The most competitive businesses will be those that choose to reskill and upskill their workforces, according to a recent World Economic Forum (WEF) report. Yet, the window of opportunity for proactive management of this change is quickly closing.
In the next five years, nearly 50 percent of workers will need reskilling for their core skills. Over that same time period, 85 million jobs are expected to be displaced by automation while 97 million new jobs are expected to be created. This means there will be an overall addition of 12 million jobs that require in-demand skills.
As the economy and job markets continue to evolve, it’s clear that upskilling and reskilling initiatives are vital. Companies must plan now to urgently implement a new vision for the global workforce of the not-too-distant future.
A key component to accelerate skill-building, education is a strategic investment that provides the foundation of learning, tools and mentorship opportunities. These opportunities deliver business value and social impact, plus help address workforce challenges as the rapidly changing climate requires employees to evolve their skills to keep pace.
So how do you fast track reskilling your workforce? Begin with the key steps shared in this infographic.