University of Phoenix and Executive Networks Issue Study Findings on Business Priority of Upskilling and Reskilling Workers
May 13 2024 - 4:15PM
Business Wire
2024 industry research study finds talent skill
development programs are crucial for most organizations
University of Phoenix and Executive Networks are pleased to
share the findings of their newest 2024 industry research study,
The Upskilling & Reskilling Imperative: Why employee skill
development is a business priority. Surveying human resource
leaders in North America, research focused on how HR leaders are
equipping employees with skills to navigate technological
disruption in a challenging business landscape, and highlights five
key findings and actionable recommendations for successfully
offering upskilling and reskilling programs.
According to a recent World Economic Forum report, 44% of the
skills in every job are likely to be disrupted – and companies can
expect a structural labor market churn of 23% over the next five
years.
“Rapid advances in areas such as artificial intelligence, cloud
computing and Blockchain are driving a digital transformation in
many companies, amplifying the demand for new and deeper technical
and digital skills. It’s also fueling human skills that set people
apart from technology, and higher cognitive skills to drive
innovation and prepare employees to tackle problems we may never
have seen before,” shares Gina Jeneroux, Chief Skills &
Innovation Officer, ORG AI and Executive Director, Executive
Networks. “Investing in skill development is a business imperative,
and HR is uniquely positioned to help organizations and individuals
survive and thrive.”
The survey, conducted in February 2024, tapped into insights
from 502 HR leaders in the U.S. and Canada in organizations ranging
in size from under 1,000 employees to more than 50,000, and
explored how they are ensuring their employees have necessary
skills in a rapidly evolving business landscape, including digital
skills, as well as leadership, problem-solving, critical thinking,
and more. The study findings explore the importance of skill
development programs, reasons for investment in upskilling and
reskilling, perceived barriers to these programs, responsibilities,
and methods for delivery.
The research shows that 74 percent of HR leaders say skill
development programs are a critical priority and their companies
are already offering these opportunities. Most HR leaders, 56
percent, strongly agree that providing upskilling and reskilling
opportunities to employees has become more important over the past
five years.
“Investing in upskilling and reskilling fosters agility and
innovation and empowers teams to thrive amidst change and drive
sustainable growth in the digital age,” states Raghu Krishnaiah,
chief operating officer at University of Phoenix. “Today's
technology allows delivery of effective and engaging solutions
at-scale, providing greater options that could help save time and
cost for employers and employees.”
According to the study, providing upskilling and reskilling
opportunities is critical for short- and-long-term performance. HR
leaders prioritize such programs, with their top reasons identified
as enhancing productivity, improving employee engagement and
retaining talent.
The study found that leaders’ views vary according to the work
arrangements adopted by their company. For example, leadership
development is the top skill priority for those in hybrid
workplaces (38%) and in fully on-site environments (37%), compared
to only 15% of those who are fully remote.
While 58 percent of HR leaders agree employers should have
primary responsibility for employee skill development, they do not
believe in mandating participation in skill-building programs. This
is reflected in the range of channels used to deliver
skill-building opportunities: 69 percent through mentorships, 58
percent through peer coaching, 48 percent through self-study, 48
percent through embedding skill development on the job, 44 percent
through simulations, and 43 percent through job rotation.
For each of the five key findings, the study provides detailed
recommendations for organizational action. Download the complete
study findings and recommendations here.
About University of Phoenix
University of Phoenix innovates to help working adults enhance
their careers and develop skills in a rapidly changing world.
Flexible schedules, relevant courses, interactive learning,
skills-mapped curriculum for our bachelor’s and master’s degree
programs and a Career Services for Life® commitment help students
more effectively pursue career and personal aspirations while
balancing their busy lives. For more information, visit
phoenix.edu.
About Executive Networks
Executive Networks provides a comprehensive HR team-focused
strategic membership program for Global 1000 companies that
recognizes the professional and personal needs of the CHRO and
their senior team. We help HR teams successfully navigate a
dramatically more complex and challenged environment, including
accelerated advances in AI. Executive Networks increases the
productivity of our members by improving the quality and speed of
decisions while reducing the risks associated with poor or
incorrect decisions. Because we access leading expertise, thought
leaders and resources, we deliver actionable innovations and
strategic solutions across the organization’s entire HR team.
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Sharla Hooper University of Phoenix
sharla.hooper@phoenix.edu