Latest news with #skillsGap
Yahoo
a day ago
- Business
- Yahoo
US-UK trade, AI and a shake up of rules on investment advice
Sky's business correspondent Paul Kelso is joined by the secretary general of the International Chamber of Commerce, Chris Southworth, to discuss the impact of the new UK-US trade deal which took effect this morning. Is the rise of AI exacerbating the UK's skills gap? One upskilling platform claims it's costing the UK economy almost £62bn annually in lost productivity. Euan Blair, founder of Multiverse, explains the data. And, new proposed rules on investment advice could see firms allowed to offer generic suggestions to customers - in a move to help savers get better returns on their money. Sarah Pritchard from the Financial Conduct Authority explains what's behind the shake up. 👉 Listen and subscribe to the 👈
Sky News
a day ago
- Business
- Sky News
US-UK trade, AI and a shake up of rules on investment advice
Sky's business correspondent Paul Kelso is joined by the secretary general of the International Chamber of Commerce, Chris Southworth, to discuss the impact of the new UK-US trade deal which took effect this morning. Is the rise of AI exacerbating the UK's skills gap? One upskilling platform claims it's costing the UK economy almost £62bn annually in lost productivity. Euan Blair, founder of Multiverse, explains the data. And, new proposed rules on investment advice could see firms allowed to offer generic suggestions to customers - in a move to help savers get better returns on their money. Sarah Pritchard from the Financial Conduct Authority explains what's behind the shake up.
Forbes
18-06-2025
- Business
- Forbes
Graduating Into Uncertainty: Why Skills-Based Hiring Matters
As organizations continue to face growing skills gaps, HR teams are starting to rethink what a 'qualified' candidate looks like. By Lara Albert, Chief Marketing Officer, SAP SuccessFactors Graduation season is here, and for the Class of 2025, the usual mix of excitement and anticipation comes with an added layer of anxiety. These grads are entering one of the toughest job markets in recent memory, marked by economic uncertainty, hiring slowdowns, and rising competition for junior roles as AI displaces entry-level positions at an accelerated rate. But uncertainty is nothing new for the Class of 2025. These students applied to colleges during a global pandemic, spent formative years learning in hybrid or remote classrooms, and are now witnessing AI reshape the future of work in real time. According to research, of the 57% of seniors who entered college with a 'dream job,' fewer than half have that same goal today, and more than half report feeling pessimistic about starting their careers in the current economy. This wave of uncertainty presents an opportunity for both employers and graduates to adapt. For HR teams, it's a chance to rethink how early talent is identified and supported, shifting the focus from traditional credentials to skills and long-term potential. For graduates, it means continuing to build new skills post-graduation, especially those that AI can't easily replicate, and staying agile in a fast-changing job market. As organizations continue to face growing skills gaps, HR teams are starting to rethink what a 'qualified' candidate looks like. Traditional markers like degrees, GPA, or prior experience don't always reflect someone's true potential and can unintentionally screen out capable candidates, especially those who've followed nontraditional paths. That's why leading organizations today, like Capgemini, Grundfos, Frit Ravich, and SAP are investing to adopt skills-based hiring. By evaluating candidates based on their capabilities—what they can do, not just what they have done—organizations can uncover hidden potential, expand their talent pools, and open doors for candidates who may not follow a conventional path but offer tremendous value. In turn, skills-based hiring helps organizations build a workforce that's resilient and future-ready. In fact, two-thirds (64.8%) of employers surveyed by NACE reported that they already use skills-based hiring practices for new entry-level hires. By focusing less on resumes and more on real-world potential, grads gain a better shot at landing roles where they can grow and thrive, and organizations benefit from employees who can adapt and drive ongoing innovation and business success. A skills-first approach creates a more equitable and effective way to identify talent —highlighting ability over background, and uncovering value both externally and within your existing workforce. Here's how to get started: Rethink job requirements: Start by identifying the core skills needed for success in open roles. Many job listings include degree or experience requirements that may unintentionally exclude qualified candidates. Focus on must-have skills that will drive performance. Use skills-based assessments: Integrate practices like case study exercises or skills assessments into interviews rather than relying solely on candidates' resumes, educational background, or screener interviews. Increase skills visibility: Equip hiring managers with technology that makes it easy to see the skills a candidate has and where they align with organizational needs at scale. This allows for faster and more strategic hiring decisions. If you're graduating this year, don't let uncertainty hold you back. You may be entering a shifting job market, but your resilience, adaptability, and fresh perspectives are skills and qualities employers value. Here are a few ways to stand out: Lead with transferable skills: Communication, critical thinking, adaptability, and collaboration are among the most valued and transferable skills. These skills are in high demand and are often hard for AI to replicate. Show, don't tell: Use internships, job assignments, or volunteer work to demonstrate real world applicability of your skills. Portfolios, personal websites, or even social media content can bring your experience to life and give employers a tangible sense of what you can do. Embrace life-long learning: Learning doesn't stop when you graduate. Show prospective employers you're committed to growth by taking advantage of free or low-cost courses that help you build valuable new skills. Be flexible: Your first job is a steppingstone, but it doesn't define your career path. Stay open to opportunities that help you gain experience, even if they don't perfectly align with your dream job aspirations. This year's graduates are entering a job market in flux, but with the right tools and mindset, both HR teams and early talent can turn uncertainty into opportunity. Discover how SAP SuccessFactors helps organizations adopt skills-based hiring strategies.
