significant problems in terms of cost, quality, and time” or worse
Slow their climb into higher value-added industries
“New graduates are adequately prepared for entry-level positions”
HIGHEST RANKED AREAS FOR SKILLS GAPS: (ACCORDING TO AN ASTD MEMBER SURVEY)
According to a survey conducted by the American Management Association:
of general contractors agreed with the above statement
WHAT IS A SKILLS GAP AND WHY DOES IT EXIST?
WHAT ARE THE BIGGEST GAPS?
increase in job openings in one year
MIDDLE- AND HIGH-SKILLS JOBS HAVE THE LARGEST GAPS
ACCORDING TO A.S.T.D’S MEMBER SURVEY:
Growing Middle-Skills Industries Facing Job Shortages:
Manufacturing Construction Healthcare
RETIRING WORKERS IMPACT OF THE RECESSION
INSUFFICIENT PIPELINE OF NEW WORKERS
Nuclear Industry:
LEADERSHIP AND EXECUTIVE SKILLSMANAGERIAL ANDSUPERVISORY SKILLS
PROFESSION- OR INDUSTRY-SPECIFIC SKILLS
ADVANCED ECONOMIES DEVELOPING ECONOMIES
SKILLS GAPS CAN TRANSLATE INTO:
Slower growth Form a barrier to middle-income jobs
Lost productivity Create an inability to compete and
expand
High on-the-job training costs
Compromise industry’s ability to build a
pipeline of workers
Help WantedBRIDGING THE GAP IN TODAY’S SKILLLACKING ECONOMY
he growing gap between the market places’ current skills and the future capabilities of the marketplace to meet the needs for future development is what is
being called the Skills Gap. Organizations and companies in the US and across the globe are noting this every widening gap. Even more disturbing is the large unemployment rate still plaguing the US and other economies. The skills gap, if left unchecked, will have lasting e�ects on business, the economy, and the world at large.
T
TOP REASONS FOR THE SKILLS GAP
IMPACT OF THE SKILLS GAP
INFORMATION TECHNOLOGY INDUSTRY According to ComTIA:
MANUFACTURING INDUSTRY
UNEMPLOYMENT AND WORKER SHORTAGE
The American Society for Training & Development (ASTD) defines a skills gap as:
“A significant gap between an organization’s current capabilities and the skills it needs to achieve its goals.”
Despite vast unemployment of the world's youth, there is still a critical skills shortage across the globe.
75 million young people around the world are unemployed (According to the International Labour Organization)
(According to the McKinsey Global Institute June 2012 report, The world at work: Jobs, pay, and skills for 3.5 billion people)
High-skills workers - 13% of the demand
Middle-skills workers - 15% of the demand
Low-skills workers - 10% of the demand
MILLION MILLION MILLION38-40
45%
90-9545
.7 MILLION Despite a slight decrease in unemployment and a slight increase in the number of job openings, employers struggle to find skilled talent
67% 56%
CONSTRUCTION INDUSTRY
ACCORDING TO AAR CORP’S THE MID-SKILLS GAP IN MIDDLE AMERICA
SOFT SKILLS SHORTAGE
ACCORDING TO MCGRAW-HILL CONSTRUCTION (MHC)
73%
86%91%
MASS OF RETIRING EMPLOYEES DEFICIT OF TRAINING PROGRAMS
GROWING SKILLS GAPYOUNG WORK-FORCE'S WANING INTEREST IN THE FIELD
+ + =
15+ MILLION 91%
9 OF 10executives: rated their employees as above average in soft skills 4 OF 10
US students believe their postsecondary studies (post-high school) improved their employment opportunities44%
of youth and employers believe the above statement is true50%of education providers believe the above statement is true72%
of education providers believe the above statement is true39%of youth say the above statement is true (affordability is cited as the main reason)9%Education providers that report they are able to estimate the job-placement rate of their graduates67%Education providers over estimate the job-placement rate of graduates compared with what was reported by youth 20%Youth say that on-the-job training and hands-on learning are the most effective instructional techniques60%
International Graduate DestinationNoGRE.com
1/3
$
01 02 03 04 05 06