Skills for Growth: Creating a Future-Ready Workforce | Summary and Q&A

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May 2, 2023
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World Economic Forum
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Skills for Growth: Creating a Future-Ready Workforce

TL;DR

The panel discusses the importance of skills in a changing world and how governments and businesses can address skill shortages and create a future-ready workforce.

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Key Insights

  • ❓ Skills are essential for productivity and economic growth.
  • 👨‍💼 Different countries employ various strategies to address skill shortages, such as company involvement, vocational training, and alignment with business strategies.
  • 👶 Balancing the workforce between mature workers and newer generations is crucial, along with providing flexibility and continuous learning opportunities.
  • 👨‍💼 Addressing skill gaps requires collaboration between governments, businesses, and educational institutions.
  • 🧑‍⚕️ The COVID-19 pandemic has accelerated the need for digital transformation and the reskilling of workers.
  • 🖐️ Immigration policies and global talent attraction play a significant role in addressing skills shortages.
  • 💚 The transition to a greener and more sustainable future requires new skills and job roles.

Transcript

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Questions & Answers

Q: How does Singapore's SkillsFuture program support the creation of a future-ready workforce?

SkillsFuture Singapore engages private and public sectors to align business strategies with talent and skill strategies, providing subsidies, credits, and job skills insights. They collaborate with educational institutions to update curricula and ensure quick reskilling of the existing workforce.

Q: What is the European Union's approach to ensure good jobs and skills for its citizens?

The European Union focuses on relaunching the growth model through better education and skills development. They actively encourage the adoption of creative thinking in schools and recognize the need for reskilling and upskilling programs.

Q: How does Baker Hughes address the complex skills required in the energy industry?

Baker Hughes implements multi-skilling and uses digital tools for remote operations. They invest in continuous learning and partner with educational institutions to ensure a balance between highly skilled technical talent and vocational training.

Q: How is Pakistan addressing skills development and talent attraction?

Pakistan is developing a public-private partnership model to address skill gaps and enhance the country's talent pool. Initiatives, such as accelerators, aim to create a skilled workforce aligned with national priorities. The focus is on attracting global jobs in sectors like technology and finance.

Summary & Key Takeaways

  • Skills are crucial for productivity and growth potential in an economy, and there is a need for a future-ready workforce due to changing jobs and technologies.

  • Different countries employ various strategies to address skill shortages, such as involving companies in training and certification or relying on vocational training.

  • Singapore's SkillsFuture program aligns business strategies with talent and skill strategies, providing subsidies and credits for reskilling and upskilling.

  • The European Union focuses on rethinking education systems and investing in productivity to cope with technological advancements and demographic changes.

  • Baker Hughes emphasizes multi-skilling and continuous learning to adapt to technological transformations in the energy industry.

  • In Pakistan, public-private partnerships and accelerators aim to address skill gaps and create a skilled workforce aligned with national priorities.

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