Report: Technical Training Failures Will Affect Consumer Goods & Services

GRAPEVINE, TX, April 10, 2024 – Workforce participation stands at 62.5 percent according to the U.S. Bureau of Labor Statistics, a mere 2.5 percent gain since the height of the pandemic. That translates to about 1.7 open jobs for every person seeking employment. A new report “Technical Training in 2024” delves into the challenges facing the manufacturing and field services sectors regarding talent acquisition, training efficiency, and employee retention. In summary: consumers can expect a decline in both the quality and availability of good and services if worker training does not improve.

Wakefield Research surveyed 250 executives with significant manufacturing or field operations teams. The report highlights these key findings:

• Shortage of skilled labor: Executives anticipate losing an average of 7% of their workforce to retirement and turnover over the next two years.
• Concerns over training efficiency: An overwhelming 89% of executives worry their current training programs are ineffective in adequately preparing new hires. Those closer to the issue suggest the situation is even more dire: 95% of managers say training is less effective than their organization needs.
• Consequences to consumers: If training does not improve, executives predict an 11% drop in productivity within two years as well as a decline in both the quality and availability of goods and services.
• Repercussions to workers: Executives expect an increase in workplace injuries, employee turnover, layoffs, and even location closures if training remains inadequate.

“Industries are scrambling to fill the void,” says BILT Chairman & CEO Nate Henderson. “As companies grapple with talent shortages and inefficient training, they’re looking for innovative solutions to bridge the skills gap.”

Research indicates 70 percent of Gen Z employees say they would leave their job for better technology. Even older millennials and Gen X workers equate better technology with improved morale and work-life balance.

The Wakefield report, funded by BILT, underlines the urgency of addressing the evolving landscape of workforce training. To help industries adapt to changing technologies and skill requirements, BILT released a new spatial app for Apple Vision Pro designed to enable the next generation of technical workers. This extended reality offering brings the 3D instruction animations on the BILT mobile app into real space for heightened clarity and efficiency.