It also means better training and reskilling, as my colleague Ivanka Trump would say, reskilling of the workforce.
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The second is retraining and reskilling of older, displaced workers.
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The field of companies in the reskilling game is relatively narrow.
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Go deeper: Reskilling workers due to automation will cost $34 billion
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"Reskilling is a here and now (solution), then we're done," Abel said.
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"Now employers say reskilling is needed — it is your responsibility," he said.
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Ferland said companies should be targeting older workers in their reskilling programs.
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This rapid change highlights the importance of reskilling, said Upwork CEO Stephane Kasriel.
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The initiative focuses on "reskilling" over 4.3 million workers and offering them new jobs.
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"Reskilling was nowhere 10 years ago," CEO and cofounder Pierre Dubuc told Business Insider.
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They'll work with more freelancers, invest in reskilling and empower their teams to work remotely.
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Reskilling American workers is a vital key to the continued productivity of our labor force.
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Illustration: World Economic ForumNow, reskilling workers on automation's chopping block sounds like a winning proposition, right?
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The first among them being: Is upskilling—or retraining, or reskilling—that many employees even plausible?
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Ferland sees older workers as prime candidates for the reskilling programs that many organizations have implemented.
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"There's some value in reskilling the liberal arts grad who wants to get into tech and that's super cool, but what always excited us about the industry is the potential not to see this as an opportunity for reskilling but to create real economic mobility," Enbar explained.
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More recently, studies by McKinsey have said that a massive reskilling of workers can avoid that outcome.
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Intel's recommendations include several consensus ideas, like boosting federal investment in AI R&D and reskilling programs.
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With Amazon, for example, OpenClassrooms is reskilling fulfillment center workers to become web developers or digital marketers.
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Expanding Pell Grant eligibility and other grants for upskilling and reskilling are also on the wish list.
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Zahidi says that if the larger estimates are right, the cost of reskilling will be that much higher.
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Most upskilling and reskilling programs — whether at community colleges or through boot camps — are geared toward younger people.
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She successfully spearheaded the effort to get major companies to commit to reskilling American workers for new jobs.
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"She successfully spearheaded the effort to get major companies to commit to reskilling American workers for new jobs."
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Perhaps it is time to take a "gap year" to learn new skills for a different job (a.k.a. "reskilling").
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What we're watching: Successful conversion projects will need to continue focusing on reskilling plant employees to avoid disrupting local economies.
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That means providing lifelong learning, retraining, and reskilling programs that allow workers to attain the education and skills they need.
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Amazon, with its troves of data and cash, may be best positioned to dominate this new reskilling-in-a-box business.
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An increasing consensus is that the main answer is a massive reskilling effort to move endangered workers into entirely new careers.
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The dizzying speed of change in the job market means most of us will be reskilling and upskilling throughout our lives.
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According to Ng Cher Pong, SkillsFuture's chief executive, the returns on that spending matter less than changing the mindset around continuous reskilling.
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Claudia Saran, the chief culture officer at KPMG, described the reskilling of employees as "updating" people the same way you'd update technology.
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And being the best place to work in these types of activities, the training, the reskilling, the hiring we do from colleges.
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"The biggest challenge employers face today is in reskilling and finding the right piece of training to suit their particular needs," says Eigeland.
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To stay relevant over the course of an entire career, we all need to keep learning and reskilling far past our graduation dates.
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What government can do The U.S. can learn from government-sponsored training programs that are successfully reskilling and upskilling workers in other countries.
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According to the World Economic Forum's Future of Jobs report, at least 54% of all employees will need reskilling and upskilling by 2022.
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For instance, just one in 10 baby boomers feel they are personally responsible for reskilling as technology threatens the stability of many traditional careers.
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Targeted training and reskilling programs for transitioning military servicemen and veterans, and their families, will also help fill the gap and create new opportunities.
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KPMG chief culture officer Claudia Saran previously told Business Insider about how reskilling employees amounts to "updating" people the same way you'd update technology.
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A "chief reskilling officer," should be managing that effort, according to Jason Wingard, the dean of the School of Professional Studies at Columbia University.
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It's a key focus of the multibillion dollar reskilling efforts underway across corporate America — and a major area of recruitment for human resources departments.
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AT&T's massive global retraining program — the company prefers to call it "reskilling" — is perhaps corporate America's boldest response to this war for talent.
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What's next: To absorb the coming disruption, the government and corporations will have to take charge of reskilling and upskilling huge swaths of displaced workers.
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Many of these initiatives are still embryonic, but they offer a glimpse into the future and a guide to the problems raised by lifelong reskilling.
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And in a world of continuous reskilling and greater self-employment, people may need help with repeatedly moving from one type of job to another.
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According to the DOL report, other studies, and surveys of America's failed experiments with retraining, there are a lot of reasons that reskilling programs flounder.
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However, more work needs to be done to support the long-term construction of a robust educational pipeline for skilling, reskilling and upskilling cybersecurity professionals.
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The bottom line: The cost of reskilling the 1.4 million people who are displaced will be close to $34 billion, according to the World Economic Forum.
