- The report forecasts that 61 per cent of the current workers will require retraining between now and 2027.
- Further four million new technology-enabled roles will be added to the global labour pool in the same timeframe on the back of digital transition.
Globalisation, digital transformation and automation are creating a skilled worker shortage and an unprecedented need for re-skilling and up-skilling, the World Economic Forum now says.
In its latest Future of Jobs Report 2023, the lobby says this could be a great opportunity for non-degree holder workers who have been hit hardest by labour market disruptions in recent past.
"The digital future demonstrates the potential for industry micro-credentials, the short term learning experiences, and skills-based hiring to close skills gaps and address labour shortages," WEF says.
It adds that the two will also help both the degree holder and non-degree holder workers, who were displaced in the wake of Covid-19, to access new jobs of the future.
The report further forecasts that 61 per cent of the current workers will require retraining between now and 2027.
"Four million new technology-enabled roles will also be added to the global labour pool in the same timeframe," the report reads in part.
It attributes this to the shifting labour market, enabled by digital connectivity forcing employers to embrace skills-based hiring and micro-credentials to address skilled talent shortages at scale.
The lobby says skills-based learning can provide an equitable and fast-tracked path to new careers for job seekers while expanding and diversifying talent pipelines for employers.
However, for the already displaced workers seeking new platforms, the lobby says they will need flexible and affordable re-skilling pathways to successfully transition into new digital jobs.
Data by the Kenya National Bureau of Statistics (KNBS), shows about 1.7 million jobs in the country were lost during Covid-19 lockdown, numbers that are yet to be recovered to date.
Heading forward, and looking towards getting back to pre-covid employment levels, the lobby reiterates that the qualified talent shortages created by new and rapid technological shifts will be among the ride-on by employers to bring more people into the labour market.
"This would cause employers look beyond traditional hiring pools and degree requirements to fill open roles," the lobby says.
This is backed by a survey on students and employers which revealed that 90 per cent of the students believe micro-credential will help them stand out in the hiring process, whereas employers said they are 76 per cent more likely to hire a candidate with an industry micro-credential.
Globally, companies, including Google, IBM, and EY, have adopted skills-based hiring to expand and diversify their talent pipelines.
About 97 per cent of employers are therefore considering to follow suit as several US states have also removed bachelor’s degree requirements, to unlock talent pipelines to public sector jobs.