New research, conducted by the Confederation of British Industry (CBI), has concluded that nine out of every 10 employees will have to engage in some form of reskilling by 2030, costing the Government £130 billion. The report predicts that around 26 million workers will require upskilling as their role evolved, whilst a further five million will require more fundamental retraining.
The report highlights four key issues that the Government and businesses must work together to tackle:
- Investment in workplace training has stagnated in the last decade, but needs to increase.
- SMEs face barriers, including lack of scale and high fixed costs for training, that can prevent them from increasing investment in training.
- The current training landscape is complex and does not support the large scale reskilling the UK requires.
- Individuals in at-risk automation occupation groups don’t believe that their roles will be impacted by technology, and people looking to retrain struggle to find quality information on the right jobs and training to take up.
To see the report’s recommendations, or read the full report from CBI (October 2020), click HERE.