Speed of innovation, increasing regulations, and the pace of digitalization all remain as top risks facing organizations. But what is the latest and greatest emerging risk to enter the board room that is here to stay? Staff shortages.
That’s right – you read this correctly. The top emerging risk facing organizations isn’t responding to cybersecurity threats, or addressing GDPR – it’s the talent gap.
The Talent Gap Is the New Top Risk
According to Gartner, Inc.’s latest Emerging Risks Survey, global talent shortages now top the charts as the greatest emerging risk facing organizations today after surveying 137 senior executives in the fourth quarter of 2018.
Many leaders find themselves at a crossroad where they need to shift away from traditional external hiring strategies, and consider internal training efforts to mitigate supply and demand issues.
Apprenticeship Programs Offer a Risk Mitigation Strategy
In Gartner’s press release about the survey, Matt Shinkman, Managing Vice President and Risk Practice Leader, stated that “a common denominator here is that addressing these top business challenges involves hiring new talent that is in incredibly short supply.”
But, what if you had the ability to train and retain your own ideal workforce?
Apprenticeship programs offer an alternative solution to the growing talent crisis. Apprentices can create a high-value alternative for employers to:
- Attract the best employees
- Reduce turnover
- Decrease training costs
- Increase productivity
- Ensure availability of skilled professionals
- Improve community and employee relations
Partnering to Reduce Risk and Build Your Talent Pipeline
The talent gap is a national crisis that threatens America’s competitive edge. Franklin Apprenticeships is a consulting firm that partners with businesses and economic and workforce development agencies to offer custom learning programs that solve workforce supply issues.
Founded by professionals in the U.S. and U.K., the Franklin Apprenticeships team is passionate about applying the timeless practice of apprenticeships to create new training and retention solutions for employers.
For instance, Franklin Apprenticeships is currently working with the State of Missouri, the State of Maryland, and the Commonwealth of Pennsylvania on new apprenticeship programs to close the IT talent gap for employers – Missouri Digital and Franklin Digital. Missouri has also released AutoMOtive!, a program focused on developing Automotive Service Technician talent.
With each program, the States offer tax benefits or subsidies to lighten the costs of training and services so employers can focus on growth without the worry of recruitment, training, and program development costs – a win-win situation for all involved.