Corporate Strategies Category Archives - General Assembly Blog

Bridging Tech Talent Shortages: How Upskilling and Reskilling Can Help

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When it comes to tech talent, we’re facing a supply and demand problem of unprecedented proportions. In the U.S. there are five jobs for every one software developer. In 2020, 4% of emerging technologies could not be implemented due to a tech executive shortage; today, that percentage has increased to 64%, according to Gartner—highlighting the impasse global enterprises face when it comes to accelerating innovation. The trend is set to continue—one report indicates 85 million tech jobs may go unfulfilled by 2030 due to lack of skilled talent. 

As a result, HR and technology leaders are increasingly searching for new ways to fill their open technology roles. Depending on organizational goals, businesses have started to leverage reskilling and upskilling to ramp up the tech skills they need. 

These strategies have not only proven effective, but they’re also helped increase employee retention and loyalty. Today’s top talent wants to work for businesses that invest in them. In fact, 74% of employees say they’re eager to learn new skills outside of work hours to improve their job performance.  

Upskilling and reskilling are often lumped together, but the two terms have very different meanings and different business use cases. Let’s take a look at what distinguishes the two—and how each applies to your organization.

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Is Quiet Quitting Here to Stay? 3 Employee Engagement Strategies to Beat the Quit.

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Hybrid and remote work ushered in a new era for the relationship between employers and employees. As workers reassessed their priorities and where work fits in, millions joined The Great Resignation. For employees who stayed, many opted for “quiet quitting”—a newly coined term for disengaging, or putting in the bare minimum at work. 

The percentage of engaged workers was on the decline before the COVID-19 pandemic, and the fallout from The Great Resignation and economic uncertainty has driven engagement levels to all-time lows. For example, a recent Adobe study found that employees—worried about the economy—are spending around two hours during each workday consuming news instead of getting tasks done.  Disengaged employees can cost organizations millions of dollars in revenue due to lower productivity. According to a Gallup poll, each disengaged employee costs their employer $3,400 to $10,000. 

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4 Steps to Building a Future Ready Marketing Team

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With technology moving at a blistering pace, skills gaps are wider than ever before. Roles are evolving fast and in some cases becoming completely obsolete. And this problem is not unique to the marketing sector. According to a Gartner report, building up employees’ skills is one of the top priorities for leaders across industries—with many of them ready to invest in upskilling but unsure of how to integrate those efforts into their organizations.

Staying ahead of the curve now entails embracing continuous learning and investing in your team’s capabilities to help them remain competitive and take full advantage of new opportunities. An upskilling initiative that’s aligned with your organization’s strategy and long-term goals can help shrink skills gaps, empower your team to adapt to evolving challenges and build up a skilled and adaptable talent pipeline. 

Unsure of where to start? Start here.

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Cruise Past the Competition: 4 Steps to Attract & Retain Non-Traditional Talent

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Recruiters around the world are facing a labor shortage unlike anything they’ve experienced in the last decade. 63% of recruiters say talent shortage is their number one problem. The good news? There’s a solution that not only benefits businesses but society. By tapping into the wide non-traditional talent pool–from veterans and military spouses, to caregivers and people in their 60s and older, to those with disabilities or who were formerly incarcerated–organizations can bridge the labor shortage gap and build a robust pipeline of talent.

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3 STEPS TO TAKE TODAY TO RECESSION-PROOF YOUR TALENT — AND YOUR BUSINESS — FOR TOMORROW

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2022 has been a year for the history books for business leaders–and it doesn’t seem to be slowing down.

Amidst an ever-growing talent shortage and seemingly indomitable virus, leaders are juggling a wholesale re-envisioning of the workplace (do we go hybrid? Full-remote?) while trying to attract and retain talent who are still in the mindset of the Great Resignation.

Now, a looming recession threatens to strike just two years after the last one, leading many to fear sweeping layoffs of the global workforce. 

This presents a catch-22 for already-overworked HR leaders. How can companies cut back to survive a shrinking economy when they’re short-staffed to begin with? The tech skills required to stay afloat — let alone competitive — are on the rise without talent to fill them. By 2030, there will be a global talent shortage of more than 85 million tech workers, representing a loss of $8.5 trillion in annual revenue for the economy. This begs the question, can companies afford to downsize?

We know this complex problem just piles up competing priorities for business leaders to process. You’re already busy, with constant pressure to show immediate results. However, in a landscape where recessions typically last about ten months on average, it’s necessary to act in the long-term interest of your business and, more importantly, your people to come out stronger on the other side. To help you make a plan, we’ve outlined 3 steps you can take right now to start recession-proofing your talent.

