New Year, New You, New Skills

Larissa Chaikowsky, U.S. Chief Human Resources Officer and Head, Talent Reskilling & Acceleration, BMO

Last year saw major changes to the world of work, accelerated by the pandemic. Hybrid work, increased automation and technological advancements transformed the workplace and our lives. Although there has been some recent downsizing by companies in the tech sector, there is still a very competitive market for recruiting diverse and technical and digital talent.

In 2023, it is important that employers and workers keep adapting to elevate their competitiveness and attract the best talent. One of the most critical ways for organizations and individuals to do this is by investing in reskilling for the skills needed most in the future.

The World Economic Forum predicts 50 percent of all employees will need reskilling, and 40 percent of current workers’ core skills will need to change by 2025. And by 2030, the world will be short 80 million tech workers, according to the International Monetary Fund. That is due to the global shift towards a more digital economy.

As industries rapidly adopt enhanced technology, the demand for workers with digital skills is skyrocketing. Highest in-demand “new” skills include cloud engineering, data analysis, and digital marketing. These are highly valuable skills today that are not restricted to the technology sector but already crucial in various industries like finance, healthcare, marketing, and education.

Digital Transformations Accelerated by the Pandemic are Here to Stay

It is not only digital skills that are in demand. With the shift towards remote work, more companies are looking for employees who can collaborate and communicate effectively online. Other “soft” skills like problem-solving, creativity, and emotional intelligence are also becoming more critical as companies look to create more flexible and adaptive workplaces. Technology proficiency and adaptability, the ability to work in a team – in-person or virtually – and communicate effectively are equally necessary key strengths.

“Reskilling and upskilling are crucial for individuals to make progress in today’s job market”

As the demand for digital skillsets grows, reskilling and upskilling are becoming more accessible than ever. Online learning platforms offer various courses and programs, from coding and data science to skills like project management and communication. These platforms provide individuals with the flexibility to make progress at their own pace and access to a variety of programs from renowned institutions. Many universities offer online programs and certificate courses to help students and working professionals stay updated with the latest trends and technologies.

An Economic Ripple Effect

Both companies and society benefit from the reskilling and upskilling of talent. A strengthened, highly-skilled workforce increases productivity, innovation, and economic growth. Many companies, including BMO, are investing in the progress of their people by helping them learn, stretch, and grow while keeping pace with changing customer needs and wants.

BMO is investing more than 60 million USD a year in learning, partly dedicated to accelerating reskilling. To date, over 750 senior leaders have completed leading digital first foundations, focusing on the core concepts of digital first, BMO’s strategy around continuously evolving our customer experiences with increased speed and scale. A recent digital first reskilling pilot closed with more than 80 percent active engagement with an uptake of approximately 4000 BMO employees.

Companies that invest in their employees’ training and development are more likely to retain their best talent and stay competitive in the marketplace. Reskilling is a differentiator; companies need a robust strategy to maintain a competitive edge.

However, reskilling and upskilling cannot fall solely on the shoulders of individuals and companies. Governments also have a role to play in helping workers make progress towards the skills they need to adapt to the changing economy by making access to upskilling and reskilling easier. Examples include investing in adult education and training programs, promoting apprenticeships and vocational education, and creating incentives for organizations and individuals to upskill and reskill through tax incentives and other financial benefits.

Reskilling and upskilling are crucial for individuals to make progress in today’s job market. The shift towards a digital economy and automation means that demand for workers with digital and soft skills is growing. There are many resources available to help individuals reskill and upskill. The public and private sectors need to support the workforce to adapt to the changing demands of the job market. Investing in employees’ skills is not just a smart business move; it is an investment in the future of the workforce.

Financial

Healthcare

Project Management

Digital Marketing