Deloitte and MIT Sloan Management Review Global Study Reveals Only 34% of Surveyed Workers are Satisfied With the Level of Skills Development Investment Received From Their Organization has been saved
Deloitte and MIT Sloan Management Review Global Study Reveals Only 34% of Surveyed Workers are Satisfied With the Level of Skills Development Investment Received From Their Organization
New research shows “Opportunity Marketplaces” offer a solution to the gap
NEW YORK, June 8, 2020 — Less than half of global workers surveyed believe their employers are making significant investments in their professional development—and only a third are happy with those investments, according to the just-released Deloitte and MIT Sloan Management Review (MIT SMR) 2020 Future of the Workforce report, “Opportunity Marketplaces: Aligning Workforce Investment and Value Creation in the Digital Enterprise.” In contrast, nearly 75% of those surveyed agreed that effective skills development is essential to sustainable enterprise success.
At a time when the workplace and traditional structures are being redefined and reimagined, the report’s findings reinforce that leaders should rethink how they value and invest in their workforces. Targeted investment in opportunities is fast becoming the central organizing principle for growing workers’ value in more organizations. Leading organizations worldwide increasingly use digital platforms and analytics to create internal markets for opportunity. These systems and/or platforms provide opportunities that can enable workers to contribute meaningfully to the value of their organizations while developing skills and capabilities for themselves.
This global survey included insights from nearly 3,900 business executives, managers, and analysts, across 29 industries, plus 18 executive interviews. It is the first in a series of reports that examine how the relationship between organizations and the workforce can align to create value in the digital enterprise by leveraging “opportunity marketplaces.” An effective opportunity marketplace offers workers a range of options for professional development, new roles, and project participation, which can yield higher retention levels and create a happier and more empowered workforce.
“This survey began before the COVID-19 crisis hit,” said Michael Schrage, MIT SMR guest editor and coauthor of the report. “We’re astonished and intrigued by how the essential value proposition of opportunity marketplaces becomes even more important in a post-pandemic world. Organizations may not be able to give substantial raises or bonuses in this environment, but they can—and should—provision better and more meaningful opportunities for their workers.”
Jeff Schwartz, principal, Deloitte Consulting LLP, U.S. future of work leader and co-author of the report, added, “Now more than ever, it is crucial for leaders to view their workforce in a holistic manner and provide opportunities that facilitate workers taking on new projects, roles, and experiences that enable the development of the skills and capabilities that will benefit both themselves and their organizations.”
Worker satisfaction with skills investment also is reflected in how they view the organization’s overall performance: 86% of those satisfied with investment levels say their organization is high performing and competitive, compared to just 53% of those who are not satisfied. Leading enterprises take deliberate steps to invest in and transform their workforces in ways that are mutually beneficial. Deloitte and MIT SMR found that organizations whose workers are satisfied with their perceived investment focus on not only retraining and upskilling for the future of work, but also on providing opportunities for professional development and achievement.
Visit MIT SMR to download and read the full report. To further understand the study findings by industry and geography, explore the report’s “interactive data tool.” Get additional study insights from Deloitte Insights’ Opportunity marketplaces: Aligning workforce investment and value creation in the enterprise.
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About MIT Sloan Management Review (MIT SMR)
At MIT Sloan Management Review (MIT SMR) we share with our readers an excitement and curiosity about how the practice of management is transforming in the digital age. Our expert contributors help leaders explore the trends that are shaping how organizations operate, compete, and create value in a technology-fueled world. We deliver the kind of evidence-based analysis and practical insight that will inspire readers to do great work.