- Companies continue to invest in skill-based training despite a period of “significant economic and labor volatility”
- Eighty percent of survey respondents say government incentives would encourage them to support such trainings and innovations
- Cost and lack of staff time are the key hurdles companies face in developing employee skills
Summary by Dirk Langeveld
Shifting work norms brought on by the COVID-19 pandemic have created greater economic uncertainties for businesses, but companies have also maintained efforts to build their employees’ skills and talent. Recent research presented by the U.S. Chamber of Commerce and Society for Human Resource Management finds that the majority of companies plan to maintain these investments, with one in five expecting they will increase them.
The U.S. Chamber of Commerce says the trend comes amid a period of “significant economic and labor volatility.” As many businesses struggle to fill available job openings, they are also looking to reskill, upskill, and cross-train their existing workforces.
- The organizations surveyed human resources professionals and focused on skill-based training, paid work-based training, tuition assistance, and financial wellness and security benefits.
- Eighty percent of respondents said they thought that government assistance in the form of grants, loans, or tax incentives would encourage businesses to pursue investments or innovations in skill-based training and development
- Seventy-two percent said both public and private sector leadership is needed to facilitate employer collaboration in areas like skill-based training and development, internships and apprenticeships, and talent recruitment
- Budget and staff time concerns were key obstacles in embracing innovations related to skill-based training, with 40 percent citing these issues