The pace of economic and technological change is accelerating, creating both challenges and opportunities for businesses, higher education institutions, and learners. To support higher education, business, nonprofit, and government leaders in achieving that vision, the Business Higher Education Forum (BHEF) conducted its first annual State of Skills and Partnerships Research Study (SSPRS). The study identifies the critical challenges and opportunities in today's education and talent landscape and provides insight into effective partnership solutions. Drawing on insights from nearly 400 business leaders and more than 200 education leaders, this report highlights pressing workforce challenges and emphasizes the need for enhanced collaboration between business and higher education to address skill shortages and prepare for rapid technological advancements. It also identifies several significant disconnects in current workforce skills which reflect the need to align educational programs with industry needs to ensure a workforce prepared for the rapidly evolving job market. Recommendations are offered to businesses and higher education institutions to overcome common challenges in leadership, structure, communication, and processes.