Key Takeaways from the 2019 Global Talent Summit

GLOBAL BRIEFING REPORT
GLOBAL TALENT SUMMIT
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By Hannah Bergstrom

hange is constant and everything inconvenient will change,” declared Chris Luebkeman, Global Director of Arup Foresight at last year’s Global Talent Summit. How we prepare for that change will hinge in whether we are asking the right questions. We ended last year’s summit with more questions than answers. Now in its sixth year, GTS set out to convene cross-sector educators, experts, and public officials from around the world to answer the tough questions about the future of education. This year’s theme sought to answer where will we be in 30 years, and how can we prepare younger generations for the future? Here are the key takeaways.

The future workforce needs purpose

For Generation Z, figuring out the motivations of top talent will be key in recruiting and retaining them. Global Entrepreneurial Leaders Institute (GELI) founder Annabella Peng drew attention to unique research GELI had conducted, which has found that Gen Z is dedicated to serious social causes, not mere fame or money. The employer on the panel agreed: any corporation that wants to retain top talent from this generation must invest in not only training, but in empowering employees to find meaning in their careers, said adidas Digital IT VP Sebastian Drews. Empowering employees to find a greater sense of purpose is essential to recruiting and retaining top talent from this coming-of-age generation.

Education has never been more expensive or more worthless

Globally, more is being invested in education than ever before, and yet we’re seeing less and less results. Education is ripe for disruption, and yet it hasn’t happened because key stakeholders haven’t had a source of quality, consistent educational data. But tools that use data to help fuel feedback on human capital investment exist and will help lead the charge. New technologies such as AI and blockchain will be key in this effort.

Data will change the face of education

Data can help us organize, quantify, and discern the quality of education. According to Learning Economy CEO Chris Purifoy, Learning Economy will provide real-time feedback on investment in education, in a way that will influence important decisions in policy. Data will become fuel for changing the global economy, and can create a commodity based on this fuel.

Education is the new gold standard

Traditionally, education has been the domain of philanthropy. But Oceanic Partners CEO Tim Sullivan believes it’s time for investors to get in and see the returns they desire. What then, can make investment in education profitable and purposeful? Data is the new oil, and educational data can power growth in educational innovation. Quality educational data will become a real opportunity for investment in education to provide a serious return, which could change the face of human capital investment. Just like a trillion-dollar economy is backed on the inherent value of gold, it may be possible to back an economy on the inherent value education and see massive economic growth.

The need for reskilling may perpetuate inequality

According to Angelika Reich, partner at McKinsey & Company, as much as 14 percent of the global workforce will change industries in the next ten years. With the rise of automation, newer jobs will require more intensive training, leaving behind many of those who don’t have access to training. Automation will not eliminate jobs entirely; instead, more jobs that require emotional intelligence and soft skills will rise.

Speaker at the 2019 Global Talent Summit

Camera view at the 2019 Global Talent Summit

New technologies impact different economies in different ways

The impacts of technological development vary from country to country. As highlighted by Tomasz Klekowski from IT Competence Council of the Polish Information Society, central and eastern European countries were on the receiving end of the benefits of tech development. The internet allowed global companies to move into these spaces and thrive. It’s not without downsides, however. The rise of automation puts jobs in Slovakia at a 62 percent chance for automation. Jobs in countries like New Zealand, however, only have a 32 percent chance.

The gender gap in STEM may give rise to biased AI

One of the greatest challenges in diversity and inclusion in the workplace is the gender gap in STEM fields. With further developments in AI and automation technology, notes Robin Errico Chief Risk Officer and Diversity and Inclusion at EY, we’re further exacerbating the problem by potentially creating technology with implicit gender biases.

To solve the skills gap, we need to understand what skills are

The modern workforce is young, with millennials being the largest group of current workers. Jacob Sherson, Founder and Director of ScienceAtHome poses a challenge: to bridge the skills gap inherent in this young workforce, we need to understand what we mean by skills. Even further, once we identify skills such as creativity or leadership, we need to ask: What is creativity? Understanding what humans can and can’t do is vital in closing the skills gap.

