The skills situation has gone from serious to critical.
Businesses are struggling to meet increasing demand for digital and data skills, and with emerging technologies like Artificial Intelligence (AI) opening up limitless growth opportunities, the pressure to keep up has reached its peak.
But how can leaders create opportunities for workers at all stages to upskill and reskill? By combining real-world training with durable and industry-relevant technical skills, apprenticeships can help close the gap between the skills businesses need and those taught in the classroom - propelling careers forward in the process.
In our new report, we reveal the trends driving the business case for apprenticeships in 2024, based on our original research with hundreds of leaders across the globe. Download the report for full access, or read on for key insights.
Rethinking the way we train our workforce
In all our research, one message is clear: we need a new approach to deliver the skills most needed in future.
Multiverse data shows that the majority of business leaders are concerned about traditional education’s ability to deliver the digital, data, and tech skills in top demand. And with almost 50% of workers saying they’ve received no training in the last five years, the existing workforce isn’t being upskilled to fill the gaps.
That’s where apprenticeships can offer a solution – 70% of business leaders believe on-the-job learning is the best way to develop in-demand skills.
Building tomorrow’s skills, today
According to our research, over two-thirds of business leaders believe their business will need different workforce skills to remain competitive by 2030. They also believe AI will improve productivity and customer experience, and create more informed business strategies.
But a lack of AI skills in the workforce is already being felt. Leaders named AI as their most significant skills gap today, with employees lacking the training and knowledge needed to effectively harness new tools in the flow of work.
To leverage AI now and in the future, businesses can’t afford to leave knowledge in the hands of a few specialists. New methods for building emerging skills at scale are required. And the sooner, the better.
Over 70% of business leaders say they are investing in upskilling and reskilling as part of their future strategy, and 83% say they are moving quickly to implement AI skills training.
By tailoring learning directly to today’s business needs, apprenticeships offer a scalable way to upskill and reskill employees in emerging digital, tech and data skills.
Skills gaps create a clear impact on the bottom line
Our research shows 8.5% of annual revenue is lost as a result of digital and data skill gaps. But just as a lack of skills can hold a business back, new capabilities can propel it forward.
Upskilling and reskilling apprenticeships can help leaders close critical skills gaps while empowering employees in every function to improve speed and efficiency, leading to increased capacity and reduced time per task.
In our report, we reveal how Multiverse apprentices have used their skills to drive business impact worth millions, by identifying revenue generating and cost saving opportunities.
People of all ages need new skills and opportunities
When it comes to career progression opportunities, too many workers are being held back by a lack of skills.
Our research, conducted in partnership with the Burning Glass Institute, shows that in America, three quarters of the workforce (76.2%) are underemployed, facing blockers to upward career advancement, or otherwise in need of reskilling or upskilling opportunities.
By breaking the expensive barrier between education and employment, apprenticeships can help all individuals to gain new skills and access life-changing growth trajectories – whether they’re aiming to restart their career, change direction in their current company, or even enter the workforce for the first time. That’s why Multiverse apprenticeships are open to employees of all ages.
Transforming skills at scale through apprenticeships
In the future of work, businesses can’t rely on one shot of learning at the start of a career.
Apprenticeships can help leaders ensure that employees have the skills required to thrive as technology develops, build new talent pipelines from a broader range of backgrounds, and boost career longevity for their employees – all while contributing toward a more resilient economy.
Reach out to our team to learn more, or download our full report to explore our findings.
