How to Avoid Skills Gaps in 3.9% Unemployment

skills gaps low unemployment
Do you hear that sound? It's the sound of unemployment dropping to 3.9%.

It's a level not seen since the year 2000. And it's putting employers in the hot seat.

It doesn't have to be bad news. True, the drop signals a talent (and more pointedly a skills) shortage. But for those willing to get creative, it's also an opportunity.

The Formula for Filling Skills Gaps

The simple fact is employers have skills gaps, and employees want skills. Bring those two elements together and you've got a formula for making everybody happy. But you have to do it in a calculated way. It's not enough to merely hand employees tuition assistance. Without guidance, your education program isn't going to deliver on its value.

They key is to identify the skills you need and give employees the incentive (by way of a clear job) to shoot for. In other words, you remedy your skills gap by better connecting employees with education that directly supports your organization's growth.

Creating the Right Pathways

We call these plans Education Pathways and they're helping organizations identify distinct groups of employees, and guide them toward learning that addresses specific needs identified in the organization. The end result is employees who progress toward their chosen career objectives, and organizations that fill skills gaps more quickly and generate better business outcomes. The extra added bonus is the loyalty generated by helping people build careers. In the current talent market, that's no small thing.

Everybody needs new capabilities to compete. Your employees see development as essential to their careers.

Plan it right, and you can address three birds - skills gaps, engagement, and employee retention - with one tuition program.
Bright Horizons
About the Author
Bright Horizons
Bright Horizons
In 1986, our founders saw that child care was an enormous obstacle for working parents. On-site centers became one way we responded to help employees – and organizations -- work better. Today we offer child care, elder care, and help for education and careers -- tools used by more than 1,000 of the world’s top employers and that power many of the world's best brands
skills gaps low unemployment

Subscribe to the On the Horizon Newsletter