Reshaping Approaches to Human Capital
Rethinking the dynamics of workforce investment has never been more relevant. 2020 has started with a disruptive pandemic, forcing countries in deep lockdowns amid efforts to save lives and prevent healthcare systems from being overwhelmed. There are already indicatorsâ€“ at least in the short term â€“ of economic downturn and a rise in unemployment. However, we are still only learning about how deeply the pandemic will affect daily life. Itâ€™s an opportune time to look at empowering the workforce.
This edition of Inovantage report sheds a specific light on the areas to invest into in order to future-proof the workforce. The report analyses global trends in workforce development and participation, but it focuses on the Central Europe and MENA region, including Greece, Poland, Czechia, Slovakia, Hungary, Slovenia, Croatia, Romania, Bulgaria, Serbia, Turkey and the United Arab Emirates.
Workforce Investment Report – Key takeaways:
- More skilled workers lead to better productivity, better individual incomes and more security in a flexible labour market.
- Futureproofing the skills of workers reduces shocks caused by technological change and leads to pro-active adaptation.
- Workforce skills are an asset for individual organizations, making investments in reskilling and upskilling rewarding in the long run
- Flexible working allows under-represented groups to better access the labour market, all while reducing the risk of long-term unemployment.
- Many countries lag behind in adopting flexible working practices, but the post-pandemic recovery could include significant changes to the workplace.
- For true flexicurity, social security systems need to change and adapt to the new labour market.
- Lifelong learning represents a broader form of upskilling and reskilling, often regulated as part of public policies.
- Lifelong learning is needed in order to prepare societies for technological change and an ageing workforce.
- Lifelong learning benefits all major stakeholders in the workplace, including employees, employers and public authorities.