Fewer than half of U.S. employees (47%) feel confident they have the skills needed to succeed in their current roles, according to a Gallup poll. This growing disconnect between job requirements and employee capabilities is more than a statistic. It’s a signal to HR leaders that traditional approaches to talent development are no longer enough.
While the conversation around workforce development often focuses on emerging technologies and future-ready skills, it’s equally important to recognize the need to invest in upskilling and unlocking the potential of overlooked talent. Many capable individuals face barriers that prevent them from fully participating in the workforce. Among them are four groups:
- Older adults who are eager to reskill or re-enter the labor market but face age-related barriers or outdated training models
- Veterans transitioning from military service to civilian roles, often struggling to translate their experience into recognized credentials
- Tradespeople who possess valuable hands-on expertise but lack access to pathways that lead to higher-wage, leadership or technical roles
- Individuals reentering society who need tailored support systems to rebuild their lives and careers
These groups represent untapped potential. By investing in inclusive, scalable workforce models, organizations and funders can unlock new talent pools.
Philanthropy as a Catalyst: Piloting Creative Solutions
While employers play a critical role in workforce development, philanthropy can be a powerful catalyst for innovation. Philanthropic capital is uniquely positioned to fund rapid experimentation and scale promising ideas faster than traditional funding sources.
Truist Foundation is in its third year of collaborating with MIT Solve to run a competitive search for innovative nonprofit solutions that culminates in the Truist Foundation Inspire Awards. A program like this is one of many examples of creative approaches to philanthropy-backed solutions. This year’s grant program is funding and accelerating nonprofit solutions that address workforce development challenges—specifically for adults in the middle or later stages of their careers. By supporting these organizations, Truist Foundation and MIT Solve are helping identify and unlock new pathways for experienced talent to thrive in today’s economy.
This kind of catalytic support is especially valuable in workforce development, where solutions must be responsive to local needs, adaptable to different populations and sustainable over time.
Empowering HR to Lead Workforce Change
Philanthropy-backed programs can help reduce risk and shorten the path from promising idea to actionable talent solution. For HR and People teams, these initiatives offer a strategic advantage in navigating today’s complex labor market. They provide access to innovative, community-rooted models that are already being tested, making it easier to adopt solutions that work, including:
- Faster, more reliable pipelines of mid- and late-career candidates trained for in-demand roles,
- Improved retention through wraparound supports that sustain on-the-job success, and
- Stronger local partnerships that align community impact with business needs.
In a competitive labor market, these solutions help organizations stay agile, inclusive and future-ready. They also reinforce a company’s commitment to social responsibility and economic mobility, demonstrating that investing in people, especially those often overlooked, is not just the right thing to do, but a smart business strategy.
Get Involved: Discover and Support Emerging Solutions
This year, the six visionary Truist Foundation Inspire Awards finalists will present their models for addressing workforce barriers and building inclusive career pathways. Solutions range from hands-on training in sustainable construction to tech-enabled pathways into commercial trucking and skilled trades for veterans and returning citizens. Plus, providing tradespeople pathways to teaching roles, call center training programs, and digital assistance to overcome academic barriers. Finalists were selected from over 90 submissions, each outlining powerful solutions at work. Virtual attendees will have the opportunity to vote for their favorite solution to take home the Audience Favorite grant and explore ways to support these efforts—whether through funding, partnerships or implementation.
Be part of the movement to unlock workforce potential. You can virtually attend the Inspire Awards to explore innovative solutions and cast your live vote for the Audience Favorite grant: https://www.truist.com/purpose/truist-foundation/inspire-awards.