Align Training with Demand

EXECUTIVE SUMMARY

Labor force problems remain severe and unmet labor demands continue to stifle growth expectations. And while we have witnessed a slight reentrance into the workforce; countless others resist, resulting in significantly lower participation rates than a decade ago (U.S. Department of Labor). Companies continue to do more with less but at what cost? They also struggle with skills mismatch, failing to have the right talent in the right positions at the right time. The ever-increasing costs associated with talent require a new approach, one that improves productivity and enables growth. It is appealing to look for short-term solutions to talent related challenges. However, another approach may help organizations and communities reap benefits in both the short-and-long-term. To improve, if not completely resolve the skills mismatch challenge, we need to identify the skills needed by employers and then develop training and professional development programs to upskill talent as needed. The first step in this solution involves a workforce training and development needs assessment. Then, companies, communities, and providers can use a data-informed approach to decision-making that promotes the creation of programs tailored to fluctuating regional, community, and organizational needs.

For Indiana, the time is now. We are positioned for growth and prosperity given the anticipated impact of the Regional Economic Acceleration and Development Initiative (READI) that dedicates $500 million in state appropriations designed to attract talent and promote economic growth. The funding enables progress on a significant scale but requires a new approach to solving the skills mismatch.