Reskilling and Retooling the Labor Force for Economic Competitiveness
Organizational Author(s): World Economic Forum
Upgrading the skills of workers, and retraining the workforce, are critical drivers that fuel economic growth in regional labor markets.
It is vital for the labor force to remain competitive in a global market. This enhances its economic resilience when faced with technological changes, and supports social stability over generations.
World Economic Forum Issues Insight Paper
The World Economic Forum (WEF) Insight Paper on Towards a Reskilling Revolution: A Future of Jobs for All "provides a valuable new tool that will help individual workers, companies, and governments to prioritize their actions and investments.
Using big data analytics of online job postings, the methodology in this report demonstrates the power of a data-driven approach to discover reskilling pathways and job transition opportunities. The methodology can be applied to a variety of taxonomies of job requirements and sources of data."
In collaboration with the Boston Consulting Group, the paper notes that, "while there has been much forecasting on transformations in labor markets, few practical approaches exist to identifying reskilling and job transition opportunities."
As the types of skills needed in the labor market change rapidly, individual workers will have to engage in life-long learning to achieve fulfilling and rewarding careers.
For companies, reskilling and upskilling strategies will be critical to retain and find the talent they need, and "to contribute to socially responsible approaches to the future of work."
For policy-makers, retraining the existing workforce along career pathways is essential.
The Future of Work: Career Pathways
The paper above focuses on the future of work, and six findings from the report highlight the need for individuals to access career pathways to increase skill levels.
Utilizing O*NET to define career pathways, the paper notes:
- New job opportunities do exist,
- A reskilling revolution is needed,
- Reskilling brings returns on investment,
- Data can help achieve this,
- Gender equality will need to be hard-wired into reskilling, and
- Coordination for job transitions will be the greatest challenge.