Addressing the Skills Gap: future of education and work

Technological developments we have witnessed in recent times have rapidly changed the way we learn and work – and consequently contributed to accelerating the skills gap. An estimated total talent deficit of 85 million workers can be expected in 2030, which results in approx. USD 8.5 trillion in unrealized revenue globally, as noted by Korn Ferry’s “Future of Work” findings. If we put this into perspective, that is more than the yearly GDP of the UK and Germany combined.

With the recent launch of ChatGPT and many other ongoing initiatives driven by innovative technologies, we can expect further changes into the way we absorb and consume information that may lead to new approaches and processes. Future education and work therefore require revised curricula and upskilling approaches as technologies advance and talent pipelines dwindle. To be able to resolve this to some extent, educational institutions (and especially higher education) need to work closer with employers (and vice versa) to meet the needs of the ever-changing world.

Having conducted surveys and interviews with today’s graduates to understand their-post graduation experiences, I am aware that the difficulty of finding the first (relevant) job has become even more severe recent years. Higher education has long been viewed as the place where students gain the degrees and skills necessary to enter the workplace. However, with the rapid changes in employer skill requirements and rising cost of degrees – many prospective students may be getting discouraged from pursuing higher education. This deprives them of crucial foundational skills to survive in this fast-changing world such as critical thinking, problem-solving and resilience.

To better serve students and meet employer needs, higher education institutions should work closer with employers (and vice versa) to understand the gaps in the workforce and align their curricula accordingly. As part of this, they may need to rethink their curricula (e.g. incorporate employability modules as part of their courses) and identify ways to better demonstrate skills obtained as part of their learning offering. This will provide more opportunities to acquire in-demand skills and lower the cost for students entering the workforce.

Further, it is important to emphasise the importance of lifelong learning, especially in a world driven by technological advancements. When I think of what I have studied at university – which was not business nor digital related – and ended up in a (now past) career in business focused on digital transformation primarily, I would probably not be able to acquire this set of knowledge and related skills if I did not continue to learn and upskill. This was obviously not something I could understand at the beginning of my career but now I can see the various dots connecting each other.

Personal openness to learn new topics and get acclimated with new experiences are valuable traits that should be cultivated in students’ early years. My own experiences have shown that it is not necessarily the specific topics studied in university that are most valuable, but rather the skills acquired during the studies and eagerness to hone these skills that matter. This ability to adapt will at least prepare individuals to some extent for a constantly changing job market.

Irene Veng is the Founder and CEO of Certie, an EdTech/Future of Work start-up that is on a mission to improve social mobility.

Prior to building her own venture, she had a career in management consulting in the financial services industry focusing on digital transformation, policy and regulation, and innovation. She has also worked in venture capital with a focus on EdTech opportunities. Throughout these years, Irene has always been engaged with education, the future of work, technology, and social mobility in some sort of form.

Irene grew up in the Netherlands and moved to the United Kingdom to pursue her higher education studies. She completed a BA in Politics, International Relations and Philosophy at Royal Holloway, University of London, and pursued her MSc in Contemporary Chinese Studies at the University of Oxford.