Bridging skills gap crucial – Colliers

BRIDGING the current skills gap is critical as several industries continue to evolve technologically, global real estate management firm Colliers said.

This comes as the Covid-19 pandemic has fast-tracked the existing global trends of embracing modern technologies which, in turn, has made other workers worry about their jobs with automation trending.

“Organizations are now increasingly using technology to automate tasks to save time and money, spelling worry among workers about the security of their jobs,” Colliers Office Services-Landlord market analyst Tricia Pacete said.

She continued that with the constant challenge of acquiring the right talent and the shortage of workers equipped with relevant skills, several organizations are investing in upskilling and reskilling their workforce.

“According to the World Economic Forum’s Future of Jobs Report 2020, employers expect to displace 6 percent of their workforce due to the reduction of redundant roles by 2025,” Pacete remarked.

“Therefore, to stay relevant and competitive in the ever-shifting labor market, it is estimated that one out of every two workers needs to reskill, and the rest who remain in their current roles must upgrade 40 percent of their skill set,” she added.

The report also showed that organizations will need to train 70 percent of their workforce to ensure they can smoothly transition to the jobs of tomorrow.

Moreover, businesses are also shifting toward sustainability, future jobs will not only open new opportunities for engineers and highly skilled technicians; they will also create millions of green jobs and careers.

As the world of work shifts away from inefficient tasks, Colliers concluded that employers and employees should explore ways on how they can adapt to the new demands and new processes.