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BeNFT is addressing the widening labor skills gap, which is impeding economic growth and aggravating income inequality. The skills gap refers to the mismatch between the abilities required by businesses and the talents possessed by job seekers. According to a National Federation of Independent Business poll, 42% of small business owners reported being unable to obtain competent applicants for employment positions. According to a Manpower Group poll, 45% of businesses worldwide are failing to fill job openings due to a shortage of acceptable skills among job seekers.
A variety of causes, including technological progress, globalization, and demographic shifts, are contributing to the skills gap. Automation and artificial intelligence are changing the nature of labor, producing new occupations while making others obsolete. According to the World Economic Forum, by 2022, 54% of all employees will require significant reskilling and upskilling. As remote work and online learning have become the norm, the pandemic has also increased the demand for digital skills.
Traditional education systems, on the other hand, are straining to keep up with the rate of change. Higher education has become increasingly expensive in recent years, leaving it out of reach for many students. According to the College Board, the average tuition and fees at a private four-year college in 2020-21 will be $36,880. This financial strain frequently leads to students taking out hefty student loans that can take decades to repay.
Furthermore, traditional education systems are frequently rigid and inflexible, with one-size-fits-all curricula that do not accommodate individual learning styles or needs. This strategy has the potential to leave many learners behind, particularly those who struggle in typical classroom settings or have non-traditional learning requirements.
These challenges have led to a growing demand for alternative education and upskilling solutions. Online learning platforms such as Coursera and Udemy have gained popularity in recent years, providing learners with flexible and affordable access to a wide range of courses and tutorials. However, these platforms often lack the personalized and immersive learning experiences that learners need to acquire the skills and knowledge needed to succeed in today's rapidly changing job market.
BeNFT's AI-powered learning engine and platform address these issues by utilizing NFTs, SBTs, and tokens to provide tailored, immersive, and interactive learning experiences. BeNFT may offer customized learning routes that suit each learner's specific learning style and pace by utilizing AI to examine their unique needs and preferences. The usage of NFTs and SBTs enables learners to acquire unique and verifiable credentials that can be used to exhibit their accomplishments to potential employers and investors, so opening up new avenues for career growth and entrepreneurship.
To summarize, the labor skills gap is a big concern that is impeding economic growth and aggravating income inequality. Traditional educational systems are failing to keep up with the rate of change, putting many students behind. BeNFT's platform provides learners with the skills and knowledge they need to succeed in today's fast-changing labor market through a unique and innovative approach to education and upskilling.