Pre-COVID analysis found that nine out of ten employees will need to reskill by 2030. But what has changed since the pandemic hit?
The CBI’s new report Learning for life: funding world class adult education, based on McKinsey & Company analysis, found that 90% of the workforce will need to reskill by 2030 at a cost of £13bn a year. The report set the challenge for the UK to significantly increase investment in adult training and called for a partnership between business and government to deliver this.
But the labour market has now fundamentally changed, and COVID-19 is pushing firms to their financial limits. But this shouldn’t mean reskilling takes a backseat; estimates from recent survey data suggest that in the period between March and May, consumers and businesses leapt five years ahead in digital adoption. The UK must use this momentum to drive a national reskilling effort.
On the ground, we’re hearing from businesses that they remain committed to reskilling. There’s no doubt that HR functions have been particularly stretched this year – with new working practices,
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