Technology and new work styles have been disruptors long before the current crisis. Nearly 14% of the global workforce will need to get new skills or switch occupations by 2030. Reskilling and upskilling will form a significant chunk of efforts to strengthen talent pipelines for the future. The resultant displacement and shortage of talent are bound to have an impact on dynamics of business and cohesiveness of society. The 2018 ‘Future of Jobs’ report from the World Economic Forum predicted automation displacing 75 million jobs by 2022.
The US Bureau of Labor Statistics (BLS) projected that 1.37 million workers would be completely displaced out of their roles over the next decade. They could, however, be reskilled to possibly higher-paying roles at a total investment of USD 34 billion, or USD 24,800 per worker. The WEF has predicted the need for an average 101 days of reskilling and upskilling per employee. What is needed is a talent strategy preparing employees and employers for current and future disruptions, focusing on cognitive and digital competencies.
Business priorities must determine the plan for skill development. The plan must be drawn up with inputs from stakeholders across company departments. The learning intervention must of course be evaluated by the employees and scored as per their satisfaction with and loyalty to such programs. Do not pare your training budgets! Such actions may appear to save costs but are in fact only delaying the inevitable. When there is a rebound (and there will be one!), a large skill shift – larger than previous crises – will be in order.
2021auto27 Skill Development is Key to Future Success
Upskill and Reskill: Why Skill Development is Key to Future Success