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Firms Investing In Employees

Employers are investing in employee training and development, according to a recent study by the U.S. Chamber of Commerce Foundation and the Society for Human Resource Management.

“Even in a time of significant economic and labor market volatility, employers have maintained their investment in and commitment to their workers – with many eager to increase it,” says Jason A. Tyszko, vice president of the Chamber Foundation Center for Education and Workforce.

Most employers will either maintain or increase investment in skills training and talent development. The survey found that 20% said they plan to increase their investment in skill-based training in 2021, reflecting a growing awareness among employers of the advantages gained by cross-training, upskilling and reskilling.

Most employers are open to innovation across all types of training investment, but they admitted that obstacles prevent action. Employers noted the major barriers to innovation are money and staff time, while others need guidance on what works best.

In addition, 40% of employers indicated that a lack of time and budget is preventing them from adopting innovative changes to their skill-based training offerings.

Many employers see government playing a role in providing financing assistance for talent investment. Eighty percent of employers told the researchers that government grants, loans or tax incentives would encourage them to further invest or innovate in their skill-based training and development.

Employers also see the need for greater public-private leadership in this space.

Seventy-two percent of human resources professionals say both the public and private sectors have a role to play in facilitating employer collaboration in areas such as: skill-based training and development, paid work-based learning (for example, internships and apprenticeships), and talent recruitment.

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