Upskilling has drastically evolved from being a choice to a necessity. It is currently the need of the hour for businesses of various sizes. World Economic Forum in collaboration with Pwc has come up with an insightful report “Upskilling for shared prosperity” that highlights the disconnect between current education programs and the skills that employers need now and in the future.
The report sets out the advantages of nurturing aspirations and developing the kinds of skills that people will need throughout their lives. This in-depth report is a wake-up call for wide-scale upskilling. It provides a quantitative analysis of the impact upskilling can have on economic growth.
As per the report, wide-scale investment in upskilling has the potential to boost GDP by $6.5 trillion by 2030.
Here are a few excerpts from the report
Upskilling could lead to the net creation of 5.3 million new jobs by 2030
Upskilling could propel the transition to an economy where human labour is valued and augmented rather than replaced by new technologies.
Upskilling can lead to additional job creation and reshape workforce
Upskilling could be a progressive step for countries with high levels of inequality. It would help them see a rise in the quality of jobs as the scope to shift from low-cost labor to technology-augmented jobs is high. Moreover, upskilling could also help improve wages and livelihood.
COVID-19 has accelerated the need for action
The Covid-19 crisis has expedited the need for incorporating an ambitious global upskilling agenda because it is forcing digitalization and automation at a rapid pace. Upskilling opened door to self-directed learning and nano-degrees for lifelong learning.
Upskilling with the right solution
If skill development continues to lag behind technological progress, the G20 economies could lose up to $11.5 trillion in cumulative GDP. So upskilling is of paramount importance is the modern work culture.
An AI-driven skilling stack can help combat the upskilling challenges and aid employees in career advancement. Various companies like Bajaj Allianz, Wellness Forever, Angel Broking, Uber, etc have explored the capabilities of disprz, an all-in-one skilling solution to upskill their employees.
Preview disprz in action to find out how it can help you empower your employees with the right skilling.