The skills economy

There has never been a time when skills have been more susceptible to change. Professional skills used to have a half-life of 10 to 15 years, but IBM currently estimates it to be around five years, with highly technical skills lasting only two and a half years.

Furthermore, abilities are increasingly determining how people are compensated. Without a university degree, a self-taught data analyst could make more than a history or law graduate. As a result, providers have emerged that offer specific upskilling programs with the promise of new employment in information technology or other disciplines upon completion.

Citizens can utilize the Europass in the European Union. A person's CV, language passport, diplomas, and certificates, as well as proof of international job experience, are all contained in this document. All of this makes identifying particular and applicable talents much easier.

For businesses, precisely mapping available internal capabilities are becoming increasingly important. Employees, on the other hand, gain from mapping skills at the organizational level. Remuneration and reskilling and upskilling activities are becoming increasingly related to one's abilities. To compete in a competitive economy and labour market, you must first understand what skills you possess. 

When it comes to hiring, we've noticed a definite trend of companies using data-driven skills testing. As people's professional experiences grow, their school past becomes less relevant.

Identifying relevant talents, as well as how and when they were created and put into practice, allows firms to better allocate people to tasks that are most suited to their abilities, and employees to navigate their careers.

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