In a world that is rapidly changing, the workforce transformation on the modern labour market is a trend.
Workforce Transformation - What is changing?
The world of work is also rapidly changing – and mapping out healthy, new and flexible work models, will be necessary to channel that change into the creation of stronger labour markets and sufficient safeguards.
Reskilling: the key factor for the successful transformation of the workforce!
Job creation and new opportunities were high on every country’s agenda even before the advent of the COVID-19 pandemic and its related economic devastation, alongside policy-making intended to help, on the one hand workers, and on the other hand employers. The most successful approaches will take into account shifting demographics and changing job roles, and will leverage disruption as a means to design workplaces that best serve everyone’s needs.
According to the above, and in line with the Fourth Industrial Revolution and demographic shifts, the need for short-term reskilling to meet labour market demands arises.
A report published by Gartner predicted net job creation through the use of artificial intelligence by 2020, and two million net-new jobs as a result of the technology by 2025. However, related public spending has fallen steadily for years in most OECD countries. The AI & Machine Learning Imperative, a guide published by MIT SMR in 2020, predicts a growing gap between the sophisticated tools companies can produce with technology, and the parts of these companies that can actually use the tools in production – due to a lack of skills.
HARD VS SOFT SKILLS OR...BOTH?
Enabling the three billion members of the global workforce to navigate this industrial revolution requires a greater variety of adult training and learning opportunities. Only about 11% of adults in the European Union, aged between 25 and 64, were participating in education and training programs as of 2019, according to a European Association for the Education of Adults report.
However, gaining formal qualifications alone will not equate with successful re-skilling, lifelong learning opportunities such as modular short-cycle courses, coaching and mentoring sessions, experience on the job, as well as the exposure to new projects are necessary to help more people gain the skills (hard & soft) that match labour market demand (certifications and soft skills do enable workers to validate their knowledge and abilities wherever they may apply them).
In order to narrow the skills gap, according to the OECD, the following are required: a solid understanding of the current skill base, proactive talent management strategies and innovative leadership styles, and sustained dialogue among companies, governments and education providers.