The World Economic Forum (WEF) highlights the development of the Fourth Industrial Revolution in the workplace which involves enhancing new skills and tasks in an industry-led action for the future of work.
As the Fourth Industrial Revolution impacts skills, tasks and jobs, there is growing concern that both job displacement and talent shortages will impact business dynamism and societal cohesion. On one hand, a large part of the labour market will be impacted by intelligent systems and automation. On the other hand, technological integration will change the business models of industries, giving rise to a number of emerging jobs. A proactive and strategic effort is needed on the part of all relevant stakeholders to manage reskilling and upskilling to mitigate both job losses and talent shortages.
WEF find a compelling financial and non-financial “business case” for companies and governments to re-skill at-risk workers. More broadly, we find that companies across all industries should consider a tripe investment today - reskilling-at-risk workers, upskilling their broader workforce and building structures for a learning organisation - to prepare for both the short-term and long-term future of work. Human capital is a crucial asset to any business as it is human skills, creativity and capability that will form the competitive edge for any organisation.