The impacts of the COVID-19 pandemic on the global economy and people’s lives have been devastating. Unemployment on a massive scale will go hand in hand with an exponential rise in national debts, which in turn will constrain government relief for the unemployed and will increase the tax burden for businesses and most citizens. The challenge across generations will be to find ways to improve individuals’ prospect of employability in this environment. The good news is that there are courses to chart that will help.
Identifying and nurturing the right skills for this new world will be key. Even before COVID-19, CEOs were concerned about finding, keeping, and developing the talent needed for the modern world. This concern is unlikely to abate even as we enter an economic downturn. That’s why many organizations, including PwC, are committing to upskilling and reskilling all their employees.
Changes in the nature of work and the working world that are accelerated by technology and demographics will affect four specific groups of people at different stages in their careers. Understanding these trends will help workers identify ways to adjust to the changing environment and even give confidence to those who are struggling to cope with the disruption of technological change and the shock of the pandemic.
The first group is the young: those just leaving college whose usual job prospects are now in doubt because of the recession, and those who are burdened with student debt. The second group is midcareer workers who face the pressure of a variety of financial obligations and potential job loss as the economy struggles, and who feel ill prepared to adapt to the speed of technological change. The third group is those who are close to retirement age but may not have adequate savings or sufficiently robust pensions and therefore will need to continue working.
Source: Strategy + Business