Mail & Guardian
18-06-2025
- Business
- Mail & Guardian
Skills gap devours young people's dreams
Bias for academic qualifications over vocational training has led to an undersupply of skills in crucial areas such as equipping people to become artisans and entrepreneurs. Statistics South Africa didn't pull any punches in its The survey found that 46.1% of people in the 15 to 34 age group, and 62.4% of those aged 15 to 24, are out of work. The statistics agency said: 'For many young South Africans, landing a job is more than just a milestone — it is a crucial step towards economic independence and inclusion. Yet for millions, this first step remains out of reach.' The analysis looked at unemployment rates among young people with different types of education and said they illustrated 'the protective effect of higher education in a tight labour market'. Even so, 23.9% of university graduates and 37.3% of young people with vocational or technical training do not have jobs. While higher education clearly confers an advantage, these are alarming statistics and commentators speak with one voice about the reasons for the high youth unemployment. Factors they point to include: A mismatch between educational outcomes and market needs. The latest Under-investment in vocational training. The cultural bias for academic qualifications over vocational training has led to an undersupply of skills in crucial areas. The department list illustrates this, with screeds of positions for artisans at NQF level 4 (the equivalent of matric), such as welders, plumbers, tour guides and chefs. Lack of practical experience. Stats SA's analysis crystallises the issue: 'Without experience, youth struggle to get hired — yet without being hired, they cannot gain experience. This cycle of exclusion continues to fuel long-term unemployment and stalls skills development at a critical stage of life.' Deficiencies in foundational skills such as written and verbal communication; problem-solving and critical thinking; digital literacy and learning agility. Poor 'soft skills' such as teamwork, adaptability and emotional intelligence. Systemic challenge So much for the problem, which is about as serious an economic crisis as it's possible to imagine. What about solutions? It's clear that the education system faces a systemic challenge in its ability to adjust curricula in a way that prepares young people for the world of work, whether that means employment or entrepreneurialism. In response, the department of basic education is pursuing 'curriculum strengthening'. It's all about equipping learners with the competencies they will need to find jobs and emphasises the development of skills, values and character. The 'competency framework' covers curricula, teacher development, the learning environment, assessment and learning and teaching support materials. There's also a new focus on reading and language. According to The Fleisch says there's also a plan for three curriculum streams — academic, technical and occupational — in high schools, with learners choosing which one to follow exclusively from grade 10. Relevant education Learners from the technical and occupational streams will gravitate to vocational and technical training after matriculating, and in this sector, too, progress is being made. The department's deputy director general, Sam Zungu, said during a recent Vijayen Naidoo, chief executive of the Quality Council for Trades and Occupations, said a big feature of the associated new qualifications is a greater emphasis on practical skills alongside theoretical and workplace modules. And technical and vocational education and training (TVET) colleges, not students, will be responsible for providing workplace experience. The shift is supported by investment in new TVET colleges, more online programmes and modules, lecturer training and a 'centres of specialisation' model that offers industry-led training and promotes entrepreneurism. Naidoo said TVET colleges would no longer 'produce learners for unemployment' by offering irrelevant courses. 'If we can develop enough qualifications that industry demands, we can guarantee a higher uptake of learners into industry,' he said. Importantly, only the 'appropriate level' of maths and science to practise a trade will be required, not necessarily a matric pass. 'We want to get people through from learning to earning as soon as possible,' said Naidoo. As a development agency with decades of experience in igniting human capacity through education, Kagiso Trust knows better than most about the difficulties of turning policy into practice — and the size of the investment required in teacher training and resources. These must become national priorities if we are to provide South Africa's young people with the launchpad they need and transform our economy. Dr Mankodi Moitse is the chief executive officer of Kagiso Trust and serves as co-chair at Kagiso Shanduka Trust.
Yahoo
18-06-2025
- Business
- Yahoo
Jamie Dimon has a solution to the skills shortage
JPMorgan's Jamie Dimon said investing in schools can help close corporate America's skills gap. He told a room of business leaders that schools should work workplace skills into the curriculum. Dimon has talked about education before, all as the country's schools undergo potentially huge shifts. School might be out for summer, but Jamie Dimon thinks there's work to be done on America's education system. When asked how companies can address the labor shortage at the Business Roundtable's CEO Workforce Forum on Tuesday, the JPMorgan Chase CEO identified a different problem that can be at least partially solved in the classroom. "What you're really short is the skills you need," Dimon said. He said the business community needs cyber, coding, programming, financial management, and project management skills, among other things, and that investing in schools can help close the gap. "It's getting out and going directly into the schools," Dimon said to the room of business leaders. "I would guess most of us go to a lot more schools now." There are some "wonderful examples" of in-school programs that help kids get jobs after graduation, he added. Dimon, who is on the board of the New York Jobs CEO Council, which aims to shrink income and opportunity gaps, said curricula should change. High schools and colleges should continue teaching the typical topics — and, he said, "be proud of" American history courses — as well as more specialized, workplace-focused skills. Dimon's vision, as he laid it out on Tuesday, is that schools should offer classes that award credentials as part of a typical curriculum, not extra credit. He said that some schools are more open to working with the private sector than others. JPMorgan has various school and apprenticeship programs for skills like business management and technology, according to its website. Representatives for JPMorgan did not respond to BI's request for comment. Dimon has talked about education in the past, saying that there should be more workplace training and classes on financial education. "They all want jobs," the billionaire said on Tuesday. "Graduating, a lot of these kids end up doing — and it's not bad — but they end up doing retail or inventory or something like that, but there are jobs in coding, cyber, financial management." Dimon said businesses have a key role to play in solving these longstanding problems and can't rely on the government alone. The country's education system and universities are undergoing potentially seismic change under President Donald Trump's second administration. On the labor front, young people across the educational spectrum are struggling to find jobs, as AI gobbles up some entry level positions. Correction: June 17 — An earlier version of this story misstated the name of the conference. It is the Business Roundtable's CEO Workforce Forum. Read the original article on Business Insider
