Addressing Global Skill Gaps Through Higher Education

The world will experience significant skill shortfalls in the future as companies struggle with hiring and training new talent. The burden will rest more heavily on government and higher education to meet these skills in a way that leads to greater growth, income, and innovation in the marketplace. According to a survey conducted by IBM Institute for Business Value, in cooperation with Oxford Economics, responses from 5,600 global executives representing 18 industries and 48 countries found the following:

-60% of executives have difficulties keeping workforce skills current with changing technologies. 

-55% believe that the current educational system foster lifelong learning and skill attainment. 

-55% believe their is inadequate investment from private industry to develop skills. 

-80% believe government should be responsible for skill development. 

-55% believe that higher education updates curricula enough to keep pace with industry changes.

The study suggests that skill shortages will continue in certain fields and that companies are not doing enough to fix these problems through training. Unfortunately, many of these skills rest on a broader and deeper understanding of the context of such understandings and this is necessary to obtain through the longer higher education process.

Colleges will need to continue to update their curriculum using as relevant information as possible. That often means collaborating with business and government stakeholders to determine precisely what type of skills are lacking. There is also benefit in continuously updating such course offerings through chronic study of industry needs. 

The report also suggests building a global talent pool through industry, education, government and public sector collaboration to create 1. regional ecosystems, innovative solutions, encourage greater individual responsibility for education. Their suggestions indicate that greater collaboration of stakeholders in fulfilling these educational gaps is needed. More innovation in higher education and reduction of undo restrictions on new educational models seems appropriate. As students move through their educational process they should be taught the values of individual responsibility and carry that through to a life-long learning approach.

King, M.; Marshall, A. & Zaharchuk, D. (2017). Responding to global skills crisis. Strategy & Leadership, 45 (2).