Blog Post

Closing the readiness gap - Insights from Lighthouse Research & Advisory

Cornerstone Editors

It's crucial to stay one step ahead of workplace transformations today. Using the 2024 Workforce Readiness Gap Study from Lighthouse Research & Advisory and Cornerstone as a framework, this piece unpacks the complexities of the current business landscape.

The insights from this research provide a vital measure of how well organizations handle the unyielding pace of change. Workforce agility, defined as the ability of an organization and its people to swiftly adapt and capitalize on changes, has shifted from a valuable asset to a critical imperative. This exploration examines how workforce agility can substantially close the readiness gap many organizations face.

The reality of the readiness gap

The study, which surveyed over 1,000 employees and organizations globally, vividly depicts the existing workforce readiness gap. This gap represents the significant disconnect between what organizations currently offer and the swift pace of market and technological changes. The reality is stark:

  • 63% of executives view their workforce as underprepared for change
  • Companies that prioritize developing critical future skills saw a 44% higher likelihood of revenue increases over the past year
  • Properly trained employees are 86% more likely to adapt to change, underscoring the massive impact of effective training

Why workforce agility matters

Workforce agility involves anticipating, responding to and capitalizing on changes to enhance products or services. Excelling in this proficiency is necessary to remain competitive.

Here are a few takeaways from the study:

  • More than 90% of employers with a highly agile workforce offer adequate training compared to about 36% of those without
  • Organizations with visible and actionable plans for skill development see double the productivity gains compared to those without such plans

The call to action

The evidence suggests a pressing need for organizations to embrace agility through strategic learning and development initiatives. Here's how high-performing organizations are closing the gap:

  1. Rapid skill development – Facilitate quick learning to close critical skills gaps
  2. Alignment of goals – Ensure employees' goals resonate with organizational objectives
  3. Future-ready design – Maintain visibility of workforce skills to make strategic talent decisions
  4. Adaptive technology – Use technology that supports and enhances adaptability to change

The path forward

Investing in workforce agility enables organizations to maneuver through rapid changes successfully. It involves cultivating a culture where employees are equipped with essential skills, actively engaged, and aligned with the business's objectives.

As we face an ever-accelerating pace of change, driven significantly by artificial intelligence and other technological advancements, an organization's ability to remain agile will define its success or failure through the upcoming years.

The bottom line is clear: for businesses to survive and thrive, a proactive stance on workforce readiness is critical. Let's embrace these changes with the right strategies and mindsets, ensuring our organizations are as dynamic and adaptable as the world around us.

For more on how to stay agile and stay ahead, download the full report here.

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How to solve the Workforce Readiness Gap?

Video

How to solve the Workforce Readiness Gap?

As society evolves, the demands on our global workforce is simultaneously intensifying, creating what only be summarized as a perfect workforce storm. During a recent LinkedIn Live, our Chief International Officer, Vincent Belliveau, and Christopher Rainey, Co-founder and CEO of HR Leaders explored the fators driving change in the global workforce and the role of leadership in promoting workforce agility.

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