New technologies, demographic shifts and the impact of Covid-19 on the labour market have been radically transforming the way that organizations conduct business and the type of skills their talent needs to help them thrive in this new age of work. Nearly 50% of companies expected that by 2020, automation will lead to some reduction in their full-time workforce, while more than half of all employees will require significant re- and upskilling. The Covid-19 crisis has exacerbated these trends, increasing the need for large-scale, informed and collaborative action.
This has created a burning platform for the development of innovative large-scale upskilling, reskilling and redeployment initiatives. Companies have both an opportunity and a mandate to be in the driver seat of this transformation, given that upskilling and reskilling at scale can enhance the economic dynamism of their businesses, at the same time as it can create an ecosystem that ensures all workers are employable and productive in the new world of work.
Through the Preparing for the Future of Work initiative, the Forum aims to promote a positive and proactive approach to navigating the future employment and skills landscape. It seeks to achieve this using growth-focused reskilling and upskilling initiatives, new talent pipelines, intra- and cross-industry smart redeployment of human capital, and strategies for socially responsible action in aid of those displaced by the current turn of events.
As part of the Reskilling Revolution Platform’s mission to provide better jobs, education and skills to one billion people by 2030, this initiative brings together businesses, civil society, and education and training partners to collectively drive coordinated action and address workforce transformations through intra- and cross-industry collaboration.
To that effect, the Forum has convened more than 200 senior executives and experts across nine industry-specific taskforces and continuously engages with new champions within these industries and beyond, to scale up action and impact of relevant efforts:
- Advanced Manufacturing
- Aviation, Travel and Tourism
- Financial Services
- Media, Entertainment and Culture
- Mining and Metals
- Oil and Gas
The three main objectives of the initiative are to:
- Enhance company capacity for informed action pertaining to the jobs and skills transformation
- Curate upskilling and reskilling programs to close skills gaps
- Create local reskilling and redeployment ecosystems for workers at risk