Deloitte report: Two billion youth risk of being left behind in the Fourth Industrial Revolution workforce
29 November 2018
Almost two billion youth worldwide risk of being left behind in the Fourth Industrial Revolution (Industry 4.0) workforce, which is changing at an increasingly rapid pace as a result of the emerging technologies, according to Deloitte’s global report “Preparing tomorrow’s workforce for the Fourth Industrial Revolution,” conducted together with Global Business Coalition for Education. By 2030, more than half of the 1.8 billion youth worldwide, today aged between 15 and 29, will not have the skills or qualifications needed to participate in the workforce, underlines the report.
The report concludes that the business community must take a more proactive role in preparing today’s youth to ensure that they are ready for Industry 4.0, which is characterized by the fusion of physical assets and digital technologies such as robotics, artificial intelligence, Internet of Things, digitalization and automation.
“Business leaders worldwide, including in Romania, are rightly concerned that workforce will not be able to keep up with the pace and magnitude of change, as Industry 4.0 is transforming work. Bridging the skill gap and tapping into the energy and creativity of youth seems a daunting challenge and our study is rich in recommendations as to how to tackle it. This is an ongoing preoccupation at Deloitte, as we invest tens of thousands of hours and over one million euros every year in continuously training our staff and we focus our corporate social responsibilities efforts on the critical topic of education. We encourage leaders across all industries to see the Fourth Industrial Revolution as an opportunity, rather than a threat, and reap its benefits, including by rethinking their approach to attracting, recruiting, onboarding and developing talent,” said Alexandru Reff, Country Managing Partner, Deloitte Romania.
The research revealed four skills that will be required to succeed in the Fourth Industrial Revolution, namely workforce readiness, soft skills, technical skills and entrepreneurship, accompanied by an attitude emphasizing on continuous and lifelong learning. It also provides four key recommendations to drive change, namely aligning stakeholders’ objectives and approaches, engaging in public policy, developing strong talent strategies and investing in workforce skilling.
The report is based on input from youth aged between 15 and 29 from 45 countries, representatives throughout the business community and NGOs, think tanks and academia.
Deloitte provides worldwide audit, consulting, legal, financial advisory, risk advisory, tax and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500 companies through a globally connected network of member firms in more than 150 countries and territories bringing world-class capabilities, insights, and high-quality service to address clients' most complex business challenges. Deloitte's purpose is to make an impact that matters through its approximately 286,000 professionals.
Deloitte Romania is one of the leading professional services organizations in the country, providing services, in cooperation with Reff & Associates, in audit, tax, legal, consulting, financial advisory, risk advisory, business processes, technology and other related fields, through more than 1,200 professionals.