+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

The same word popped up repeatedly during our meetings at Davos. Here's what it is - and how 6 experts see it permanently transforming business as we know it.

Jan 24, 2020, 20:14 IST
Reuters / Denis Balibouse
  • Workforce "upskilling" was a major topic at discussion at the 2020 World Economic Forum in Davos.
  • The word popped up during most of Business Insider's conversations with executives, investors, and strategists.
  • We compiled comments made by six high-ranking individuals - five of which are adamant that upskilling is the future of business growth, and one that vehemently disagrees.
  • Click here for more BI Prime stories.

DAVOS, Switzerland - During most conversations at the World Economic Forum in Davos, it was only a matter of time before the discussion shifted to a single hot-button topic: retraining our workforce to embrace new technologies - a process known as upskilling.

While upskilling is not necessarily a new theme, the 2020 WEF marked the first year it was firmly mainstream - at least by many accounts. Executives, investors, and strategists alike gravitated towards it when asked about the global landscape, and how businesses and economies can keep growing amid mounting uncertainty.

Much of the discussion around upskilling has been a direct result of fears that technological innovation and the rise of artificial intelligence will displace a portion of the current workforce - concerns that the vast majority of experts interviewed by Business Insider quickly dismissed.

The general idea espoused by these leaders was that the workforce simply needs to be adapted to complement new technologies. If workers are trained to understand these tools, they can develop fresh skills and find new applications for existing ones.

Advertisement

To hear some executives say it, upskilling is also a way to retain employees and keep morale high. They say most workers want to challenge themselves and evolve their skill sets, which is an outcome that upskilling enables.

Others argue that technological innovation - combined with upskilling - will create even more jobs and boost overall corporate profitability.

Below are comments collected from six experts interviewed by Business Insider, each of which weighed in on upskilling. Five of them were effusive in their praise for the practice, while one was far more cynical about the future it offers.

You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article