Companies that don’t reskill their employees may not survive the next decade. That’s one of the key takeaways from PwC’s Davos Talks podcast on upskilling. It was recorded and filmed at the World Economic Forum (WEF) in Davos, Switzerland. This episode focuses on what business leaders should be thinking about as they embark on their upskilling journey.
Carol Stubbings, Joint Global Leader, PwC People & Organisation, PwC UK, said: “If you look at the S&P 500 in the 1950s, the average age of a company was sixty. If you look at the S&P today, the average age is twenty years. Companies aren’t surviving. So they have to adapt, they have to adopt and they have to reskill their people to enable them to be fit for the future.”
Lynda Gratton, Professor of Management Practice, London Business School, commented: “At the WEF, we’ve taken a look at how jobs are going to develop over the next five years and, what’s absolutely clear, is that digital skills are absolutely crucial…But, actually, if you’re looking longer term, what you’re beginning to see is social skills are also very important, as indeed are cognitive skills.”
Stubbings added: “Leaders no longer have all the answers so they have to stop pretending that they do. Leaders have to be digitally savvy; they have to understand the impact and the power that technology can have on their business. And they have to empower innovation.”
Davos Talks is a new podcast series looking at four themes which are high up the agenda at this year’s Davos: climate change, technology, purpose and upskilling. The series is moderated by business journalist and presenter Juliette Foster.