Why Workforce Training Is Next Hot Business Incentive

As state and local governments look for ways to attract businesses, they might be surprised to learn that workforce training is eclipsing tax breaks in popularity as an economic development incentive.

The reason for workforce training’s sudden rise in popularity is a combination of necessity and opportunity.

 

Necessity

Workforce training has become ever more critical as businesses strive to hire and retain skilled workers. Consider that:

There are a near-record high number of open jobs – According to the most recent data from the U.S. Labor Department, there are 5.7 million job openings in America.

Companies are struggling to fill jobs – For years, companies have lamented that they cannot find skilled workers to fill open jobs. In fact, more than 50% of Business Roundtable’s CEO members report that talent gaps are “already problematic or very problematic” for their companies and industries.

1 in 3 U.S. workers want more training – 87 percent of Millennials, which comprise one third of the entire U.S. workforce, rate “professional or career growth and development opportunities” as important to them in a job.

Opportunity

Not only are training and development more critical than ever before, they’re also more capable of impacting the culture and productivity of an organization because it’s more effective than ever before.

Today’s most advanced learning technologies deliver highly personalized learning that’s engaging, motivating and delivers significant improvements in learner outcomes.

By way of example, our personalized learning platform leverages A.I., cognitive science and gaming principles to deliver interactive courses that capture and keep learner interest in a variety of ways. As a result, learners demonstrate improved learning outcomes like, 20-55 percent reduction in training times, improved learner confidence and 38 percent improvement in knowledge levels.

Not only are learners more capable and productive, they’re also more satisfied. Today’s advanced learning solutions engender an attitude shift in the culture of organizations. Instead of bored employees, who are forced to sit through “another training session,” they become active, confident learners who find value in the training and want more opportunities for quality professional development. Companies that foster a culture of learning through advanced training technologies are better able to retain top talent and build more fulfilled workforces.

The need for more skilled labor and professional development, coupled with the potential for culturally transformative training, makes workforce-training incentives particularly appealing. As necessity and opportunity continue to intersect, we expect to see even greater investment and emphasis placed on workforce training solutions.

For more information about how Fulcrum Labs works to deliver on the opportunity that workforce training has to enact measurable change within an organization.