More than two-thirds of workers worldwide are willing to retrain to improve their job security and future career prospects, according to a new global survey.
The interest in developing new skills is highest among those in the early- and mid-career phases, confirmed the latest study carried out by Boston Consulting Group (BCG) and The Network. The economic uncertainty created by the pandemic comes at a time when workers in just about every field already have some level of concern about being replaced by technology. Approximately 41% of workers globally have become more concerned about automation during the pandemic, according to the survey. Increased concern is particularly common among people who work at financial institutions or at insurance or telecommunications companies.
“The pandemic and the increasing speed of technological disruption have prompted people to question their chosen career paths,” commented Rainer Strack, one of the report authors and a Senior Partner at BCG. “Almost seven in 10 people say they are open to retraining that would allow them to switch to completely different job roles. This level of flexibility could help employers and governments that are worried about preparing their workforces for the future.”
RETRAINING WILLINGNESS GLOBAL OUTLOOK
In fact, retraining willingness – 68% globally – is highest among workers who have fared worst during the pandemic or have the most concern about automation. This includes workers in service-sector, customer service and sales roles. Almost three-quarters of the people in these jobs say they would retrain for something new. Those in job roles seen as less vulnerable – especially in health and medicine, social work and science and research – generally aren’t as ready to switch careers.
There are some geographic differences in the willingness to retrain as well. People in developing economies, including many in Africa, are the most enthusiastic, with as many as three-quarters saying they would retrain to prepare themselves for a new job. However, Europeans and Americans have the lowest level of willingness to retrain. But even in those geographies the proportion of people who say they would retrain is generally above 50%, reveals the study.
YOUNGER WORKERS WORST HIT
More than a third of people worldwide have been laid off or forced to work fewer hours during the Covid-19 crisis, according to the survey. The economic fallout has been worst for the young and least educated. Almost half of those under 20, and an equal proportion of people with only a high school degree, have lost income during the pandemic.
“The pandemic is another reminder – after the 2008 financial crisis – that there are always going to be events that threaten economies and require workers to adjust,” noted Kate Kavanagh, Co–managing director of The Network and one the report’s coauthors. “Workers have come to accept that their only real job security lies in their adaptability, which sometimes means shifting roles or even careers.”
MOVING TOWARDS MORE STABLE FIELDS
The study shows a high level of realism in people’s attitudes about retraining to move into more stable fields. Most of the areas of retraining willingness involve moves into fields that, at least for the moment, seem less risky than the fields people are in today.
Generally, the new fields that people say they would consider have similarities to their current jobs. Digital and information technology top the list of potential next careers; probably because of the expanding opportunities in those areas and the generally high remuneration, noted the study. For example, more than 20% of people currently working in artistic or creative jobs say they would retrain for a digital job; as do more than 20% of people currently working in consulting or media. Office and management jobs (such as marketing and human resources) are also seen as attractive next career steps; possibly because of the perceived ease of transitioning into those jobs for a variety of workers.
SKILLS UPGRADE
Workers have already been taking steps to upgrade their skills. The proportion of workers spending a few weeks or more on skill building each year has held steady, at about two-thirds, since BCG and The Network last asked this question, back in 2018.
The approach to learning has evolved, however, according to the report. Around 48% of people now use an online educational institution for learning; and 36% now use a mobile app. Both approaches still trail on-the-job training and independent study – today’s most popular approaches to workplace learning; but in the era of the pandemic digital approaches have made inroads.
The new report based on the study, Decoding Global Reskilling and Career Paths, is the third in a series of publications that BCG and The Network have issued about the pandemic’s impact on people’s work preferences and careers. The data provides insights into workers’ career expectations by gender, age, education level and position in the job hierarchy. You can download a copy of the report here.
Sign up for our newsletter
