Rather than wait for government action, Italian companies are addressing the widening skills gap by creating in-house educational programs designed to attract candidates and create a workforce that can fill specialized roles.ย ย
While employers throughout Europe, the U.S., the U.K., Canada, and Australia all face significant hiring challenges, Italyโs shortage of skilled professionals is particularly dire. Reuters reports that the country has the lowest employment rate in the EU and productivity has been stagnant for over two decades.ย ย
Italy, much like Japan, has one of the world’s oldest populations. The country will need 3.1 to 3.6 million new workers in the next five years. While the government has increased work visa quotas, these educational initiatives by the private sector are proving crucial in addressing the skills gap.ย
In response to these challenges, itโs reported that Italian firms like Webuild, Ferrovie dello Stato (FS), and Fincantieri are establishing their own training facilities to cultivate the necessary talent internally.ย
These companies have observed that traditional educational institutions often fail to equip students with skills relevant to today’s job market. Despite Italy having a large number of job-seekers, the job vacancy rate was 2.5% in Q1 2024 โ aligning with the EU average and indicating a significant skill gap.ย ย
Webuildโs program, launched in November, plans to source around 3,000 employees from these academies over the next three years.ย
Companies like Ferrovie dello Stato are collaborating with universities and schools to offer targeted courses to students โ ensuring they acquire specific skills needed as the company evolves, particularly in digital and AI-based roles.ย ย
The positive effects of these workforce initiatives are already apparent. Italian shipbuilder Fincantieri launched its โMasters of the Seaโ program eight months ago and has already drawn 17,000 applicants. Also, 80 people have been hired under this program.ย ย
Creating in-house educational programs to address skill gaps is a strategy being implemented in several other countries as well.ย
McKinsey Global Institute reports the demand technological skills are expected to see substantial growth in the coming years โ with increases of 25% in Europe and 29% in the U.S. in hours worked by 2030 compared to 2022.ย ย ย
Companies in Europe, North America, and Asia are increasingly investing in reskilling opportunities and upskilling their employees to meet the demands of rapidly evolving job markets and technological advancements.ย ย
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