The report suggested that adopting a more human-centric approach to human capital development could accelerate the GDP growth in a given country by between 0.5 per cent and 2 per cent. It pointed out that skills mismatch already impacts over 50 per cent of employers.
Human-centric skill development can boost GDP growth by up to 2 per cent, a report released on Tuesday here stated. The report by global management consultancy Boston Consulting Group (BCG), WorldSkillsRussia and energy company Rosatom was presented at the World Skills Conference 2019 in Kazan amid rising concerns over how to address the dramatic shift in employment caused by new technologies and business models, as well as rapid and continuing urbanization.
The report suggested that adopting a more human-centric approach to human capital development could accelerate the GDP growth in a given country by between 0.5 per cent and 2 per cent. It pointed out that skills mismatch already impacts over 50 per cent of employers.
“By 2030, 1.4 billion workers will not have the right skills for their jobs. A third of all existing professions are expected to change by 2035 with the expansion of IT, AI and robots,” it said. According to a recent IMF study, because of the increasing gap between skills of the current global workforce and the skills businesses need to adapt to technological and market changes, 6 per cent of the world’s GDP, or USD 5 trillion, is lost every year.
Source: Financial Express
