Companies and not countries need to take charge of equipping workers to take on the impending age of automation. Reskilling and retraining ought to be important fixtures in future corporate training rounds. A report concluded by the McKinsey Global Institute suggests that about a seventh of the world’s working population, roughly three-hundred and seventy-five million people could get displaced due to automation pressures. There have been shifts in the past, such as when the Industrial Revolution precipitated the move away from agriculture to manufacturing, and in the last century with outsourced jobs to China. This change though could be the most drastic yet. This is particularly alarming when public spending on training labor-force has declined in the OECD bloc. Talent recruitment systems also need to be redesigned to take in people with newer skill sets, as will be the case especially in Europe and North America, as newer job profiles emerge. Americans are more inclined towards believing in fresh recruitments rather than retraining, while a mixed approach is preferred by people in Europe.

Source:https://www.mckinsey.com/global-themes/future-of-organizations-and-work/retraining-and-reskilling-workers-in-the-age-of-automation?cid=soc-web

Uploaded Date:13 February 2018