6 Min Read | Updated: January 29, 2024
Originally Published: October 28, 2020
Retraining Yourself for the Future of Work
The skills gap between the past and future of work is growing wider, but online courses can help retrain and upskill job seekers.
At-A-Glance
Digital skills continue to be in more demand, and pay better, than traditional manual jobs.
Online courses can help job seekers add skills or train for new occupations.
Research shows there is a real, and growing, skills gap in the global workforce. A study of U.S. manufacturing, for example, found that as many as 2.1 million jobs would remain unfilled by 2030 due to a shortage of qualified workers – and that inability to hire would lead to an estimated $1 trillion in impact to the economy.1 But if you’re caught in that gap, take heart: There’s also a growing number of educational institutions and businesses offering to train or retrain you for the future of work.
What Is the Skills Gap?
Experts say the skills gap is being created by disruptive technologies like artificial intelligence and automation that have redefined the workplace, eliminating some jobs and creating others that require new skill sets.2 Even slow-to-change sectors of the economy are being transformed, leaving employers often struggling to find workers trained for the new reality of digital technologies.
Management experts like Joseph B. Fuller, a professor at the Harvard Business School, have urged business leaders to offer more skills development on their own.3 To the same end, the U.S. Chamber of Commerce has launched its Talent Pipeline Management, which promises to help employers with curriculum tailored to immediate workplace needs.4
Meanwhile, savvy job seekers seem to be aware of this skills gap – and the need to stay current: Registration for online courses is growing. A recent projection shows that up to 57 million people will be using online learning by 2027.5
Preparing for the Future of Work Can Increase Your Income
Moving into a digital career can translate into an increase in pay, according to the National Skills Coalition.6 It reports, for example, that moving from a job without any digital skills to one that requires three or more could result in a pay increase of about 45%.6
Even if you’re already in a highly skilled job, adding new skills may boost your salary higher. For example, the Bureau of Labor Statistics reports that individuals with a high school diploma earned about 25% more than those without and that the trend continues with more advanced degrees.7
Educational Resources to Help You Close a Skills Gap
A range of educational resources are available for job seekers who want to add skills or train for new careers. Among them are:
- Community colleges: A traditional choice for job training, these schools have plumped their course catalogs with one- and two-year mini-degrees and professional certification programs specifically aimed at closing skills gaps.8 And they’re usually inexpensive or free, with an average cost around $3,800 per year and some states offering free tuition.8.9
- Online learning platforms: There are a variety of online platforms that offer their own classes or courses from universities like Stanford and Harvard, and many offerings are free.10,11 Massive Open Online Courses (MOOCs) can help individuals learn new skills and may come at little or no cost.12,13
- Continuing programs: Colleges and universities offer online and in-person classes, and certification programs for working professionals.14
Businesses May Help You Retrain
Business leaders are heeding the call to develop a pipeline of skilled workers, and many are investing in job training not only for their employees but for job seekers in the communities in which they operate.
In June 2020, one major software company announced it would offer free online classes and job-seeking help to 25 million workers by the end of the year.15 It created curriculum for 10 jobs that are in demand and don’t require a college diploma. Among them are software developer, IT administrator, and digital marketer.
The Takeaway
Adding digital skills to your toolbox – or sharpening the ones you have – can help you prepare for the new future of work. Not only that, but those skills have the potential to increase your earning power. A range of educational options are available for workers seeking to close skills gaps, as well as those looking for new careers. Many of the classes are available online. And, employers are ready to take on the skills gap, increasing the investment they make in their own workers and developing outside talent through job-training programs.
1 “Creating pathways for tomorrow’s workforce today,” Deloitte Insights
2 “Understanding the skills gap—and what employers can do about it,” Brookings
3 “Building from the Bottom Up,” Harvard Business School
4 “Talent Pipeline Management,” U.S. Chamber of Commerce Foundation
5 “eLearning Statistics 2023 — Facts, Trends & Predictions,” Prosperity
6 “Closing the Digital Skill Divide,” National Skills Coalition
7 “Education pays, 2022,” U.S. Bureau of Labor Statistics
8 “The Partnership Imperative: Community Colleges, Employers, and America's Chronic Skills Gap,” Harvard Business School
9 “Which States Offer Tuition-Free Community College?,” Scholarships360
10 “Free Stuff,” Stanford
11 “Free Course,” Harvard University
12 “A perspective of massive open online courses (MOOCs) and public health,” National Library of Medicine
13 “Online Learning,” Education USA
14 “The Difference Between Continuing Education and Professional Development,” Columbia Southern University
15 “Microsoft to help 25 million people worldwide acquire new digital skills needed for the COVID-19 economy,” Microsoft
Julie Pitta is a former senior editor for Forbes Magazine. She has covered the technology industry for more than 30 years.
All Credit Intel content is written by freelance authors and commissioned and paid for by American Express.
Related Articles
Looking for ways to make money from home? Learn how to embrace new ways to earn money, from capitalizing on your interests to trying out new business ventures.
How to Manage Internet Security Risks to Your Credit Card
If you use credit cards online, it’s important to learn how to protect yourself from common cybersecurity risks. Most card issuers and merchants can help keep you safe, too.
How Do Credit Cards Work? Demystifying Credit Art & Science
Understanding how credit cards work can help you use them to your best advantage. Peek behind the curtain of credit cards’ complex workings.
