As demand grows for new and emergent skills, including UX design, cybersecurity, and data science, workers around the world — and labor markets — are struggling to keep up. According to a recent survey conducted by the World Economic Forum, nearly eight in 10 global CEOs say they’re concerned about the availability of people with the right skills.
So far, organizations have responded by engaging in a war for talent — that is, buying or stealing it, rather than growing it from within. As they compete to fill roles, many have been willing to spend billions on recruiting (or poaching), while reluctant to invest in training their existing workers or unskilled ones, perhaps out of fear their competitors will hire those newly attractive employees away. Spending per employee (around $1,000 per year on average) remains just a fraction of cost-to-hire (which most estimates place around $4,000). However, while overall spending on training by employers increased over the past five...
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