Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Friday, Mar 29, 2024

Future of work requires employees with future skills now

Future of work requires employees with future skills now

Automation and technological advancement are speeding up, the sooner employers reskill and upskill the workforce, the better they are prepared for the next wave of transformation.

It has been more than a year since the outbreak of COVID-19 and much has changed. Drones, AI and automation have been mobilized and took up human tasks during lockdowns, technologies have played a vital role in keeping economies and society running during the pandemic. Automation and technological advancement are speeding up, whether people are prepared or not. The sooner employers and the workforce realize and accept there is a need for reskilling and upskilling, the better they will be prepared for the big change we do not know what it will be yet.

The World Economic Forum (WEF) estimated that by 2025, automation may displace 85 million jobs through a shift in the division of labor between humans and machines. The WEF has also labelled this upcoming period as the “Reskilling Revolution” and estimated that 97 million new roles may emerge to address the shift in this same period1. Online learning and training are also on the rise, there has been a four-fold increase in the numbers of individuals seeking out opportunities for learning online2.

During the pandemic, virtual learning increased from 31% of total hours in FY193 to 55% in FY20 as EY people developed their skills while working from home. In FY20, EY invested over US$450 million in formal learning for its people globally.

Agnes Chan, Managing Partner, Hong Kong and Macau, EY says, “We care about how our people will fare in the future of work. That is why at EY, we have EY Badges – an array of online programs which our people earn digital credentials in future-focused skills. It is encouraging that more than 4,500 EY Badges were awarded to our Greater China people4; and 100,000 to EY people globally5. Learning covers a wide range of subject areas from AI to robotic process automation, blockchain, and so on. It not only nurtures a culture of curiosity and self-growth among our people but also helps retain talent when our people know EY invests in them and wants them to be successful.”

On top of that, in July 2020, EY launched the first-ever fully accredited corporate MBA, EY Tech MBA, in collaboration with Hult International Business School. It is available regardless of role or position and entirely for free to all 300,000-plus EY employees in over 150 countries and regions.

On average, organizations estimated that around 40% of workers will require reskilling of six months or less; and 94% of business leaders expected employees to pick up new skills on the job, a sharp increase from 65% in 2018. The accelerated pace of technological advancement rendered organizations having skills shortage they did not even know they needed five years ago6.

With roles changing, it will be too expensive, time consuming and unrealistic for employers to keep hiring new employees with every new skill required. It is more pressing now than ever for C-suite executives to start acknowledging and identifying the skills gap among their employees, and developing innovative learning programs to reskill their employees which will equip their businesses for the future.

Newsletter

Related Articles

Hong Kong News
0:00
0:00
Close
It's always the people with the dirty hands pointing their fingers
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
×