According to the World Bank, low skills perpetuate poverty and inequality. When done right, skills development can reduce un- and underemployment, increase productivity, and improve standards of living. Helping people develop and update their skills makes economic sense.
According to the World Bank, in order to survive in Global mega trends such as the rising role of technology, climate change, demographic shifts, urbanisation, and the globalisation of value chains are changing the nature of work and skills demands. To succeed in the 21st century labor market, one needs a comprehensive skill set composed of:
Cognitive skills, which encompass the ability to understand complex ideas, adapt effectively to the environment, learn from experience, and reason. Foundational literacy and numeracy as well as creativity, critical thinking, and problem-solving are cognitive skills.
Socio-emotional skills, which describe the ability to navigate interpersonal and social situations effectively, and include leadership, teamwork, self-control, and grit.
Technical skills, which refer to the acquired knowledge, expertise, and interactions needed to perform a specific task, including the mastery of required materials, tools, or technologies.
Digital skills, which are cross-cutting and draw on all of the above skills, and describe the ability to access, manage, understand, integrate, communicate, evaluate, and create information safely and appropriately.
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