Addressing the Skill Gap in Today’s Economy
Around the world the “American Dream” has anchored its symbol of infinite possibilities of success through hard work and education leading to future fulfilment. However in this fast paced economy in which our society is constantly confronted to an ever changing environment, the young generation of students and young working professionals are finding themselves facing a big challenge in terms of opportunities. Many of us are starting their careers hoping for a successful future but already are saddled with debt and barely prepared to face the reality.
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The costs of school programs keeps on rising setting the American dream asides from many people dreaming of succeeding through education. The student debt is counted in billions and half of our graduates between 22 and 27 of age are underemployed without mentioning the amount of unemployed ones. This makes it impossible for a random college graduate to take his independence, afford monthly rent, pay the bills and repay his education loans.
“In the new economy, information, education and motivation are everything.”
WILLIAM J. CLINTON
Education to Employment
At the same time, according to Career Builder, about 50% of employers say they have job vacancies, but can’t find qualified candidates to fill them.
According to a study from Mc Kinsey – “Education to Employment”:
- Seventy-five million youth are unemployed
- Half of youth are not sure that their postsecondary education has improved their chances of finding a job
- Almost 40 percent of employers say a lack of skills is the main reason for entry-level vacancies
If you have any experience of searching for the right job, or if you’re an employer looking for the perfect candidate for a vacancy you have, you’ll be familiar with the idea of the skills gap.
The skill gap is a sophisticated complex issue
We’re creating a generation of young people who are highly skilled in many technological fields, but who lack the ‘soft skills’ required to be a success in business. In certain fields, like healthcare and education, there simply aren’t enough people being trained on the whole. This has led to real concern in many fields, with many businesses unable to find the right staff for certain positions, and many candidates unable to find a company that will take a chance on them.
Needless to say, the skills gap is becoming a genuine problem in the world of business.
The situation is critical
We have more job openings and fewer qualified applicants. The demand for people with specific skills and key knowledge will keep on increasing as our economies and tasks become more and more sophisticated due to our technological advancement. How many jobs exist today that did not exist 5 years ago?
We are far from balancing the demands of today’s s learners, employees and employers. Educational institutions have big difficulties developing programs matching the required skills needed for employment as fast as the market’s evolvement while companies are unable to train their employees cost effectively enough to compensate the lack of readiness of its applicants.
The current young working professionals do no think the same
We must agree and accept that the new generations and the current young working professionals do no think the same. Their philosophy, needs, wants and aspirations are different than what it used to be. The way they communicate, move, learn, eat, sport has evolved to another dimension.
Since the system cannot support the demand for knowledge, information and development some innovative online education programs are becoming more and more popular and are helping globally to get exposed to high-quality, career-relevant education that will improve their lives.
Here are some:
Udemy is a global marketplace for learning and teaching online where students are mastering new skills and achieving their goals by learning from an extensive library of over 40,000 courses taught by expert instructors.
Here at YOR, we also strive on helping today’s young ambitious working professionals by addressing the skills gap in an exciting, dynamic way. Through various services we are helping to make candidates more employable, as well as helping them to develop soft skills that will make them more attractive to employers.
We’re also helping the entrepreneurial-minded individuals out there to strike out on their own, founding their own businesses. This, in turn, creates new jobs for others, and helps to close that skills gap even further by bringing through the next generation of fully-fledged business owners.
With a combination of branding services, coaching and inspirational services through our community, YOR is helping address the skills gap in its own way. Here’s a little more about how we can help each different group:
- Students – it’s important for students nowadays to think about how they want to shape their future. The decisions they make during their education can have an impact on their entire career! Our coaching service helps students to understand how they can reach their goals, and our branding service helps them gain entry to exclusive courses or competitive programs that will set them on the path to success.
- Entrepreneurs – we’re all about empowering entrepreneurs. We want to help people realise that they don’t have to follow the conventional idea of the career path – they can forge their own route to success. Our community helps connect like-minded entrepreneurs, and our branding service helps with everything from website design to business cards.
- Employees – despite the skills gap, the jobs market has become more competitive than ever before. Qualifications alone are no longer enough to set candidates apart from the crowd – it’s the personal side of things that employers are more interested in. With our branding and coaching options, we can help the best employees stand head and shoulders above the rest to compete for the top jobs by developing their soft skills.
- Talents – We know that there are hundreds of people out there with an incredible talent, whether it’s design, writing, sport or any other creative skill. But many of these people lack the skills needed to earn their living off the back of their talent. We equip creatives with the skills and resources they need to turn their talent into a business venture, and our inspirational community offers support whenever it’s needed.
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