SKILLS ARE THE NEW CURRENCY
The Skills Revolution (*) & Why People Matter
- Rarely a day goes by without news of digitization, artificial intelligence and virtual reality impacting the workforce.
- With the boom of technology, the world of work is changing, people have more choices, and the way of working is no longer the same as before. ManpowerGroup’s Skills Revolution 4.0 research says automation will replace 45% activities within jobs and only 5% full jobs.
- People will need new skills and they will need them more often to stay employable for jobs we may not even have heard of yet. Those who have the appropriate skill sets to adapt to the new working environment will call the shot.
- In this Skills Revolution, learnability – the desire and ability to learn new skills to stay relevant and remain employable – will be the great equalizer.
- In this Skills Revolution, people need to upskill and adapt to a fast-changing world of work as the defining challenge of our time. It can be said that skills have become the new currency in the Human Age.
Talent Shortage at Alarming Level Worldwide
- According to ManpowerGroup’s Talent Shortage Survey 2018, up to 45% of employers cannot find the skills they need, including technical skills and soft skills (human strengths).
- In Vietnam, this talent shortage is even more serious, with only 5% of workers have English proficiency, and a mere 11% are highly skilled.
- 87% employers plan to increase or maintain headcount as a result of automation.
Solutions to Talent Shortage Worldwide
- The Skills Revolution requires new mindsets: both employers trying to develop a workforce with the right skill sets; and for individuals seeking to advance their careers.
- 84% of employers will upskill their current workforce in 2020.
- To fight the serious talent shortage, employers need to have a talent development strategy supporting new ways of working that are more flexible in time and place, helping them to gain work life balance.
- To win in the digital age, an effective talent strategy should have four parts:
BUILD: Invest in learning and development to grow your talent pipeline
BUY: Go to external market to find the best talent that cannot be built in-house in the time frame required
BORROW: Cultivate communities of talent outside the organization, including part-time, freelance, contract and temporary workers to complement existing skills
BRIDGE: Help people move on and move up to new roles inside or outside the organization
(*) ManpowerGroup’s "The Skills Revolution 4.0" survey on 19,000 employers across all sectors in 42 countries