Skill mismatches amount to a 'hidden tax'

Global skill mismatches are "imposing a 6% annual tax on the global economy in the form of lost labor productivity," according to a Jan. 15 report from Boston Consulting Group (BCG). Part of the problem is that skills are becoming obsolete at an increasingly fast rate, BCG said. This increases demand for reskilling and upskilling, but "[t]he system for building human capital needs to be updated," said Leila Hoteit, a BCG senior partner and co-author of the report, in a statement. BCG said these changes have driven several new demands: 1) a need for employees to possess the cognitive and noncognitive skills necessary for adapting to changing requirements; 2) a need for individuals to take responsibility for their own professional development; and 3) a need for collaboration between employees, employers, governments and education systems.

Spotlight

Other News

Dom Nicastro | April 03, 2020

Read More

Dom Nicastro | April 03, 2020

Read More

Dom Nicastro | April 03, 2020

Read More

Dom Nicastro | April 03, 2020

Read More