Soft skills development is vital and should start from an early age

Many students leave higher education, especially in STEM fields, with hard skills such as logic, problem-solving, and specialized certifications. However, employers look for both hard and soft skills. And if candidates cannot display empathy, creativity, and the ability to contribute to a team, they will have a hard time finding employment. Integrating soft skills into a school curriculum starting from primary education can help mitigate this issue, which is exactly what Ji Han, Director of Curriculum and Learning at Zurich International School is working toward. Fostering soft skills, she believes students need to “learn how to learn”, which enables them to think one step ahead while approaching problems in and outside of the classroom.

Talent is universal; opportunity is not

Learning skills such as web design, coding, robotics, and engineering-based projects are going to be a large part of school curriculums in order → → to prepare students to enter the modern workforce. While technology in the classroom will present incredible opportunities for certain students, it could contribute to the global skills gap—certain students will be left even further behind, and will be less prepared for the workforce. According to Manjula Dissanayake, Executive Director of Educate Lanka Foundation, “Talent is universal; opportunity is not”. Dissanayake aims to bridge access to technology and opportunity to students in Sri Lanka by involving the private sector as stakeholders in education. Encouraging collaboration between the private and education sectors could be one solution to ensure students in certain communities, cities, and countries, have better access to opportunities.

Video games and learning can work better together

Game-based learning will be one of the key changes in the way students are educated in the 21st century. Robert Sumner, Professor at ETH Zurich and Associate Director of Disney Research and Janet Rafner, Director of ScienceAtHome at Aarhus University, both believe in the power of game-based learning to enhance logical and problem-solving skills. Gamification allows students of all ages to learn both hard skills and soft skills in a way that is fun, engaging, and accessible. Sumner pointed to the increasing need for students to be involved in computer science from a young age, as skills learned in this discipline will span a variety of fields such as medicine and architecture. Additionally, Rafner explained that game-based learning could be a way for typically underrepresented populations to become involved in computer science, as it has the potential to be more accessible.

Interview at the 2019 Global Talent Summit

Learning happens beyond and outside of school

The way that we learn, and our motivations for learning are shifting. Students and employees are often learning skills outside of their school or place of work—through videos, apps, forums, and more.

The workforce as we know it is currently and will continue to change dramatically. Employers will be faced with automating certain jobs, retraining for certain skills, and creating new positions altogether. Employees who do not adapt to changes and learn new skills will be left behind. According to Kelly Palmer, Chief Learning Officer of Degreed, businesses will be able to better adapt to changes in the workforce by taking an audit of skills their employees already have, and by better understanding what skills their employees are willing to learn. Understanding people’s motivations for learning, and preparing for workplace changes now will help employers stay afloat during a time of rapid changes.

Employers must foster a growth-focused environment to retain talent

Danny Laker, Lead for Innovation, AI, and Blockchain Business at Accenture, expressed the need for employers to foster an environment of learning for the people they hire by investing in the person rather than just the skillset. Most people desire to learn and grow beyond their job description instead of staying stagnant in their career. When employers support their employees’ individual passions and interests, it will encourage an environment of growth, collaboration, and constant learning in the workplace.

Blockchain and AI will help map the future of education

Blockchain and Artificial Intelligence will usher in a wave of changes in education, learning, and the workforce. Jacksón Smith, Chief Technology Officer of Learning Economy, spoke about the potential for these technologies to augment our lives and personalize the way we learn and work. Technology is constantly being updated to best serve our needs. According to Smith, the invention of the computer provided us the ability to store information, and the internet allowed us to transfer information. Now, AI has the ability to process and organize information, and blockchain has the ability to transfer value. These abilities will augment our educations and jobs, allowing us to personalize the way we learn.

The seventh edition of the Global Talent Summit will take place the first quarter of 2020. You can continue the conversation year-round by signing up for our forums and discussions at www.globaltalentsummit.org

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