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 the Author

Chelsea Miller is the associate director of UpSkill America, an initiative of the Aspen Institute Economic Opportunities Program.

Before joining the Institute in September 2024, Chelsea spent five years helping develop and lead the largest employer education benefit program in the US, Live Better U. Leading communications, policy, and portfolio strategy Chelsea made sure access to education was a reason Walmart made the Forbes Change the World list every year since 2018.

Learn More

UpSkill America supports employers and workforce organizations to expand and improve high-quality educational and career advancement opportunities for America’s front-line workers. We seek to create a movement of employers, civic organizations, workforce intermediaries, and policymakers working collaboratively to implement education, training, and development strategies that result in better jobs and opportunities for front-line workers, more competitive businesses, and stronger communities. Follow us at www.upskillamerica.org and
linkedin.com/company/aspeneop

The Economic Opportunities Program advances strategies, policies, and ideas to help low- and moderate-income people thrive in a changing economy. Follow us on social media and join our mailing list to stay up-to-date on publications, blog posts, events, and other announcements.