ON OUR RADAR
Workforce Development Investment Increases in 2024
As speculation swirls around the Fed’s next move, our January poll of finance decision-makers reveals that a lower interest rate environment would bolster their investment in workforce development. More than 80% of U.S. businesses are currently planning to increase overall investment in workforce development in 2024.
These results coincide with a gobsmacking January jobs report featuring a double dose of surprise gains: the U.S. economy added an impressive 353,000 jobs in January – nearly double expectations – and December’s job gains were revised upward by 117,000.
“There’s a lot of work out there, but the lingering labor market imbalance is causing employers to embrace new ways of finding the skills they need, and our latest research validates this shift,” said RGP CEO Kate Duchene. “Our research shows that nearly one in five businesses are planning to increase investment in outside talent this year, which is only slightly behind the level of investment that organizations plan to make in internal headcount. Meanwhile, one in three businesses are planning to increase investment in reskilling and upskilling current employees.”
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