Strategy for Industrial Revolution

World Economic Forum insight report on Global Challenges.

The impact of technological, demographic and socio-economic disruptions on business models will be felt in transformations to the employment landscape and skills requirements, resulting in substantial challenges for recruiting, training and managing talent. Several industries may find themselves in a scenario of positive employment demand for hard-to-recruit specialist occupations with simultaneous skills instability across many existing roles. For example, the Mobility industries expect employment growth accompanied by a situation where nearly 40% of the skills required by key jobs in the industry are not yet part of the core skill set of these functions today.

At the same time, workers in lower skilled roles, particularly in the Office and Administrative and Manufacturing and Production job families, may find themselves caught up in a vicious cycle where low skills stability means they could face redundancy without significant re- and upskilling even while disruptive change may erode employers’ incentives and the business case for investing in such reskilling. Not anticipating and addressing such issues in a timely manner over the coming years may come at an enormous economic and social cost for businesses, individuals and economies and societies as a whole.

Source: Shaping Tomorrow