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A recent study by the World Economic Forum projects that over half the global workforce will require significant reskilling and upskilling in the next few years.
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Yes, but: the chart above assumes an aggressive reskilling program results in most of them — apart from those working in the production sector — finding new work.
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The federal government could "provide some sort of broader, more uniform federal support for workforce reskilling," relieving the burden from companies such as his, Broder said.
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An option, in addition to the government stepping in, is for companies to pool their resources for reskilling "if competitive factors can be put aside," she said.
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And those in-demand workers may not be prepared for what's coming, as the bulk of government and company reskilling efforts are targeted toward the lower end.
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Earlier this month, for example, Nationwide said it would spend $160 million over five-years to train all its employees on the technology, among other reskilling efforts.
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" In the same press release last year, the White House described these opportunities as "apprenticeships and work-based learning, continuing education, on-the-job training, and reskilling.
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With tech-heavy skills in such short supply, some experts even suggest that corporations should appoint a "chief reskilling" officer to manage the push to reskill employees.
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But we're unlikely to engage those workers in greatest need of reskilling if college classrooms – environments where they were previously unsuccessful – are the sole, or even initial modality.
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Matthew Sigelman, CEO of Burning Glass Technologies, worked on a study released last week at Davos that maps out how that profound reskilling of workers can take place.
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According to a recent report, one-third of younger-generation managers believe that individuals should be responsible for their own reskilling, as opposed to the employer or educational institutions.
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Quick take: In a survey that Goldstein commissioned, she found that, contrary to the popular consensus, reskilling is not necessarily the answer for reemploying people thrown out of work.
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"Reskilling for technical skills is typically driven by structured education with a defined objective with a clear start and end," Amy Wright, IBM managing director for talent, told Bloomberg.
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Even with reskilling — which WEF defines as "giving workers the skills and capabilities needed for the future workplace" — women still have fewer options than men to find alternative careers.
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The initiative, which provides no federal funding or financial incentive for companies who commit, encourages job providers and trade organizations to commit to educating, training and reskilling America's workforce.
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"It's important for companies to continue to invest in their people so that they are upskilling and reskilling their people to keep up with the roles that are in demand," said Ang.
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The combination of reskilling and moving into new careers would increase the pay of women whose jobs are at risk by 74 percent, WEF said, versus a 53 percent increase for men.
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However, Woodman said that the so-called "fourth industrial revolution" should not be viewed in isolation and conversation should also focus on improving education, training and reskilling those whose industries face job losses.
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"Creating better alignment between skills and opportunities is the key to solving the reskilling challenges organizations across the world are facing," said Kyle Jackson, CEO and Co-Founder of Talespin, in a statement.
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We can do this by reimagining the role of the employer where upskilling and reskilling will become a benefit of employment rather than an inadequate government retraining program after someone loses a job.
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Speaking to CNBC's "Squawk Box Europe" on Tuesday, John Abel, vice president of cloud and innovation at Oracle, said the notion of regularly reskilling employees to adapt to new systems was becoming less effective.
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What's next: What no one disputes is that most people are going to have to undergo fundamental reskilling, either very soon or eventually, in order to keep up with the massive changes under way.
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The WSJ recently ran a story headlined 'Why Companies Are Failing at Reskilling,' which detailed the myriad shortcomings in the arena, including the fact that many employees were unable to meaningfully access the programs.
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As an increasing number of companies and governments look to reskilling their employees as a way to keep pace with rapid technological change and a tight labor market, Coursera is helping to show the way.
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The costs of reskilling, in terms of time and money, are easiest to bear for people who have savings, can control their working hours or work for companies that are committed to upgrading their workforce.
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It's not the same in every single country, but the question of lower wages, and therefore of the need for skills, skills, skills, reskilling, upskilling, greater productivity, it just-, you know, it speaks for itself.
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I would not be surprised to see other firms make similar investments — particularly as reskilling becomes ever more important in the tight labor market, and companies rush to make their cultural values more prominent to workers.
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Speaking to CNBC's Squawk Box on Thursday, Dehaze said that workers lost about 40% of their skills every three years, making their skillset practically "obsolete" after a decade, so investing in education for reskilling was key.
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Ms. Trump used a news conference at Davos about "reskilling" workers to promote what she called the president's "freedom agenda," which she claimed was chipping away at income inequality and bringing more women into the labor force.
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If those workers are given "significant" reskilling, and a pipeline of new workers is created in schools and colleges, companies could create 133 million new jobs by 2022 — more than compensating for those that vanish, the report says.
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There are plenty of stories of successful reskilling — optimists often cite a program in Kentucky that trained a small group of former coal miners to become computer programmers — but there is little evidence that it works at scale.
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Shapiro is set to interview Trump for her keynote talk about "how the administration is advocating for employer-led strategies that invest in reskilling workers, create apprenticeships and develop K-12 STEM education programs," according to the CES website.
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What's happening: The World Economic Forum, meeting this week in Davos, Switzerland, sought to put a dollar amount on the fundamental reskilling of the workforce that will be necessary against a huge wave of automation presumed to be on its way.
