Home    News & Publications    The Idea Of Retraining – Again

The Idea Of Retraining – Again

June 06, 2024

For years we have been identifying the need to retrain also known as upskilling or reskilling the workforce to meet the demand for job requirements to fit job openings brought on by technological advances.

According to the World Economic Forum, by 2025, an estimated 50% of global employees will need reskilling. It is imperative for global growth. According to the Global Opportunity Forum, here are how five public companies are approaching the issue.

In 2021, Walmart (the largest private employer in the U.S.) said they would make available almost $1 billion over five-years for employees to access higher education and skills training. Their program is called “Live Better U (LBU)”. Launched in 2018, it pays 100% of college tuition and fees. Alliances have been formed with multiple academic partners to provide the service.

Their program is called Skill Forward – geared to upskilling their workforce in technology. They formed an alliance with a non-profit to create the programs. They are free and geared to workers learning new skills. Programs include Cybersecurity Analyst, Junior Web Developer, etc. Verizon has committed resources of $44 million with the goal of training 500,000 workers by 2030.

Their education program is called Archways to Opportunity. Their programs range from improving English to free education for high school. Launched in 2015, their program helped almost 75,000 employees at a cost of over $165 million with high school and college assistance.

Google works with multiple non-profits to set up programs ranging from training low-income adults, upskilling and retraining. Their initiative is called Grow with Google.

Marriott International
Marriott is consistently ranked as one of the best employers in the Asia Pacific region. They have two programs. The Global Voyage Leadership Development for university graduates to assume leadership positions within the company. Their other initiative, called Marriott Development Academy, works on career development within the company in various areas of hospitality.

Some initiatives to prepare employees for future employment are designed in a more nationalistic manner. The New York Times, May 13, 2024 “German Initiative Sends Workers Back to School To Keep Them Working” cited a collaborative effort among 70 German companies. Challenges include the industrial shift to low-carbon, rising technological changes in manufacturing, etc. Such companies as Bayer, DHL, Infineon and Siemens have formed the Alliance for Opportunity.

Wouldn’t it be nice if some of the industry groups in our country created programs for our workers so they don’t become obsolete?


Receive the Financial Connections quarterly newsletter


No Hidden Costs. No Referral Fees. No Commissions.

As a fiduciary, we put our clients' interests first. Our compensation comes exclusively from you. If we don't directly provide a particular service, we can serve as a resource for referrals to other professionals.

Download the fee schedule Download Disclosure Form ADV Parts 2 & 3