Abstract
A provocation about working and training in the West Midlands.
Increasing technological innovation and growing adoption of new technologies is changing the types of jobs available and the range of skills required by employers. At the same time, participation in training is declining. The Covid-19 pandemic risks accelerating and accentuating these trends, potentially further polarising labour markets and widening class inequalities as the divide between highly-skilled highly paid occupations and low-skilled poorly paid occupations widens. Work in the future is likely to involve greater demand for higher-level skills, especially technology and interpersonal/people skills. Unless the UK finds a way to radically upskill its workforce, over the next decade, this will lead to skills mismatches limiting individual employment and earnings opportunities and also firm performance and productivity. Reskilling and upskilling the workforce is urgent.
Some sectors are likely to be harder hit by automation than others and there could be greater geographical concentration of job growth over the next ten years.
By investing in training, firms can build on existing talent and prepare themselves for the changing labour market. Developing the quality of managers and a broader institutional culture which champions training is essential to this.
Brexit and Covid may negatively impact particularly on the role of the business, professional and financial services (BPFS) sector in Business Districts in the West Midlands. However, people value meeting so city centres are likely to continue to be important for business. The most successful city centres are likely to be those that enable people to interact in new ways. Business Improvement Districts (BIDs) have an important role to play in upskilling the current and future workforce.
Increasing technological innovation and growing adoption of new technologies is changing the types of jobs available and the range of skills required by employers. At the same time, participation in training is declining. The Covid-19 pandemic risks accelerating and accentuating these trends, potentially further polarising labour markets and widening class inequalities as the divide between highly-skilled highly paid occupations and low-skilled poorly paid occupations widens. Work in the future is likely to involve greater demand for higher-level skills, especially technology and interpersonal/people skills. Unless the UK finds a way to radically upskill its workforce, over the next decade, this will lead to skills mismatches limiting individual employment and earnings opportunities and also firm performance and productivity. Reskilling and upskilling the workforce is urgent.
Some sectors are likely to be harder hit by automation than others and there could be greater geographical concentration of job growth over the next ten years.
By investing in training, firms can build on existing talent and prepare themselves for the changing labour market. Developing the quality of managers and a broader institutional culture which champions training is essential to this.
Brexit and Covid may negatively impact particularly on the role of the business, professional and financial services (BPFS) sector in Business Districts in the West Midlands. However, people value meeting so city centres are likely to continue to be important for business. The most successful city centres are likely to be those that enable people to interact in new ways. Business Improvement Districts (BIDs) have an important role to play in upskilling the current and future workforce.
| Original language | English |
|---|---|
| Publisher | WMREDI |
| Number of pages | 9 |
| Publication status | Published - 1 Jul 2021 |
Keywords
- Megatrends in the West Midlands
- Work and Training