Technological evolution has resulted in a significant shift in the skills required by industries, propelling the need for reskilling, upskilling, and programs beyond the traditional higher education degree. IFC is uniquely positioned to catalyze the growth of industry-led training and education programs in partnership with education institutions or as stand-alone ventures.
Industry-led education, alternative credentialing, and other innovations can help reach more young people and adults to learn skills, reskill, and upskill.
- People in emerging economies don’t have the traditional credentials or the skills they will need as economies develop.
- The World Bank Group has estimated that 50% of worldwide employees may need reskilling by 2025.
- Skill gaps across organizations are widening. 87% of companies surveyed by McKinsey confirmed they either have a skill gap or would experience one within a few years.
- The rapid evolution of artificial intelligence and automation has altered the traditional workplace. Over the next two years, 1.4 billion people will need to reskill due to the growth of Artificial Intelligence and automation.
IFC’s impact
Andela’s talent marketplace, financed by IFC, has opened up career paths to 175,000 software engineers from emerging economies in jobs that generally involved training specified by employers.
