- PwC Global Chairman Bob Mortiz recently explained how to upskill a billion people. Here is his take on the initiative.
Recently at the World Economic Forum in Davos, many of the conversations revolved around the importance of upskilling a billion people in the next ten years. Of the 7.7 billion people around the world, about 3.3 billion are currently employed. So upskilling one billion people will be a challenge. But everyone will need to be upskilled in some form to keep up with the advances in technology.
Of the 7.7 billion people around the world, about 3.3 billion are currently employed. So upskilling one billion people will be a challenge. But everyone will need to be upskilled in some form to keep up with the advances in technology.
“When people are upskilled, it isn’t just the people themselves who benefit ⎯ but also businesses, the wider economy in which they operate, and society as a whole. PwC’s latest Global CEO Survey ⎯ launched in Davos ⎯ reveals a clear correlation between economic optimism, confidence about future revenues and progress in upskilling,” said Robert E. Moritz, Global Chairman PricewaterhouseCoopers Int. in a blog post.
After being asked about global growth over the next year, 34% of CEOs who report being ahead in terms of upskilling progress said it is going to “improve” compared to just 15% of CEOs who are at the beginning of their upskilling journey.
And 38% of CEOs who are ahead on upskilling progress are very confident in the 12-month revenue growth prospects compared to 20% who lag behind when it comes to upskilling. Plus the findings show that CEOs who are attacking the problem and leading with action are much more confident than those who are at the beginning of their upskilling journey or have only just started.
PwC’s survey also finds that CEOs who have embraced the imperative of upskilling are realizing the rewards through impacts such as higher workforce productivity and innovation. And CEOs rank their upskilling programs from not at all effective to very effective.
In a separate PwC survey of 22,000 adults in 11 countries, 53% of respondents said they believe automation will significantly change or make their job obsolete within the next 10 years. But the majority (61%) were positive about the impact of technology on their day-to-day work and 77% of people said they will learn new skills now or completely retrain to improve their future employability.
While people may have fears about the future, they want to evolve. And for some, upskilling means learning how to code and leveraging and scaling technologies. But for others, it’s about understanding what technology can do and how it can drive innovation.
There are hard skills such as learning how to use new digital tools. And there are soft skills like leadership, adaptability, and how to translate feedback into measurable change.
People who want to upskill are turning to leaders in order to provide a trusted path forward. So leaders need to understand the needs of employees such as where they want to go, what motivates them, and what is going to enable them. And they need to learn how to lead in rapidly changing times, empower employees, and create a culture of lifelong learning where entrepreneurship will thrive.
In order to meet the needs for upskilling, solutions will have to be developed at the local, regional, and national levels. Plus it will require strong collaboration with a range of stakeholders such as educators, government agencies, and business executives working together, each playing a role.
“Government leaders and policymakers must ensure that all citizens have the knowledge needed to participate in the digital economy, and that parts of the population aren’t left behind. They also need to make sure that they themselves have the ability to lead the discussion on the future of technology and policy” added Moritz. “And educators and academic institutions will need to digitally transform themselves, and at the same time provide services that are geared to future skills needs.”
Unfortunately, many of the people who need upskilling the most are the ones who have the least access to it. So to reach a billion people (or more) by 2025, society should focus collectively on three parts of the population, including the existing workforce, the next generation, and those who are currently excluded
The Existing Workforce
The aging workforce around the world is going to be disrupted by technology and automation over the next 10 years. And these people have commitments like families, mortgages, and debt and it is important for them to be upskilled and find other jobs.
One of the initiatives helping solve this problem is the Luxembourg Digital Skills Bridge project, which is a government initiative that is bringing together trade unions, businesses, and training organizations to provide a comprehensive national solution for developing workforce skills.
The Next Generation
As the global population is aging, the average age in many countries is under 20. And across “younger” countries, millions of young people are going to join the workforce every year for the next decade. So it is essential that they’re equipped with the skills they’ll need to get jobs ⎯ something that even a university degree can’t necessarily guarantee.
As part of its “New world. New skills.” initiative, PwC will be launching a collaboration with UNICEF to upskill youth and help them gain the knowledge and skills necessary for understanding and seeking employment in the digital world, particularly in communities and regions where there is an acute need.
Several months ago, PwC said it was investing $3 billion to upskill its employees as part of the New world. New skills. program. And in an interview with Yahoo! Finance, PwC US Chair and Senior Partner Timothy F. Ryan pointed out that he has seen companies “do quite a bit in both terms of pay and programs as well as upskilling, and we do see those continuing.”
Those Who Are Currently Excluded
Moritz also pointed out that those who are left behind have to be upskilled. This includes the older generation who may now have retired and may find it hard to access services or information in a digital world. This includes people who are currently out of the workforce and have skills that are becoming increasingly outdated.
