Rapid Skill Shortage Threatens Businesses

Rapid Skill Shortage Threatens Businesses

Rapid Skill Shortage Threatens Businesses

There is no doubt that effective education has an absolutely crucial role to play in our society as it can provide a fundamental opportunity for future generations. In today’s world, with the right knowledge and skills students will have a higher chance of being successful in life. Having said that, it would be difficult to say that student success in school is only about academics.

According to BusinessWeek,, the world is facing a staggering lack of skilled workers. Workers in the US, Canada, and Britain are losing their jobs faster than they are being created. This means that fewer skilled workers will need to be recruited from the workforce to fill the void.

As an example, in order to fill a mere 5,000 of the expected 40,000 jobs in cybersecurity this year, European companies will have to bring in 24,000 employees. No doubt, the new skills gap will only increase over time and will require a highly skilled workforce.

Global Business Week explained that despite the large numbers of youth in school in many countries, countries still lag far behind in the skills needed to fill today’s jobs. For instance, in Russia, 11% of engineering jobs and 4% of computer services jobs are going unfilled.

One result of this skilled labor shortage is that companies are willing to pay a premium for workers who have these skills. For instance, automotive companies are paying luxury car dealers around $100,000 for the right high-level executive talent that is needed to help create that luxury car. In addition, 25-year-old salary for IT consulting staff in Singapore is up to $90,000.

Even more alarming is the fact that companies are willing to pay this premium because these professionals are highly trained in their respective fields. In addition, globally there are plenty of skilled workers available, so they are willing to accept a lower salary because it helps them advance more quickly.

To make up for the lack of skilled workers, developing new skills is the only way to meet the increasing demand for new knowledge and skills.

The Recipetips team has gathered details for a number of skills training programs that can help your company meet the ever-changing demands of the business sector. It is imperative that you listen to the opinion and feedback of the staff. With a well-educated staff members will feel confident in moving forward and will become a more effective servant.

Knowing what skills to train for and selecting the right teachers are difficult tasks. However, by acquiring the right knowledge and skills, you can harness your employees’ potential to help achieve goals and achieve excellence at work.

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