The global talent gap is long-lamented and continues to grow — in the U.S. alone, there are currently 9.6 million job openings compared to 6.5 million unemployed.
This has many calling for upskilling and re-skilling of existing workforces. However, while many business leaders recognize that need, they are hampered by a lack of time, resources and funds to develop materials on which to train their workers.
This is another area that — like so many others — where generative AI offers transformative promise, according to Cypher Learning. The learning management system provider released a study this week exploring leaders’ challenges with upskilling, their exploration of gen AI in building training materials and the promise the technology holds in repairing the schism between the number of workers and available jobs.
“Generative AI is already transforming employee training,” CYPHER Learning founder and CEO Graham Glass told VentureBeat. “In 2024, the focus will be on reimagining education with AI at its core.”
Talent retention, staff-well being, upskilling top concerns
Cypher’s survey, “Generative AI in 2024: A potential lifeline amid workplace turbulence,” identified talent retention, staff well-being and upskilling as top concerns for HR and enterprise leaders in 2024.
At the same time, more than half (65%) of respondents said that, while upskilling employees is essential to filling skills gaps, they don’t have the resources to develop relevant training or course materials. Additionally, 69% lack the necessary skills to maximize the technology’s potential in their roles.
As a result, only half of workers have access to adequate training opportunities today.
Many leaders reported that learning and development (L&D) departments within their organizations could help upskill and cross-skill. “However, larger L&D departments bring greater costs,” the study states.
Organizations continue to struggle to strike a balance between allocating funds for revenue-generating initiatives and developing a more skilled workforce.
“Skills gaps make a company less able to innovate and compete,” said Glass. “So, it’s imperative that HR leaders focus on retaining their talent and provide comprehensive training to elevate employees, keep them engaged and increase job satisfaction.”