UPSKILLING & RESKILLING
Companies in Greater Grand Rapids recognize these trends and prioritize training. This year, businesses appear to be pulling back from increasing training budgets in favor of maintaining stable training budgets.
New technology is changing workers’ skillsets, how they learn, and how frequently they retrain. 5 YEARS 9% 44% average time before skills start to become outdated of executives believe they are making progress balancing employee capabilities with innovation workers’ core skills that experts predict will change in the next five years A New Technological Landscape
Investment In Training
50%
2021 to 2022
2022 to 2023
2023 to 2024
45%
40%
35%
30%
25%
20%
15%
Sources: Harvard Business Review, “Reskilling in the Age of AI,” Deloitte, “2024 Global Human Capital Trends,” and World Economic Forum, “Future of Jobs Report 2023”
10%
5%
0%
Decreasing
Increasing
None
Stable
Source: The Right Place
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