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Is Skilled-Based Education the Trend for 2024?

Is Skills-Based Education the Trend for 2024?

Jan. 25, 2024
A new study, from Udemy, shows companies are embracing a skills-first approach in talent management.

The topic of much discussion over the past few years, skills-based learning, is becoming more desirable. Both the academic world and the business world have voiced their opinions on this topic.

On the academic side a recent report from the Council for Adult and Experiential Learning, which is a network of colleges and university, found that 86% of the respondents said there is a need for academic programs to build specific skills. However, only 22% said their institutions had implemented a campuswide competency-based framework.

On the business side skills are moving up on the criterion for hiring as well. In 2022, a study from the Society for Human Resource Management (SHRM) found that 79% of companies say scores on skills assessments are just as or more important than traditional criteria in hiring decisions.

And an analysis from Deloitte showed that nine of 10 executives are focused on implementing a skills-based approach to define work and talent, career management.

So how are companies addressing these issues? A report, 2024 Global Learning & Skills Trends Report, from Udemy, an online skills marketplace and education platform, looked at how 15,000 business customers are investing in this training. 

“Leaders today are looking to drive business results in a fast-changing world by taking a skills-first approach,” said Stephanie Stapleton Sudbury, president of Udemy Business, in a statement.

“Our data shows that organizations are making significant investments to upskill their employees on generative AI capabilities to help boost their productivity, enhance their technical skills and develop stronger leaders, as they continue to navigate the transformational shift toward a skills-based organization that embraces the power of artificial intelligence.”

The emphasis on AI is well placed given the fact that predictions are that AI could help automate up to 30% of current work hours by 2030.

In addition to AI, the skills required for any given job are increasing by 10% annually  with many of the competencies deemed critical for job performance just three years ago becoming irrelevant, the group noted.

In addition to skills in technology, soft skills are in demand as well. Udemy has found increased demand for leadership development topics, including communication, management fundamentals, emotional intelligence and digital transformation. Coaching, in particular, saw a 177% year-over-year surge among managers and leadership teams.

It will be interesting to see how this trend in talent management will advance this year. 

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