We are witnessing rapid job destruction and creation super-charged by COVID-19. The case for reskilling has never been more compelling, but it will require all of us to play a part.
David Henderson, Group Chief Human Resources Officer, Zurich
The Davos Dialogue panel discussion on Skilling the Global Workforce explored the paradox set out in the WEF’s Future of Jobs Report that 43% of businesses are set to reduce their workforce, while at the same time, 34% plan to expand their workforce due to technology integration. It is clear the trends we have seen in both rapid job destruction and creation have been super-charged by COVID-19.
The pandemic has massively accelerated the transfer from physical to digital solutions in the world of work. This has also meant that millions of workers in certain pressurized industries have either already lost their jobs or are at heightened risk of doing so. Indeed, latest figures show that 81 million people have become inactive in the last year.
At the same time the imbalance of skills, in terms of supply and demand, and especially the polarization digital “haves” and “have-nots”, threatens to leave many more millions disenfranchised by the new economy post-COVID. Left unaddressed, this issue, threatens to create global inequalities that will undermine efforts to create a more financially and socially inclusive society.
The case for reskilling has never been more compelling and it is an effort that will require all of us to play a part: individuals, companies, educational establishments and governments alike. In particular, the hundreds of millions of people around the globe, who don’t have access to reliable broadband internet, must not get left behind as we build back better. Sadly, almost four billion people across the world are without even basic internet access.
Addressing societal issues
It’s an acute issue in lower GDP countries and one that requires that global, political leaders consider urgent stimulus, be it debt relief or other measures so that these countries are not left further behind as they look to fund their education systems and invest in digital skill-building. Yet digital inequality is also an issue on the doorstep of the western hemisphere impacting the less privileged segments in developed countries; for example, I was touched to see a recent report from the UK, focused on low-income families who have been unable to provide their children with the basic tablets or laptop devices needed for them to engage in home-schooling.
We simply have to find ways, through corporate and private-sector collaboration, to work together to address these societal issues and ensure that digital tools and training are provided to those in our communities who need them. We simply cannot fail them.
In the same way, we must all of us, take on board the same level of responsibility when it comes to our current employee base. People who are at risk because of obsolete skills must be supported. Employers must work diligently to provide the right tools, training and support so that we take all our people with us on our joint reskilling transformation. As a global insurer and multi-national employer, Zurich has a shared responsibility for ensuring people have the confidence and the ability to prosper in an increasingly digital society.
Work Sustainability
Online learning and training have grown dramatically during the COVID-19 pandemic. Supporting and encouraging learning is a cornerstone of Zurich’s 2021 people strategy. In preparation, we have invested significantly in learning platforms and programs. And through our stated Work Sustainability principles, we are committed to prioritizing internal over external recruitment, rejecting unsustainable behaviors and offering career choices that match talents and ambitions, as much as current and future market needs.
We have also introduced practical workforce planning tools to help define the skills of tomorrow and are building digital solutions to help our people take personal accountability for building their skills, consistent with our future needs. Beyond that, we have youth employment initiatives around the globe, reaching into local communities, aimed at helping young people to develop the skills of the future. I’m extremely proud of Zurich’s vocationally focused apprenticeship programs in countries like Switzerland and Germany – these are highly valued and represent important building blocks for young people looking to build practical skills as they enter the world of work.
Skilling the global workforce requires collaboration and commitment from all employers, so that we all move ahead together with optimism, and that we’re able to use the power of technology to serve everyone, regardless of their current situation. The global business case for reskilling is a compelling one and, as this week’s WEF report shows, investments in this area will yield trillions of dollars in value for the global economy. The same arguments hold true for employers, and I’m confident that those who invest in their people will thrive and succeed far into the future.
Delivering reskilling is not only the right thing to do for our people, it’s good business sense too. We need to join forces and step up together to address what will be one of the most defining challenges of the coming years. If we do that, with a shared sense of priority and focus, I feel optimistic that we can make the world, and not just the world of work, a better place.
