Upskilling for Small and Mid-Sized Businesses

Chelsea Miller

Associate Director


Description

Small and medium-sized businesses (SMBs) are a big part of the US economy, employing nearly half of all workers and generating over $5.9 trillion in economic activity each year. But many of these businesses struggle to find and keep skilled employees, especially as jobs change and new skills are needed. In fact, experts predict that by 2030, almost 40% of the skills people use at work today will be different. Despite these challenges, SMBs often don’t have the time, money, or information they need to invest in training to support their employees in meeting needs of the business today or in the future. This makes it harder for SMBs to compete and grow.

This publication, “Early Lessons in Upskilling for Small and Medium-Sized Business Leaders,” shares insights from a national survey and conversations with business leaders about the state of workforce training in SMBs. It highlights the biggest challenges, like lack of awareness and limited resources, as well as the benefits, including higher retention, increased advancement, and improved business performance.  With many older workers retiring and industries changing fast, now is the time to focus on helping SMBs to train and support their teams for the future.

About UpSkill America

UpSkill America, an initiative of the Economic Opportunities Program, supports employers and workforce organizations to expand and improve high-quality educational and career advancement opportunities for America’s front-line workers.

About the Economic Opportunities Program

The Aspen Institute Economic Opportunities Program advances strategies, policies, and ideas to help low- and moderate-income people thrive in a changing economy.

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