The World Economic Forum’s Reskilling Revolution initiative is making monumental strides in transforming the global workforce. Announced today, over 680 million people worldwide are benefiting from enhanced skills, education, and job opportunities. This achievement is a significant milestone towards the initiative’s ambitious goal of empowering 1 billion individuals by 2030.
Bridging the skills gap in a digital era
Saadia Zahidi, Managing Director at the World Economic Forum, emphasized the urgency of the Reskilling Revolution in light of the rapid changes in the job market. With an estimated 23% of jobs evolving over the next four years and 40% of work hours likely impacted by generative AI, the initiative focuses on equipping the global workforce with the necessary skills to adapt and thrive.
The Reskilling Revolution, launched in 2020, collaborates with over 350 companies and 20 Country Accelerators. It aims to provide individuals with the skills required for emerging industries, particularly focusing on green and digital jobs. This approach reflects the need to integrate environmental sustainability with technological advancements.
New commitments under this initiative include the US Department of Education’s Raise the Bar program, IBM’s Skillsbuild initiative, and the European Roundtable for Industry’s R4E project. These programs collectively aim to reskill millions, focusing on underrepresented communities and promoting inclusive growth.
Global collaborations for a skilled future
The initiative’s global reach is evident with the Philippines, Viet Nam, and Qatar joining 20 other Country Accelerators. These collaborations focus on tailoring education and skill development programs to the specific needs of each country, enhancing the employability of their citizens.
The Good Work Alliance, a coalition of 21 companies, aims to provide favorable working conditions for approximately 2.5 million workers. The Refugee Employment Alliance, co-chaired by UNHCR and Ingka Group, has made significant progress, hiring over 54,000 refugees in the last two years, with a commitment to hire 125,000 more by 2027.
Furthermore, the World Economic Forum’s Jobs Initiative, endorsed by CEO and Ministerial members of the Jobs Consortium, aims to develop Generative AI-driven job augmentation and transition strategies in 2024. This initiative will play a pivotal role in shaping the future workforce.
A recent report in collaboration with Capgemini identifies jobs suitable for remote work and forecasts 90 million global digital jobs by 2030. This projection indicates a shift towards a more interconnected and flexible global job market.
Key insights from industry leaders
Leaders across various sectors have voiced their support for the Reskilling Revolution. Jonas Prising, CEO of ManpowerGroup, highlighted the critical need for increasing employability in the digital age to bridge the gap between the skilled and the unskilled.
Claudia Crummenerl of Capgemini Invent pointed out the rise of global digital jobs, emphasizing the importance of right investments and policies for an inclusive future. Judith Wiese from Siemens stressed the necessity of involving people in the digital and green transformation to build trust and ensure economic prosperity.
Fred Pascual, Secretary of the Department of Trade and Industry, The Philippines, underlined the significance of sharing best practices and ideas through the initiative, rooted in science, technology, and innovation for sustainable growth.
The Reskilling Revolution is creating a paradigm shift in the global workforce, preparing individuals for the challenges and opportunities of the future. This collaborative effort between public and private sectors is key to building a resilient and skilled workforce, ready to meet the demands of an evolving job market.