Four trends contribute to changing demand for labour, quality, skills: report
The majority of employers across the world are re-training or upskilling their internal staff as part of measures to address changing skill needs, according to a new report.
The Global Labour Market Conference (GLMC) study found that over 60% of employers in 14 countries have opted to re-train or upskill their workers to address changes brought by four major megatrends.
These include the globalisation of markets, shifting dynamics, rapid technological advancements, and actions against climate change - all of which contribute to the changing demand for labour, quality and availability of jobs, as well as skills and qualifications that contribute to the workforce.
The move to upskill employees in the wake of these changes fulfils one of the global trends predicted at the start of the year, which said upskilling would be critical in the wake of developing workplace trends.
Meanwhile, the report also found that employers are addressing changing skill needs by changing how work is organised (45%).
"Reorganising work may involve restructuring tasks, workflows, and sometimes even the physical workspace to optimise efficiency and collaboration," the report read.
"This may include adopting new technologies, shifting to agile methodologies, or implementing flexible work arrangements. Such changes are often aimed at creating a more dynamic and responsive work environment that can quickly adapt to new challenges."
As the new year ushers in, the respondents believe that employers are likely to follow a similar strategy in addressing changing skills demand.
Nearly half of the respondents believe employers will likely keep retraining existing employees and will be expecting them to pick up skills on the job.
"The expectation that businesses should support skill needs through training or on-the-job skill development is rooted in recognising that employers also benefit from a skilled workforce," the report read.
According to the report, this expectation is also consistent with the concept of "firm-specific human capital," where employees' acquired skills are valuable to their current employer.
"Businesses, therefore, have an incentive to invest in the training of their employees to improve performance and retain talent, which in turn can lead to a more competitive position in the market," the report reads.
