Four in ten organizations saw stagnating or declining revenue last year – that’s according to new research by Cornerstone OnDemand and Lighthouse Research & Advisory.

This is a huge issue for businesses, but it isn’t their only challenge.

Cornerstone’s survey of 1,300 organizations and 1,000 employees found that attrition rates continue to remain high (52% of employees are unsure whether to stay or planning to leave in the next six months) and productivity has peaked (53% of organizations think that employees have reached their maximum productivity).

These stats suggest that there is a workforce readiness gap, and it “costs organizations”, Cornerstone’s CEO Himanshu Palsule exclusively tells UNLEASH.

The situation is only going to get worse as “factors such as ever-evolving technology, multi-generational workforces and changing markets are increasing the pace of change and impacting employee and employers’ ability to adapt”, continues Palsule.

63% of workers told Cornerstone that their work environment is evolving quicker than ever before – 60% believe AI has a role to play here – and more than four in ten do not think they have the right support or resources to adapt and thrive.

Plus, six in ten organizations agreed that the workforce are underprepared for change.

This is particularly true around skills. Skills have now replaced jobs as currency in the new world of work, but, unfortunately, there is a perception between employers and employees on learning and development.

While four in five employers told Cornerstone their workforce receives adequate training to do their job, just 42% of employees agree.

If employers can get the formula right with skills, they will not only fix their challenges, but they reap additional rewards.

Cornerstone’s data shows that employees with the right training support are 2.5x more equipped to adapt to changes at work, and employees in organizations that promote skill development are twice as happier and are less likely to quit.

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