In the last few years, a number of respected organizations have aimed to better understand what reskilling really means in terms of content, format, and financial investment. Let’s call out what’s unique about reskilling: “It’s not just about a medium of learning but rather about learning in service of an outcome, which is usually the successful transition into a new job or the ability to successfully take on new tasks,” according to Glenda Quintini, a senior economist at OECD
All employees should have access to some kind of career development support, funded through a mix of personal contributions, employer investment, and state sponsorship. Some countries are already leading the way. Today, we believe this need is no longer just a recommendation, but a necessary step to economic recovery. The good news is that some investments in reskilling are already in the works. In the last year, many of the world’s largest employers have made pledges to help their workforces build new skills. Amazon announced a $700 million fund to reskill 100,000 workers. Orange, the French telecoms giant, announced an investment of €1.5 billion for a similar initiative. And PwC, the global professional services firm, tops those with an investment pledge of $3 billion.
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