Tools to Help Businesses Address and Manage Growing Global Skills Gap
- EY Skills Foundry helps workers and businesses adapt and transform by identifying and addressing future skills requirements
- The platform maps the exact size and shape of organizations’ skills gaps and delivers customized, targeted training content covering technology, business and leadership
- World Economic Forum figures show 50% of employees will need new skills by 2025; potential $11.5 trillion GDP loss by 2028 if the skills gap is not closed
The EY organization has announced the launch of a new initiative designed to help businesses around the world address the rapidly growing global skills gap, by continuously equipping their workforces with vital new skills.
EY Skills Foundry brings together all the tools necessary for businesses to manage their skills requirements, on one platform. It is designed to help organizations improve their learning provision to employees at a time when many are increasing these opportunities but struggle to demonstrate significant impact.
The platform uses the latest artificial intelligence and machine learning technology to map the exact size and shape of an organization’s skills gap. Its benchmarking and assessment engine enables businesses to compare their current skills supply against a global, cross-sector, skills benchmark; and to create a data-driven business case for learning. With this, organizations and employees can track and measure their progress, accelerating talent development and career progression.
EY Skills Foundry provides businesses with guided learning programs covering technology, business, and leadership. These programs have been informed by the latest science on how individuals learn and were designed in collaboration with clients across a range of industry sectors. The content has been curated from a wide range of leading global learning professionals, and people using it can either follow structured paths leading to set qualifications or explore more personalized content at their own pace.
EY Skills Foundry draws on lessons from the launch of a previous EY learning program: a range of certificates and qualifications including the EY Tech MBA, which has resulted in significant improvements in retention and performance for the EY organization.
The launch of this new initiative comes at a time of unprecedented change in the global labor market. World Economic Forum’s Future of Jobs Report, 2025 estimate that up to 40% of the core skills needed for specific jobs are expected to change by 2025; and 50% of employees are expected to need to learn new skills. The research also shows that US$11.5t global GDP could be lost by 2028 if organizations do not take action to close their skills gaps.
Michael Bertolino, EY Global Skills Foundry Leader, says: “We live in a world where disruption is now the norm and where new jobs with new skills requirements are quickly replacing traditional roles. As the pace of disruption accelerates, the half-life of skills gets shorter. There is a gulf between the skills that workers have today and those they need for tomorrow; and this leaves business with a stark but simple choice – either adapt fast or become obsolete.”
Kamran Malik, EY Skills Foundry Chief Commercial Officer, added, “Today’s transformational age impacts the skills and capabilities people need to succeed. Organizations that understand this will have a competitive advantage from their people in the future.”
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