The notion of skills shortages has become commonplace among business leaders. Their experience of not being able to find suitable candidates is the result of several parallel trends related to the tectonic shift in the economy caused by digitization.
New technological possibilities change the nature of almost any occupation or create entirely new fields of work. Researched by Vacancysoft recruiting consultancy notes a 105% increase in advertised technology roles in England and Wales from 2020 to 2021. With this increase in demand, competition for talent among employers becomes fierce.
The situation in the UK is just a case of a global phenomenon. Nexford University, a next-generation online university platform, interviewed employers from around the world. It is estimated that 85 million jobs will not be filled by 2030 due to skills shortages. Additionally, according to Nexford data, 87% of employers worldwide report a lack of talent.
Analyzing over 51 million jobs posted between 2017 and 2020, the labor market data company Found Emsi’s burning glass employers have increased degree requirements for many roles. In particular, candidates for mid-level positions now have to conform to higher educational standards.
Although the direct connection between digitization and lack of technological talent has been widely discussed, one aspect normally overlooked is the second dimension of the skills gap: business skills. Technical qualifications alone are often not enough to contribute to a company’s business model. Skill sets such as programming, math or engineering create value through their combination with a good business sense.
History teaches how technological revolutions have had a gradual impact on society. Although the initial idea of a breakthrough idea is the domain of technologists and researchers, an equal amount of ingenuity is often required to augment technologies for mass use. The main achievement of the likes of Elon Musk or Bill Gates has been to realize ideal use cases of new technologies.
The particular challenge that contemporary technology poses stems from its unprecedented complexity. To gain in-depth knowledge of today’s technologies – think blockchain or artificial intelligence algorithms – specialization is essential.
The solution to bridging the skills gap is simple: business and technology must be taught together from the start.
Our two-dimensional skills gap is not an inevitable but fleeting pain that accompanies transformative economic change. Instead, the problem is largely due to current higher education models not listening to the signs of our time. Legacy educational institutions fail to create degree programs to meet the digital economy’s demand for tech-savvy, business-conscious talent.
By clinging to curricula that cement the disconnect between technology and business education, universities exacerbate the talent shortage. This leaves bright job seekers behind as they are unable to acquire the right skills, having one without the other.
An education system detached from the reality of the labor market leads to long-term economic obstacles, as retraining is a slow and costly process. Basically it means teaching someone twice. Already skilled workers will be reluctant to pursue another degree or qualification. Today’s work culture is just beginning to shift towards employers institutionalizing mechanisms to support employee skills enhancement, such as internal procedures for delivering higher education in partnership with education providers. However, current retraining efforts fail to close the skills gap.
Alas, the disruption of digital transformation power also be countered with digital means.
A trend closely related to the skills gap is what has become known as Great resignation during the pandemic – employees leave their companies in large numbers. This wave of voluntary career change is accompanied by increased adoption of online learning and EdTech solutions.
Being flexible, accessible, and more affordable, online degrees provide a versatile tool for accelerating upgrading and retraining. At the same time, we see pioneering employers, such as retail giants Walmart and Amazon, realize the problem and work to create an ingrained culture of education, including partial or full compensation for employees who earn a college degree. while they work.
Next-generation educational institutions can act as a corrective to realign the needs of employers and the skills of workers. They should act as service providers at the connection point between students and companies, maintaining an ongoing conversation with both parties.
Online university platforms today use advanced methods to track, evaluate and customize degree programs. Data analytics allows students to display and prove their academic credentials easily and reliably. Employers, on the other hand, benefit from early insights into student progress and the ability to fine-tune recruiting decisions.
Affordable and high quality online degree programs are readily available today. Effective retraining is within everyone’s reach thanks to EdTech companies breaking with the outdated curricula of traditional education.
For workers with technology education and business skills, the skills gap is not an obstacle, but an unprecedented career opportunity.
Skilled talent in both business and technology is truly what today’s digital businesses need
Source link Skilled talent in both business and technology is truly what today’s digital businesses need