World facing reskilling emergency

World facing reskilling emergency

Agency News

Davos, Jan 22: Technology is likely to transform more than one billion jobs, almost one-third of all jobs worldwide, in the next decade. And 42 per cent of the core skills within roles on average are expected to change by 2022.

Failing to meet the skills demand of the new technological era could put at risk $11.5 trillion in potential GDP growth over the next decade across G20 countries including India, estimates Accenture.

To make meaningful progress in reskilling the world, it will be especially important to focus on the fastest-growing professions of the future.

A new report from the World Economic Forum finds that much job growth will come from seven professional areas -- care, engineering and cloud computing, sales marketing and content, data and AI, green jobs, people and culture, and specialized project managers.

These are the job clusters expected to see the most growth in the next few years. By just 2022, the Forum estimates that 133 million new jobs in major economies will be created to meet the demands of the Fourth Industrial Revolution.

Many of these fast-growing jobs are currently undersupplied. This offers an opportunity for a majority of those in the most at-risk roles. However, with 70 per cent of such workers needing to find new opportunities outside of their current industry, such transitions also require better safety nets and stronger private-sector commitments.

While it will be necessary for people to work with technology, a growing need is seen for people to develop specialized skills for how they interact with each other. These include creativity, collaboration and interpersonal dynamics, as well as skills related to specialized sales, human resources, care and education roles.

In addition to innovative policy solutions and business efforts around reskilling and upskilling for their employees, collaboration between the public and private sectors is necessary to advance a new agenda that empowers people with the resources and tools they need to improve their lives.

This focus on reskilling and future-proofing workforces for the jobs of the future will be instrumental in improving social mobility, a key factor in reducing inequality. An improvement of just 10 per cent in global social mobility would boost economic growth by nearly 5 per cent over the next decade, according to a new WEF report.

It’s time for a reskilling revolution. (UNI)