Company Survival Depends on Upskilling

The transformation of market demands amid global challenges has forced companies to give their employees the skills needed to face them. Digitalization and other emerging technologies are the new abilities employees must acquire to thrive in present and future economic activities.

It is expected that by 2030, 2.5 million jobs will derive from emergent technologies, a scenario that increased the corporate interest of developing digital competencies by 531 percent and increased the need to provide the incoming labor force with new skills. In most cases where upskilling is necessary, employers will profit from training their workers and organizations are investing in upskilling because CEOs acknowledge that the lack of essential skills for the digital transformation is threatening the future of their organizations. Edtech, for example, is one of the many tools in which organizations are investing to train their workforce in accordance with their business needs.

This scenario has made Chief Human Resources Officers (CHRO) pivotal in the transformation that companies have been experiencing during the past two years. To successfully surpass future hurdles, CHROs must understand what skills will be needed in the future and generate an adaptive workforce that will be ready to face incoming challenges through upskilling.

Employees are fully aware of the rapidly evolving digital ecosystems forcing them to remain competitive and increase their effectiveness within organizations. The majority of workers are committed to remain up-to-date with technological trends, which makes companies’ transformation long-term sustainable.

But upskilling goes beyond the fulfillment of companies’ objectives; it also has a direct impact on economic growth. In an accelerated scenario, it is forecasted that by 2030 investment in upskilling can boost GDP by US$6.5 trillion. This can lead to an economy where human activities will not be replaced but complemented and augmented by automation. However, specifically in Latin America, the shortage of relevant human capital could prevent industries from progressing.

Upskilling and many other trends disrupting the labor market will be discussed in depth during the Mexico Talent Forum. The event, now hosted on Zoom, will break geographical barriers and welcome global industry leaders to discuss the most pressing labor trends, while simultaneously minimizing COVID-19 related risks or possible outbreaks. The event is organized by Mexico Business, which hosts conferences on Mexico’s most important industries and in 2021 welcomed 2,136 industry-shaping companies and 758 speakers to 13 industry-leading conferences.

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