In the face of the pandemic’s disruption of the job market, the concept of “reskilling” or lifelong learning has taken center stage, exposing our insufficient preparation for such a scenario. The current situation offers an opportunity to revamp our approach to reskilling, with a potential key role for higher educational institutions to disrupt the industry currently dominated by private recruiting and training companies.
- Reskilling is about fostering a better future where workers possess the skills needed to succeed in fluctuating job markets. The World Economic Forum indicates that investing in reskilling could potentially boost global GDP by $6.5 trillion by 2030.
- The “Great Resignation” led to an increase in higher education enrollment, with edtech companies challenging traditional degree programs with shorter, more specialized training courses.
- Employers are leveraging edtech apps and programs for professional development and retention of valuable workers. Approximately 70% of employers believe higher education providers should play a bigger role in job training.
- Establishing successful partnerships with educators, universities, and other pedagogically-driven institutions can offer companies a competitive edge. This requires focus on scaling and replicability, alignment of skill-based outcomes, data sharing, and success measurement.
- The era of learning coincides with an increased emphasis on self-care and healthy work habits. Employers need to create a company culture that attracts and retains purpose-driven employees, and investing in the ongoing education and development of employees is a strategic business decision.