Companies and local governments can unlock opportunity by working together to raise the quality of talent.
The industrialised world is facing a skills crisis. Automation is threatening many existing jobs – yet there’s also a shortage of qualified talent for the new digital economy. Writing for Strategy+Business, Laurent Probst and Christian Scharff say these two trends have broadened the gap between the employees of the present and the workforce of the future – resulting in an interest in upskilling.
WHAT IS UPSKILLING?
The term upskilling refers to the expansion of people’s capabilities and employability to fulfil the talent needs of a rapidly changing economy. An upskilling initiative can take place at the level of a company, an industry, or a community. Upskilling is not the same as reskilling, a term associated with short-term efforts undertaken for specific groups (for example, retraining steelworkers in locksmithing).