The combination of COVID-19 and an accelerating digital revolution has created a skills and jobs imbalance like never before. It will require a ‘reskilling revolution’ to solve this challenge.
David Henderson, Group Chief Human Resources Officer, Zurich
Digitalization, in tandem with the COVID-19 recession, is creating a ‘double-disruption’ scenario for many employees around the world. Firstly, there is the acceleration of new economy companies replacing employment opportunities in those more pressurized industry sectors. Some sectors are in high growth mode whilst others are in severe contraction and this is creating a skills and jobs imbalance like never before. Secondly, the acceleration of technological disruption and automation is also impacting every segment of the economy and the shape and scope of jobs. This digital and skills revolution is in turn changing our perspectives of where and how work gets done. All of this means that the availability of the right people with the right skills in the right place at the right time has never been a more important. This week, I was privileged to participate in a WEF Davos Dialogues discussion of these seismic shifts and what companies are doing to reskill and upskill employees in preparation for the future. Several things I took away from this session:
The importance of companies aligning around a global skills taxonomy in order to create transparency and connectivity (The WEF Global Skills Taxonomy published this week is a welcome major step forward)
The duty companies have in stepping up to support the vocational skills and experience-based development of younger people transitioning from education. displaced knowledge workers, long term unemployed and under-represented minorities
Greater public and private sector collaboration through education coalitions, learning consortia and online career networks
The role of mindset shifts being every bit as critical as skillset shifts and figuring out ways to connect people and impart skills in ways that get people ready building the right skills that map to their aspirations
The role of AI and machine learning tools to help people navigate decisions in a fact based way
I’m very proud that Zurich is committed to supporting our people as we face the future together. Our work sustainability commitments are strong evidence of this as we look to take our people on the journey with us to build the skills they will need for the future predicting the impact of change on current and future jobs and getting ready for changes to the shape and location of work. We are also actively providing job opportunities through our entry level programs bringing education and employment together. The world of work is evolving at an unprecedented pace and we’re doing all that we can to imagine it, define it and prepare ourselves for it.
