Why it Matters 
Within the next five years, 50 percent of Georgia's workforce will face a skill gap. Closing this skill gap will require various forms of workforce upskilling which are unique across industry sector. Without effective upskilling and retraining, workers will struggle to keep up with the evolving demands of their current roles. If businesses want to remain competitive in the economies of tomorrow and retain skilled workers, closing current and future skill gaps by investing in employee education and training will become an integral component of daily operations. 

The Research 
Currently, 43 percent of business owners believe their organizations face a skill gap, while another 44 percent say that their organization will face a major skill gap by 2027. Among businesses who have recently begun retraining and reskilling programs, 48 percent have already seen an impact on their bottom line. Since 1970, high skill jobs have increased from 30 to 46 percent, and in the coming years this number is expected to increase at a rapid pace. With the growing number of high-skill jobs, it is important that Georgia workers have the most up to date skillsets to realize a sustainable and effective workforce. At least 40 percent of employees are actively searching for new roles outside of their current employment, and with other challenges in the workforce, retaining employees has become even more important. Research suggests that 94 percent of employees see employer invested upskilling and learning opportunities as a reason to stay with their current organization longer, further encouraging businesses, to further invest in their preexisting workforce.

Why it Matters to your Business 
By supporting employee retention through education, not only will your business retain employees, but you can create opportunities to foster a more productive, strategic, and dynamic workforce. As the roles of Georgia workers shift in the coming years, ultimately replacing some with automated processes, it will become increasingly essential for Georgia businesses to provide sustainable opportunities for their employees to meet future skill demands in their respective industries.

What Georgia Can Do 

• Incentivize companies to upskill and retrain their employees, such as expanding the Job Retraining Tax Credit Program in the State of Georgia.  

• Provide continued Investments into Technical College System of Georgia and University System of Georgia’s programs that promote workforce upskilling. Such programs include TCSG’s customized training options and USG’s nexus degree program , to continue to meet the educational needs of Georgia’s workforce.

What You Can Do

• Increase access to and awareness of employee training with your organization.

• Collaborate with your regional technical colleges to provide a program for upskilling your workforce' to meet future goals and competencies. 

• Encourage employees to advance their education by providing incentives for employees to build upon high-demand skills. 

• Review the Georgia Chambers War for Talent Report on additional best practices and recommendations for the future of Georgia's Workforce.

The Big Picture 

With both private and public investments to address the skills needs in Georgia’s workforce, we can be assured of continued growth in the economy. Making these critical investments in our state’s workforce will allow for a robust environment for businesses and their employees to thrive.

Sources

Beyond hiring: How companies are reskilling to address
Piecing together the talent puzzle: When to redeploy, upskill, or reskill talent gaps