The Greater Costs of Not Investing in Workforce Development

 

The way we work is going through a fundamental transformation accelerated by the pandemic. Many had to work remotely or change careers, and it caused millions of jobs to disappear altogether.

To keep the workforce afloat, employers and governmental institutions are adjusting to the learning curve. To prepare the future workforce, efforts need to be made to improve access to education and training needs for each specific skill sets.

On this MarketScale Industry Update, host Stephanie Otey tackles how those efforts are coming together.

This past month, Maine Speaker of the House Ryan Fecteau introduced a $20 million bill to increase access to education, upgrade training equipment and optimize workforce development. It aims to help state career and technical education centers update their equipment and expand programs. Just as jobs are in high demand, having the right skillset has been scarce.

“There’s a lot of work out there, but there are not enough folks in the trades to do the work,” Fecteau said. The opportunity is there for younger generations as business owners prepare for retirement and look to pass the torch.

While entering the workforce is a beast of its own, staying in is just as much of a priority. Businesses cannot advance without a capable workforce and financial stability begins with employee training. A recent study by Deloitte found that “only 34% of workers are happy with their organization’s investment in their development, only 32% are rewarded for developing new skills, and close to 50% would leave their company if offered a severance package.”

These numbers show the value of investing human capital, which also means investing in the right technology to improve training employee experience and development.

Follow us on social media for the latest updates in B2B!

Twitter – @MarketScale
Facebook – facebook.com/marketscale
LinkedIn – linkedin.com/company/marketscale

Follow us on social media for the latest updates in B2B!

Image

Latest

intelligent audio systems
Redefining Security: The Critical Role of Voice in Intelligent Audio Systems
April 1, 2025

In the world of security technology, vision has long taken precedence—cameras, analytics, and access control have dominated the conversation. But what if we’ve been underestimating our oldest, most human sense of communication: voice? The rise of intelligent audio in security systems marks a turning point in how we protect spaces and people, shifting from passive…

Read More
How PSA is Empowering Integrators to Navigate AI, Mobile Credentials, and Modern Business Challenges?
April 1, 2025

As the security integration industry contends with rapid technological advancement and increasing business complexity, many integrators are looking for the tools, training, and guidance to keep pace. At the center of this evolution is AI—transforming not just the products integrators deploy but also the way they operate their businesses. Meanwhile, the shift to mobile credentials…

Read More
biometric face authentication
Biometric Face Authentication Moves from High-Security to High-Convenience
April 1, 2025

Facial recognition technology has long hovered on the fringe of mainstream adoption, promising futuristic solutions but often shackled by high costs, limited applications, and public skepticism. In 2024, however, a pivotal shift is underway. Thanks to advances in edge devices, reduced price points, and changing attitudes toward digital identity, biometric face authentication is now…

Read More
SIA RISE
SIA RISE is Shaping the Industry Through Community and Intentional Growth
April 1, 2025

The security industry is experiencing a quiet revolution—one led not by technology alone, but by a new wave of passionate young professionals. As legacy systems give way to modern, cloud-based platforms and mobile-first solutions, the need for fresh perspectives, diverse skill sets, and energized leadership is more pressing than ever. One organization at the forefront…

Read More