In today's rapidly changing job market, individuals and businesses alike are facing the need to adapt to new technologies and evolving skill requirements. One key strategy for meeting this challenge is through upskilling programs, which provide individuals with the necessary skills and knowledge to succeed in new roles and help businesses to fill skills gaps within their organizations. The impact of these programs extends far beyond individual career growth, as upskilling can lead to job creation, increased productivity, and overall economic growth.
According to a report by the McKinsey Global Institute, up to 375 million workers (or roughly 14% of the global workforce) may need to switch occupational categories by 2030 due to automation and other technological changes. Upskilling programs can help to facilitate this transition by providing workers with the necessary skills and knowledge to succeed in new roles.
Furthermore, a study by the World Economic Forum found that upskilling and reskilling programs could create up to 95 million new jobs globally by 2025. The study also found that these programs could lead to a $6.5 trillion boost to global GDP. These statistics demonstrate the significant economic impact of upskilling programs.
Despite the benefits of upskilling, a survey by LinkedIn found that only 41% of employees have access to the necessary training and development opportunities. However, 93% of employers believe that upskilling programs are crucial for closing skills gaps in their organizations. This disconnect highlights the need for employers to prioritize employee development and for individuals to actively seek out training and development opportunities.
The need for upskilling programs is particularly urgent for individuals with low levels of education or skills, who are at the highest risk of being displaced by automation. A report by the Organization for Economic Cooperation and Development (OECD) emphasizes the importance of upskilling for these individuals, who can benefit from the opportunity to acquire new skills and mitigate the risk of displacement.
Successful upskilling programs can have a significant impact on job creation and economic growth. For example, Al Hussein Technical University in Jordan, in collaboration with the Ministry of Digital Economy, recently concluded an upskilling program aimed at equipping university graduates with the necessary skills and competencies to succeed in the job market. At the end of the program, over 80 companies participated in facilitating job placement for the program graduates. This example demonstrates how upskilling programs can help to bridge the skills gap and create job opportunities for graduates.
Investing in upskilling programs is not only essential for individuals and businesses but also for the overall economic growth and prosperity of a country. At RAQMI, a growth marketing company, we recognize the value of upskilling and its potential to drive positive change. As a partner in the recent upskilling program at Hussein Technical University, we helped to acquire program participants and connect them with companies, contributing to the success of the program and the professional growth of its graduates.
Other successful upskilling programs around the world include the SkillsFuture program in Singapore, which has led to a 3.2% increase in labor productivity and a 1.6% increase in GDP growth, according to a study by the National University of Singapore. Additionally, a study by the National Bureau of Economic Research found that participation in job training programs in the United States leads to a 7-15% increase in earnings over the next five years
In conclusion, upskilling programs are crucial for ensuring individuals and businesses can adapt to changing technologies and evolving skill requirements in today's job market. These programs can lead to job creation, increased productivity, and overall economic growth. Governments, businesses, and individuals must work together to invest in upskilling programs to build a strong, resilient workforce and ensure a prosperous future for all