New Skillsoft Research: AI and Leadership Skills Crucial to Elevating Employee Confidence and Performance

Rhea-AI Summary

Skillsoft's recent research reveals significant skills gaps and confidence issues among employees. Key findings include:

- 35% of respondents lack confidence in their skills for job success
- 41% worry about job security due to skill gaps
- Leadership and AI/machine learning skills are the biggest gaps
- Only 25% find their organization's talent development programs highly effective
- 95% of organizations have talent development programs, but face obstacles like lack of time, formats, and leadership support

Employees seek blended learning approaches, including online courses, interactive experiences, and live training. The research highlights the need for organizations to adopt holistic, interactive learning solutions to address skills gaps, especially in AI and leadership.

Positive

• 95% of surveyed organizations have talent development programs in place
• 82% of organizations are taking steps to transition to a skills-based model
• Skillsoft offers interactive coaching experiences like CAISY™ for leadership skill development

Negative

• 35% of respondents lack confidence in their job skills
• 41% of employees are concerned about job security due to skill gaps
• Only 25% of employees find their organization's talent development programs highly effective
• 62% of respondents rate their organization's AI training program as average to poor
• Only 28% believe their organization's leadership skills training is excellent

Insights

Market Research Analyst

This research highlights a significant skills gap in the workforce, particularly in leadership and AI/machine learning. With 35% of employees lacking confidence in their skills and 41% concerned about job security, there's a clear market opportunity for companies offering effective upskilling solutions. The 95% prevalence of talent development programs, yet only 25% effectiveness rate, indicates a substantial untapped market for improved learning solutions. The demand for blended learning approaches, including online courses (39%), interactive experiences (37%) and live training (37%), suggests a shift in the e-learning industry. For Skillsoft, this research could potentially boost demand for their services, especially their CAISY™ tool for leadership development. However, the overall impact on their stock may be as the research primarily serves as a marketing tool rather than a direct financial catalyst.

Tech Expert

The research underscores a critical gap in AI and machine learning skills, with 43% of respondents acknowledging this as their greatest skill deficit. This presents a significant opportunity for tech companies specializing in AI training and education. The fact that 62% of respondents rate their organization's AI training program as average to poor indicates a substantial market need for improved AI education solutions. The transition to a skills-based model, with 82% of organizations taking steps in this direction, suggests a growing demand for advanced HR tech solutions that can facilitate skill assessments and create personalized learning paths. Companies offering AI-powered learning platforms or skill assessment tools could see increased interest. However, the research doesn't provide specific financial implications for Skillsoft or its competitors, making it difficult to predict direct stock market impacts.

Human Resources Consultant

This research reveals a critical misalignment between employee needs and current talent development strategies. The low effectiveness rating of existing programs (25%) signals an urgent need for HR departments to revamp their approach. The identified barriers - lack of time (42%), unsuitable formats (30%) and insufficient leadership support (26%) - provide clear areas for improvement. The preference for blended learning approaches suggests a shift towards more flexible, personalized development solutions. The move towards a skills-based model (82% of organizations) indicates a broader transformation in talent management practices. However, with only 19% of employees receiving regular skill assessments, there's still a long way to go. This presents opportunities for HR tech companies and consultancies to assist in this transition. While the research doesn't directly impact Skillsoft's financials, it positions them as thought leaders and could indirectly boost their market presence.

• Employees acknowledge AI/machine learning and leadership as their biggest skills gaps
• Just 25% of employees rate their organization’s talent development programs as highly effective
• Employees seek more dedicated time, new formats, and increased leadership support to meet upskilling needs

BOSTON--(BUSINESS WIRE)-- Skillsoft (NYSE: SKIL), a leading platform for transformative learning experiences, today released new research exploring the current state of workplace skills and talent development programs. Based on a survey of 2,500 full-time employees in the United States, United Kingdom, Germany, and India, the findings reveal that 35% of respondents lack confidence that they have the skills required to succeed in their roles. Additionally, 41% expressed concerns about job security due to gaps in their skills.

Surveyed employees rated leadership skills as the most critical for success in today’s workplace, followed by soft skills (e.g. communication, emotional intelligence), technology skills, and AI/machine learning skills. Respondents also acknowledged that their manager views leadership skills as the most important competency for team members to have, but nearly a third (31%) said this is their greatest skill gap. Over two-in-five (43%) said the same about their AI/machine learning skills.

