The Requirement of Skill Development
Skill development is an important policy objective but it can be difficult for many countries to meet this promise. Globally, 750 million people aged 15 and above report literacy gaps. This is equivalent to almost 18 percent of the population. Direct assessments of literacy levels have shown that these gaps are twice as large as previously believed. Moreover, large-scale assessments of adult skills worldwide have found significant skills mismatches and a high variation in return on education. In many developing countries, a lack of skilled workers is a key bottleneck for innovation. A robust talent management strategy can help address these issues and ensure that employees are up-skilled to meet future requirements. Moreover, skill training of existing resources is a cost-effective solution to bridge the skills gap. As technology changes rapidly, skill training is a necessity to remain relevant. It also ensures that employees have the latest skills and are ready to take on new ro...