Upskilling Employee Potential Can Prove To Be a Virtuous Move to Improve the Global GDP Rate By 2030

In a bid to control the ongoing economic slowdown across the globe, a survey report revealed that upskilling employees can be a good move to control it in the coming years.

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Upskilling Employee Potential Can Prove To Be a Virtuous Move to Improve the Global GDP Rate By 2030_the Policy Times

India stands very close to the US in additional employment potential. And thus, a little bit of skill up-gradation of the deserving candidates might result in the boost of the economic condition of our country. While India stands at position 2 and has almost 23 lakh employee upskilling potential, the US holds the Numero Uno position of holding almost 27 lakh employment upskilling potential. By bringing this into effect, the global economy may get a boost of approx. $6.5 trillion within 2030.

Digitization is changing the look of the job market

The onset of digitization in today’s time has forced people to learn new skills to match up with their existing skills. Today, having digital knowledge is the key to the success of every employment hierarchy. PwC global chairman Bob Moritz said, “Even before COVID-19, the rise of automation and digitization was transforming global job markets, resulting in the very urgent need for large-scale upskilling and reskilling. Now, this need has become even more important”. The upskilling may result in a $6.5 trillion economy boost up by 2030.

Related Article: Big Digital Payment Platforms PhonePe and Google Pay Likely To Get Hit From January 2021

Pandemic and lost jobs to enhance skill learning opportunities

The ongoing pandemic has affected the world majorly and most sectors have suffered job loss heavily. Thus, to restore the economic fall down, new skills need to be implemented amongst the people so that they can carry on with their existing portfolio even after suffering a pandemic. Saadia Zaahidi, a member and managing director of the world economic forums says, “Millions of jobs have been lost through the pandemic while accelerating automation and digitization mean that many are unlikely to return. We need new investments in the jobs of tomorrow, the skills people need for moving into these new roles and education systems that prepare young people for the new economy and society”.

A reskilling revolution is the need of the hour now

The reskilling of the existing employees and the encouragement to learn new skills of the youth is the only solution to overcome this problem. Thus, a reskilling revolution is what the “need of the hour” is now. “Investment in job creation, particularly climate-friendly jobs, is the key to ensuring a Reskilling Revolution, and concerted action by governments and by the business is needed urgently”, said Sharan Burrow, the ITUC general secretary.

 

The PolicyTimes suggestion

  • There is a varied scope of learning today in the world of digitization. And thus the chances of upskilling also become higher as compared to what was there some few decades ago. Thus, the government authorities must look out for the fact that these skills and opportunities are provided to employees who are working in different industrial sectors.
  • Also, there are more creative learning and career opportunities today, apart from the usual “doctor, engineer, lawyer” goal set of people. Not only parents but teachers and guardians must encourage children to take up new skills apart from their regular school and college courses to upskill their employment abilities.

Reference article: https://www.hindustantimes.com/education/employment-news/investment-in-upskilling-can-boost-global-gdp-by-6-5-trillion-by-2030-report-101611558556755.html

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Upskilling Employee Potential Can Prove To Be a Virtuous Move to Improve the Global GDP Rate By 2030
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In a bid to control the ongoing economic slowdown across the globe, a survey report revealed that upskilling employees can be a good move to control it in the coming years.
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The Policy Times
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