"This data highlights a significant issue: one-third of the workforce is questioning if they have the right skills to excel in their roles," said Ciara Harrington, Chief People Officer, Skillsoft. "These skill gaps hold workers back from reaching their full potential and can hinder organizations in achieving their key business objectives. As workers face an increasingly complex set of responsibilities, ongoing change in the workplace, and disruption spurred by generative AI, it’s critical for organizations to proactively build their talent’s skills. A skilled, agile workforce is inherently more confident, capable, and productive."

95% of surveyed employees said their organization has a talent development program in place, but only 25% find it to be highly effective, with a lack of time (42%), learning formats (30%), and leadership support (26%) as their main obstacles. To better achieve their skill-building goals, respondents are seeking a blended learning program comprising online, on-demand courses (39%), interactive and experiential opportunities (37%), and live, instructor-led training (37%) in particular.

"Effective learning programs take a blended, multimodal approach that goes beyond building skills and drives measurable improvements in job performance and behavioral change on a continuous basis," continued Harrington. "By offering timely, high-quality learning content and interactive experiences that allow for hands-on practice of newly acquired skills, organizations can prepare their talent to leverage emerging technologies like GenAI, adapt swiftly to emerging regulations, and develop essential leadership skills.”

In-demand skills require a transformative approach to talent development.

Nearly 75% of respondents believe there are gaps in the effectiveness of their organization's talent development programs. To address these shortcomings, organizations are encouraged to adopt holistic and interactive learning solutions to empower talent and build crucial skills.

• Despite the proliferation of GenAI tools, 62% of respondents said their organization’s AI training program is average to poor.
• Only 28% of respondents believe the leadership skills training provided by their organization is “excellent.” Just a third (31%) said the same about soft skills training.
• Respondents cited group training (33%), mentoring (32%), and coaching (30%) as key components of a strong learning program. Tools like Skillsoft CAISY™ offer interactive coaching experiences that support in transforming leadership skill development.

Organizations are in the early stages of transitioning to a skills-based model.

In an era where adaptability is key, a skills-based talent development program where competencies are directly linked to business objectives can enhance workforce agility, employee performance, and the bottom line.

• 82% of respondents said their organization is taking steps to transition to a skills-based model.
• The most common actions being taken are providing skill- and role-based learning paths (28%), performing skill gap analyses (16%), and implementing skills taxonomies (16%).
• Many organizations are still in the early stages of this initiative, as only 19% of respondents say they receive regular skill assessments – a critical component of skills-based strategies.

To learn more about the findings from Skillsoft’s research, visit here.

Research Methodology:

Skillsoft’s research survey was conducted online in July 2024 through the Pollfish platform. The survey yielded 2,500 complete responses from full-time workers across various industries and roles in the United States, United Kingdom, Germany, and India.

About Skillsoft

Skillsoft (NYSE: SKIL) delivers transformative learning experiences that propel organizations and people to grow together. The Company partners with enterprise organizations and serves a global community of learners to prepare today’s employees for tomorrow’s economy. With Skillsoft, customers gain access to blended, multimodal learning experiences that do more than build skills, they grow a more capable, adaptive, and engaged workforce. Through a portfolio of best-in-class content, a platform that is personalized and connected to customer needs, world-class tech and a broad ecosystem of partners, Skillsoft drives continuous growth and performance for employees and their organizations by overcoming critical skill gaps and unlocking human potential.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240919583440/en/

Investors

Shaina Keegan

shaina.keegan@skillsoft.com

Media

Cameron Martin

cameron.martin@skillsoft.com

Source: Skillsoft

FAQ

What are the biggest skill gaps identified in Skillsoft's research?

According to the research, the biggest skill gaps identified are leadership skills (31% of respondents) and AI/machine learning skills (43% of respondents).

How many employees are confident in their skills according to Skillsoft's study?

The study shows that 65% of employees are confident in their skills, as 35% of respondents reported lacking confidence in having the skills required to succeed in their roles.

What percentage of organizations have talent development programs according to Skillsoft's research?

The research indicates that 95% of surveyed organizations have talent development programs in place.

What are the main obstacles to effective talent development programs according to Skillsoft's study?

The main obstacles identified are lack of time (42%), learning formats (30%), and leadership support (26%).

What learning approaches do employees prefer according to Skillsoft's research?

Employees prefer a blended learning approach, including online, on-demand courses (39%), interactive and experiential opportunities (37%), and live, instructor-led training (37%).