The skill gap is holding back the workforce: McKinsey

Advertisement

Forty-five percent of U.S. adults open to switching jobs cite a need for upskilling as the top obstacle, according to a May 13 McKinsey article.

The findings are based on surveys with 9,560 U.S. adults conducted between Aug. 5 and 27.

Here are five takeaways:

1. Younger workers show the most interest in switching occupations. Nearly 60% of respondents ages 18-24 expressed willingness to change jobs. More than half of those ages 25-34 said the same, with interest declining in older age groups.

2. Lack of experience and qualifications is the top barrier. Respondents most often cited a lack of relevant work experience, education, credentials or skills as a roadblock to changing occupations. Time constraints and uncertainty about where to look for jobs were also common barriers.

3. Interest in upskilling is high among Generation Z and people of color. Overall, 42% of respondents said they are interested in upskilling. That number jumped to 63% among the youngest cohort and 53% for those ages 25-34. Black respondents expressed the most interest, followed by Hispanic and Asian American/Pacific Islander employees.

4. Time and cost are the top challenges to pursuing upskilling. Among those interested in upskilling, time commitment and cost of education were the most frequently cited hurdles.

5. Licensure and formal education are the most sought-after pathways. The most common upskilling methods included earning licenses or credentials specific to an industry, enrolling in college or university programs, or obtaining certifications.

Advertisement

Next Up in Workforce

Advertisement