WHY THIS MATTERS?
Are you prepared or doing all you can to prepare to protect the investment in your career?
- The TRU rate of unemployment, or those deemed functionally unemployed, currently stands at 24.9% overall and higher for certain demographic groups. Much higher than the 4.4% unemployment reported by the government and the headlines. Source: LISEP
- More than a quarter of those unemployed have been so for over 27 weeks. Source: LinkedIn
- “Statistically there are 200 applicants for every opening. For some senior level roles, that number may be higher. There is just a shortage of great jobs for any one individual.” Source: Daniel Chait, CEO, Greenhouse
- Open roles have declined 40% in the past three years. The average time to find a role is half a year. 20% of job seekers have taken a year or longer to find a job. Source: Korn Ferry
- Professional training and certificate programs are expected to be a $3 billion industry serving 11 million people by 2030. Source: Korn Ferry
Career resiliency was first popularized in the 1990’s. Having realized that firms will often rise and fall, workers know they need to be ready to shift to another company and assume a similar, but different set of responsibilities. But career resiliency today means something far more disruptive than it used to. It is now the rerouting of one’s entire career to adapt to external changes and, more than likely, also the leveraging of core talents over time in very different ways. It creates short-term challenges, but has tremendous long-term potential to increase ingenuity.
Today’s fast-paced world of information, innovation, and connectivity means we must learn, un-learn, and re-learn constantly over the course of our life to stay relevant with our skills and improve our marketability.
For many though, social order structures as we knew and could depend on are disappearing. Career ladders we used to climb are now replaced with jungle gyms where people routinely fall and struggle to get back on. Increasing levels of structural long-term unemployment and underemployment affecting educated career professionals facing career transition is alarming.
We elevate these conversations with policymakers and the media, who often lack a grasp or fail to look beyond the headlines. We provide a voice for those who often don’t speak up about their belonging in an economy due to pride, internalized failure, and isolation.
According to Gallup, there was a 21% decline in employee engagement in 2024 costing the economy $438 billion in lost productivity. Only 40% of workers in the U.S. hold positions that meet their basic financial needs, where they feel safe and respected, can grow their skills, have a voice in decisions that affect them, and exercise some control over their time and work. We can do better!
SOLUTIONS
There’s no shortage of research showing that career development is a top priority for both firms and employees. Workers who receive and participate in education or training provided by their employer are 20% more satisfied that those that don’t and productivity, recruitment, and retention is often the residue of that. A large part of that reason is that the attention and development toward one’s career and making workers feel professionally needed, wanted, valued, supported, and relevant is deeply rooted in neuropsychology.
At Avison Strategies we work with your company or organization to implement the right employee benefit plans that provide guidance and greater resources for the career resilience, education, and training that is in demand by your employees. We understand cost can be a factor, that is why we understand the many federal and state tax incentives and programs available to offset these costs, including programs available through IRS Section 127, 529 education savings accounts, WIOA, and the WOTC. We also show you how this investment can lower your human capital cost and increase productivity.