Business training is one of the top areas of demand in the global economy, with demand for skilled labour outpacing investment in infrastructure and the ability to create jobs, according to new data.
While demand is expected to increase, it will not exceed supply, according a report by PricewaterhouseCoopers.
The report says there is a strong case for businesses to invest in training and job placement to support their growth.
According to the report, business training is among the top priorities for companies in a number of sectors including healthcare, education, logistics and energy, and is often seen as a key tool to attract and retain talent.
This training is typically provided in partnership with the private sector and includes a range of topics, such as workplace culture, technology, human resource management and organizational skills, according the report.
“Companies are seeking to increase productivity and growth while maintaining competitiveness in their global markets,” the report reads.
PwC said its research also found that training and placement programs are increasingly becoming part of the global training landscape, with a total of 8.4 million job placement programs and 6.3 million training programs in 2019.
The study found that the number of job placements in 2019 rose from 9,929 to 10,921, while the number in 2018 rose from 3,822 to 5,892.
PwB said that with the economic recovery underway, job placement programs are expected to be a key part of helping businesses to attract, retain and train employees for the coming year.
With global economic growth expected to pick up over the next two years, there is an opportunity to improve job placement, said Ben Kowalczyk, head of global human resources and workforce development at PwC.
As technology companies transition from a manufacturing focus to an innovation and technology-driven business, PwB says the demand for skills in this new sector is expected be high.
More information:PwCo says the global workforce participation rate is 67.5 per cent, which is above the OECD average of 64.9 per cent.
It says the number is expected rise to 68.5 percent in 2020.