WEF white paper highlights role of skills in future economy

A new report from the World Economic Forum looks at 10 strategies to create a labour market based on skills. The report seeks to address issues that arise from outdated concepts of a job for life, or as the report puts it, the model of “learn, do, retire”.

Noting the importance of taking a new approach to demonstrating skills acquisition, the white paper, titled, ‘Strategies for the New Economy – Skills as the Currency of the Labour Market’, suggests that, “Rather than assessing the acquisition of a skill based on credits completed, the use of competency-based models is proposed as an alternative. Measuring skill acquisition thus moves from assessing completion rates to measuring demonstrated proficiency.” The report also calls for better skills development in the adult workforce, including more investment and coordination in the area.

Download the full report from the website of the World Economic Forum.

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