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JP: Well the govt sector clearly has a role to play in facilitating the reskilling and upskilling although we find very interesting that over the course of the last 7 years when we have measured how employers are thinking about this, we've seen that the percentage of employers have gone up from 21% to just 6 years ago when asked are you investing in training for your employees to 84% of your employers now saying we think reskilling and upskilling is truly one of the key issues for us and we are investing much, much more into that area.
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"It's not just displacement of jobs and whole new categories…each one of us will feel fairly major pressure reskilling within our existing jobs," said Zahidi, who noted that even she has gone through "skill churn" in her own role at WEF.
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It's the skills, stupid Besides the government foregrounding artificial intelligence (via official press briefing) as a technology it views as promising for fueling future growth of the UK's digital economy, the strategy puts marked emphasis on tackling digital inclusion in the coming years, via upskilling and reskilling.
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" She also wants to update the Digital Education Action Plan to increase access to digital literacy for young people and reskilling adults, such as by increasing the use of MOOCs (massively open online courses) in the area of digital skills — to "get Europe up to speed.
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Unveiled in July of this year, the President's National Council for the American Worker is dedicated to increasing opportunities for workers who lack college educations: reskilling older workers, expanding apprenticeship programs, and encouraging the private sector to step in and fund most skills-based workforce development programs.
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The Brexit crisis seems to require a bold, society-wide re-engineering that attacks inequality of opportunity, radically invests in education, reskilling and upskilling to grow participation in the digital economy, and a tax policy that works to dilute concentrated wealth to ensure economic benefits are more fairly redistributed.
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The non-tech skills that are also poised to define the digital era: The 3 most important executive hires all companies need to make in 2020 if they&aposre serious about digital transformationWhat top companies are looking for in tech applicants: How to get a job as a software engineer at Salesforce, and what to expect during the interview processHow the C-suite can prepare for the retraining push: A Columbia dean says corporations need to create a &aposchief reskilling&apos officer to help anticipate the workforce of the future.
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Saadia Zahidi is a Managing Director at the World Economic Forum. She heads the Forum’s Centre for the New Economy and Society. She co-authors the Forum's Future of Jobs, Global Gender Gap, Reskilling Revolution, and Global Human Capital Reports. She won the Financial Times and McKinsey Bracken Bower Prize for young business authors for her business book proposal, Womenomics in the Muslim World.
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As difficult and controversial as it may seem, retraining older and younger workers alike to prepare them to be part of a changing workforce will have a lasting impact on workers across the globe. Unemployed workers are at significantly greater risk for poor physical health, greater stress, alcoholism, marital problems and even suicide.Wisman, J. D. (2010). The Moral Imperative and Social Rationality of Government-Guaranteed Employment and Reskilling.
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387-393; M. Bendick, Jr. & M. L. Egan, "Transfer Payment Diversion for Small Business Development: British and French Experience," Industrial and Labor Relations Review 40 (July 1987), pp. 528-542; M. Bendick, Jr. & M. L. Egan, "Promoting Employer-Provided Worker Reskilling: Lesson from a Tax Credit System in France." Testimony, Joint Economic Committee, U.S. Congress, October 29, 1987; M. Bendick, Jr. & M. L. Egan, "Dislocated Workers and Midcareer Retraining in Other Industrial Nations, " in Kevin Hollenbeck et al.
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1990 – 1995 - Before the college was formally incorporated in 1996 it was a business process reengineering organisation involved in developing software, processes & training for BPR. During this time they were involved in large scale training and reskilling programs with several industrial groups. It was in these years that the organisation developed an insight into business processes and competencies required to execute these processes. One of the programs that was run by them was the Management Trainee program which was a one-year induction for fresh Management Graduates into various corporations.
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As Minister of Skill Development and Entrepreneurship, Pradhan launched many key initiatives focussing on reskilling and upskilling the manpower of India and focusing on bridging the skill gap for the Indian youth. During his tenure, the total number of Industrial Training Institutes (ITIs) increased by over 40% and student enrolment increased by over 28% till 2019. He brought in new paradigms in the regulatory environment by mooting National Council for Vocational Education and Training (NCVET) as new unified national regulator to improve quality assurance across entire skills ecosystem of the country. He forged partnerships with leading industry players like SAP, IBM, Adobe etc.
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The government development agencies saw electronics manufacturing as being a positive replacement for people made redundant through heavy industry closures and the associated training and reskilling was relatively easy to achieve. Like the bedrock of Silicon Valley was in semiconductors, Silicon Glen also had a significant influence in semiconductor design and manufacturing starting in 1960 with Hughes Aircraft (now Raytheon) establishing its first facility outside the US in Glenrothes to manufacture germanium and silicon diodes. In 1965 Elliott Automation established a production facility in Glenrothes followed by a MOS research laboratory in 1967. This was followed in 1969 by the establishment of wafer fabs by General Instrument in Glenrothes, Motorola (now Freescale) in East Kilbride and National Semiconductor in Greenock.
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