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Now Available: The Employer’s Roadmap to Harnessing the Great Resignation

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Between a looming recession and record-high job openings, it’s no wonder that employers are struggling to recover from the Great Resignation. In 2021, after the shock of COVID-19 upended life as we knew it, talent around the world reprioritized how they spend their valuable time — and employees left work in droves, leaving business leaders to tackle a shrinking economy without the manpower to succeed.

Today, despite businesses’ best efforts, the Great Resignation shows many signs that it will continue through 2022. This global movement signals that major changes to the working world are necessary to create a value proposition strong enough to win talent back. This task can be overwhelming at a time when leaders are struggling to stay afloat, so we’ve created a downloadable guide to help you through.

Available now, The Employer’s Roadmap to Harnessing the Great Resignation shares a streamlined, step-by-step guide to transforming your workplace into a space where talent wants to stay, grow and thrive. 

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Building a Future Ready Workforce: How Employer and Community Partnerships are Leading The Way

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With the technology industry changing faster than ever, companies need a workforce that can evolve just as quickly. But how can these companies develop a pipeline as agile and versatile as the workers they hope to employ one day? And how can private and public sector partnerships build future-proof workforce development programs by tapping into their communities

Our VP of Government & Workforce Partnerships, Priya Ramanathan sat down to discuss this problem with Kelly Martin (Head of Strategy & Operations at M&T Bank) and Sarah Tanbakuchi (President & CEO of TechBuffalo). They fleshed out lessons they’ve learned, particularly from the hard-working graduates that made up their first Data Analytics cohort. Keep reading to get crucial tips for rethinking your candidate pipeline. 

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What is upskilling and what are the benefits?

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Digital transformation has created opportunities and challenges for corporate leaders. Ways of doing business have changed dramatically. Today, consumers want to engage and transact with brands digitally, which has led to massive investment in technology. Yet the workforce’s skills have not kept up at the same pace, leaving businesses playing catch up as they race to hire the right talent to meet consumers’ demand for modern experiences.

According to Statista, global investment in digital transformation is expected to nearly double from $1.8 trillion in 2022 to $2.8 trillion in 2025, which will only serve to widen this skills gap. As companies continue to struggle to find the right technical talent from external sources, they are increasingly turning to upskilling their existing workforces to fill needed roles.

What is upskilling?

Upskilling is when an employee learns new skills that enable them to advance in their career. For example, an individual contributor might learn data skills so they can be promoted into a management role. Upskilling shouldn’t be confused with reskilling, in which an employee learns new skills that enable them to transition into an entirely different role.

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How to Build a Successful Talent Development Strategy in 5 Easy Steps

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A successful talent development strategy is critical for businesses to remain competitive and bridge the skills gaps within their workforces. Today, the rapid pace of technology development and digital transformation has forced companies to be more nimble and creative with talent development. Gone are the days where learning and development consisted primarily of soft skills training, like people management and conflict resolution. Today, talent development teams must also ensure their workforce has the skills needed to compete in the digital economy. 

In the US alone, corporations spend nearly $180 billion annually on formal training programs. Yet, somehow, businesses still face a global talent shortage. Talent development programs can help address this by unleashing the full potential of a company’s existing workforce. 

This isn’t something businesses can think about in a silo. According to IBM, 120 million workers in the world’s largest economies may need to be retrained due to automation. If companies don’t plan for the future with innovative approaches to talent development, mass displacement of workers could occur—with serious economic ramifications. 

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One Way to Recession-Proof Education Investment? Work-based Learning

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Despite budget cutbacks and headlines warning of Big Tech’s hiring slowdown, overall employer demand for technical skills is still on the rise and projected to grow, with job postings across technical sectors still twice as high than any other fields.

But many workers are struggling to access the opportunities that put these in-demand jobs within reach. COVID-19 has driven the skills gap even wider, with nearly six in 10 U.S. workers expressing that a lack of skills prevented them from applying for a job they wanted in the last two years and countless employers complaining of a labor shortage. Automation and digitization are accelerating, and millions of low wage workers are at risk for displacement.

Resolving the global training deficit is a massive and complex undertaking – and while significant, meaningful work is underway, it cannot be accomplished without wide-scale public and private sector collaboration. As rising inflation wears away personal disposable income, and the college debt crisis reaches new heights, it’s clear the onus cannot be on individual workers to bankroll solutions. Instead, for an industry known for cutting edge innovation, a tried and true model is emerging as an effective tool: apprenticeships.

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