The latest World Economic Forum report, Globalisation 4.0, is stressing the need for a ‘reskilling revolution’ to maintain employment in the coming decades.
The report highlights how technology and automation will continue to disrupt the job market, and investment in ‘human capital’ is now more important than ever.
“75 million jobs are expected to be displaced by 2022 in 20 major economies,” says World Economic Forum president, Børge Brende.
But the report also highlights that with the right education and retraining, there will be more than 133 million jobs on offer, just in different fields.
“To proactively realise the benefits of these changes, at least 54 percent of all employees will need reskilling and upskilling by 2022,” said Børge.
But the process of reskilling is expensive. Only 25 percent of the private sector can profitably retrain their workforce to the levels required, “suggesting a need for business collaboration, government investment and public-private collaboration to lower costs.”