UPSKILLING AND RESKILLING-A SUSTAINABLE AND STRATEGIC SOLUTION FOR THE FUTURE OF WORK
In the swiftly evolving business landscape, the trajectory of work is experiencing a profound transformation. Among the foremost hurdles is the widening gap in skillset of workers as they have become crucial resources that determine the ability of the individual to thrive in a workplace. Furthermore, the demand and benefits associated with current and relevant skills have continued to grow higher. Upskilling and reskilling is important as critical strategies to bridge the gap of skillset and ensure long-term success in a workplace.
The Impact of Digital Transformation
The swift advancement of digital transformation further amplifies the urgency in expanding skills gap. Technology is reshaping workplaces and leadership, presenting matchless opportunities that can be maximized through hybrid and virtual work setups. As we welcome this digital era, it’s crucial to recognize the significant shifts in our work dynamics and adjust accordingly. According to Gartner Inc., the move towards remote and virtual work is expected to reduce physical meetings from 60% in 2019 to a mere 25% by 2024, highlighting the global trend.
Understanding Upskilling and Reskilling
To navigate the evolving landscape, it is vital to understand the notions of upskilling and reskilling. Upskilling involves acquiring fresh skills or honing existing ones, allowing individuals to remain pertinent in their current positions. Conversely, reskilling entails learning entirely new skills to transition into alternative job roles or sectors. Both upskilling and reskilling serve as essential tactics for tackling the skills deficit and securing enduring employability.
Causes Behind the Growing Skills Gap
Various factors contribute to the widening skills gap in the global economy, which highlight the pressing need to invest in upskilling and reskilling initiatives.
- Digital transformation is projected to lead to a loss of 85 million jobs by 2025 according to a study by World Economic Forum
- This study also projects the creation of 97 million jobs and individuals must upskill, i.e. obtain the required skills to qualify for the positions.
- Existing jobs demands their workers to be retrained in a new skillset as the job functions are undergoing significant transformations (Reskill).
The Significance of Upskilling and Reskilling for Organizational Success
In today’s rapidly changing market, organizations that prioritize upskilling and reskilling gain a competitive edge. These investments ensure that their workforce remains adaptable, productive, and relevant. Failing to bridge the skills gap not only stunts organizational growth but also deepens societal divisions. It’s crucial to recognize that upskilling and reskilling initiatives go beyond mere profitability, profoundly impacting the lives of millions.
Key Contributors to Effective Upskilling and Reskilling Strategies:
- Private Sector
Private sectors hold a significant stake in driving successful upskilling and reskilling initiatives. By adopting human-centric approaches, businesses can harmonize profitability with employee welfare. They must acknowledge the societal repercussions of digital transformations, like job displacement and the digital divide. Sustainable and equitable practices should guide organizational decisions for sustained prosperity.
- Public Sector (Governments/Policymakers)
Governments play a pivotal role in fostering effective upskilling and reskilling strategies. Through collaborative efforts and national policies, policymakers create an environment conducive to skill enhancement. Prioritizing the reskilling of populations, especially youth, is essential for economic growth and societal well-being. Regulatory frameworks and incentives should support all stakeholders in this endeavor.
- Educational Institutions
Collaboration between educational institutions and businesses is crucial for equipping individuals with future-ready skills. Institutions must align their curriculum with evolving work dynamics through close collaboration with industry. Emphasizing practical learning experiences, like apprenticeship programs, bridges the gap between academic knowledge and industry needs. These initiatives should be replicated globally to ensure universal access to quality skill development.
As the future of work unfolds, addressing the widening skills gap is paramount for individuals and organizations. Upskilling and reskilling offer strategic pathways for individuals to thrive in the digital era while ensuring organizational competitiveness. Collaboration among the private sector, public sector, and educational institutions is fundamental for successful initiatives. Embracing a forward-looking approach and investing in skill development pave the way for a sustainable and inclusive workforce prepared to tackle future opportunities and challenges.
Source: LinkedIn
