The intersection of AI, automation, and the evolving nature of work means that millions of workers worldwide will soon need not just upskilling but complete reskilling. This assertion, the result of research by Harvard's Digital Reskilling Lab and BCG’s Henderson Institute, points to a transformation in how companies and societies will have to approach skill development. Their interviews with 40 global organizations revealed five pivotal paradigm shifts in reskilling strategies.
It has become a strategic imperative for companies to reskill their employees, not just as a buffer against layoffs. Due to an aging workforce, the emergence of new roles, and the need for niche, company-specific skills, this shift is a result of changing labor markets. Additionally, reskilling is not the responsibility of HR but of every manager and leader, so companies need to link their corporate strategies with their reskilling efforts in order to succeed.
When employees realize the benefits of the initiative, they are more likely to participate. In order to deal effectively with the reskilling challenge, companies must work together with governments, academia, and non-profits as a cohesive ecosystem.
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