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:
- Rapid skill development – Facilitate quick learning to close critical skills gaps
- Alignment of goals – Ensure employees' goals resonate with organizational objectives
- Future-ready design – Maintain visibility of workforce skills to make strategic talent decisions
- 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.
Related Resources
Want to keep learning? Explore our products, customer stories, and the latest industry insights.
Video
The Ultimate Corporate Dream Team
Join Jim Kleijnen and Thorsten Rusch as they launch an exciting campaign leading up to the European Championship. They'll assemble the ultimate corporate team in Cornerstone by mapping key skills and showcasing how AI can enhance them. Think football but with corporate roles like sales managers and HR directors instead of strikers and defenders. Stay tuned for our first player reveal – the goalkeeper – the backbone of any great team. Follow us on LinkedIn and YouTube and join the conversation. Let’s make this championship season one for the history books!
Blog Post
Top HR challenges: Strategies for today and the future
With the skills landscape in a constant state of flux, keeping your workforce agile is now non-negotiable. Gone are the days of traditional development and skills mastery – instead, a complex and changing labour market is rewriting everything we know about the workplace.
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.