This article was first published in World Economic Forum and is available via subscription.
The exponential pace of technological change is diminishing the longevity of skills. Currently, more than 50% of the global workforce needs to upskill or reskill to stay relevant. Failing to address this issue may lead to a loss in global GDP of up to $15 trillion. But which skills are needed? And how can educational institutions ensure that individuals learn skills that fit industry requirements?
BCG’s Sagar Goel, Joerg Hildebrandt, Leila Hoteit, and Sriramprasad Rangarajan find that governments are uniquely positioned to address the skills challenges. By acting as an ecosystem orchestrator, governments can develop a digital skills platform that is accessible to all stakeholders, incentivize a mindset shift toward lifelong learning, and invest in training individuals in workplace and industry-specific skills. But to avoid significant global GDP losses, governments must act now.