We are living an era of big innovation that is changing and will change the labour market in the future.
The Fourth Industrial Revolution and the rapid development and integration of new technologies in society and industry are currently revolutionizing Public Administration, Companies and Government.
New occupations are emerging, and others are declining, with an inevitable consequence for the worker’s employability.
Many companies provide upskilling and reskilling opportunities to their employees because they understood that is the best way to rule the skills evolution.
Labour Market Scenario
New technologies require new skills.
Artificial intelligence, big data analysis, and cutting-edge automation systems are redefining the business models of the companies. The innovation will provide them with improvements in terms of efficiency and effectiveness of production processes, economic and financial returns.
On the one hand, the need for new occupations who can better manage these new processes and, on the other hand, the need to redefine the skills of the workforce.
Which solution is better?
Upskilling and Reskilling of Workforce: an advantageous solution
The research conducted by Burning-Glass and Boston Consulting Group, presented at the World Economic Forum “Towards a Reskilling Revolution” has revealed that starting upskilling and reskilling policies of workers is certainly more convenient.
Upskilling: learning new competencies to stay in the current role, due to the change in skills required, or adding certain competencies for career progression.
Reskilling: learning new sets of competencies to transition to a completely new role.
You might think that such conditions could cause employee frustration but Burning Glass Technologies has demonstrated the opposite. The Decoding Global Talent survey was conducted on a sample of more than 360,000 employees and job seekers around the world to understand what they value most in their jobs. The results are telling employees value learning and training opportunities and career development options higher than their job security and salary. The implementation of upskilling and reskilling solutions is good for all the stakeholders.
Companies invest in reskilling processes to avoid paying financial compensation for outgoing workers (vacation, severance pay, legal expenses) much more onerous. Reskilling policies also affect and improve brand reputation. Finally, governments benefit as well due to the savings obtained not dispensing those subsidies and to the creation of higher socio-economic conditions.
WollyBI’ Big Data is the answer to companies’ requests
The future of the labour market was written and solutions have been identified. But how do you put them into real action? How will companies be able to implement strategic decisions for their business?
The data help us to find the right answers.
The companies need trustable information, data, analysis, and statistics to know which skills are emerging and which are declining in their sector. This allows defining hiring and training processes more aligned to the real needs of the business to preserve high competitiveness on the market and the employment of its workers.
WollyBI by Burning Glass Technologies can help companies improve their business by providing all the necessary insights.
Find out our solutions here