The Global Reskilling Revolution

Advancements in technology are changing the way we think about skills education and attainment, catalyzing a widespread reskilling movement to update the knowledge bases and technical abilities of the global workforce. According to the Organisation for Economic Co-operation and Development (OECD), within 15 years, new automation technologies will cut out 14% of jobs globally and wholly transform 32% of them. With artificial intelligence (AI), machine learning (ML), robotic process automation, and digitalization disrupting the corporate landscape, roughly 375 million are expected to migrate to new work roles.  

The shift is similar to the early 20^th century where a workforce transformation occurred from the agricultural to the manufacturing sector. However, this change took place over decades, allowing a smooth transition to new fields. In comparison, the current transformation is occurring at a breakneck pace that could result in millions of workers around the world being left behind. 

The advent of these next-generation AI and computing technologies, stakeholders from across the public, private, and civil society sectors are embarking on a massive rethink on how workers can gain the new skills they need to harness the full potential of cutting-edge innovations and adapt to a changing jobs market. 

If these skills gaps are left unaddressed, G20 countries could be risking a potential $1.5 trillion of GDP growth over the next decade. Corporates are urgently gearing up to equip their workforce with skills necessary to cope with the changed workspace by allocating huge budgets dedicated to upskilling their workforces, amounting to as much as 1.5% of their annual revenue.

Collaborating to reskill the workforce 

Reskilling the global workforce is a monumental task for any entity to achieve by itself. Transforming the workforce and equipping them with future ready skills to thrive in the current corporate landscape will require collective efforts at the local, regional, and national levels. This involves collaboration between governments, academia, and other institutions playing distinct roles. 

Governments, think tanks, and policymaking wings must ensure that reskilling programs are inclusive enough to enable citizens to cope with demands and new rules of the digital economy. These institutions should be able to lead the discussion on the impact of technology and future of work, and support efforts to establish skills taxonomies to guide where investments are most needed. Institutions can further effect this change by also partnering with academia and private sector partners to identify skills gaps and pool resources to ensure widespread access. 

One such example can be seen in the European Union’s €8.1 billion Digital Europe Programme (DIGITAL), aimed at bringing digital technology to businesses, citizens, and public administration. The program provides strategic funding and supports projects in key areas, but most importantly for the advancement of digital skills across economies and all levels of society. The program also provides targeted support for small and medium enterprises (SME) through its network of European Digital Innovation Hubs (EDIH) SMEs tend to lag their larger counterparts when it comes to investing in digital upskilling, an issue that EDIH aims to tackle by expanding ready access to technical expertise and testing, and skills development. 

Further afield in Asia Pacific, the Singaporean Ministry of Education (MOE) launched its popular SkillsFuture program in 2015 to promote lifelong learning through subsidies and skills development opportunities. The program is part of the government’s overarching efforts to futureproof its economy and drive widespread digitalization. 

In late 2024, the SkillsFuture agency announced its Level-up Programme (SFLP), a special addition to the program aimed at equipping mid-career Singaporeans with skills to deal with the disruption effected by new-age technologies. Through SFLP, all Singaporeans aged 40 years and above will receive a SkillsFuture Credit top-up of $4,000 to support upskilling requirements and catalyze better employment outcomes. 

Both these programs help demonstrate how governments, public, and private institutions can work to align investments and skills development towards developing workforces that are digitally skilled and able to continuously learn. 

Potential obstacles and solutions 

Corporations understand the need to embrace learning and development but have been setback by a lack of knowledge on how and where to scale up their skills programs. This reality is only made worse by human resource departments’ competing priorities, limited time, and resources. Even though employees may be open to learning new skills through online learning modules, their schedules are often tight hindering the upskilling process. 

Governments, academia, and institutions must identify the most relevant skills and prioritize the allocation of budgets and resources to ensure upskilling of the workforce. Two-way communication mechanisms will provide feedback on development of relevant content and effective modules for enhanced learning experience. 

Reskilling should be viewed as complementary to basic education and not a substitute. At the center of the digital revolution, governments must prioritize creating, modifying, and improving skilling programs to futureproof the society. 

Photo Caption: Corporates are urgently gearing up to equip their workforce with skills necessary to cope with the changed workspace by allocating huge budgets dedicated to upskilling their workforces.