Changing Technology Makes Upskilling Critical
The issue of upskilling is a pressing need in the age where there is increased automation as well as the incorporation of artificial intelligence across industries. McKinsey Global Institute states that the rate of technological change is occurring at a pace that is 10 times that of the Industrial Revolution and 300 times the scale. Due to this, the government has shown a willingness to provide an ideal environment that encourages businesses to adopt newer technology and partake in innovative activities. As such, a Chief Technology Officer role will be created. This position sits below the Cabinet and the Prime Minister. The role of the CTO will be to introduce a National Digital Architecture and Digital Technology Roadmap in the country. They will also facilitate innovative collaboration amongst the ICT sector.
In another effort, the government has made the cost of upskilling employees more appealing to employers with the ‘two years fees-free’ policy being implemented for industry training.
Currently, there are no defined rules in New Zealand as to who is supposed to pay for the upskilling process within a corporate setup. However, 84 percent of employees would not consider a role that lacked skills development opportunities. Upskilling has many benefits for employers, including boosting the organisation’s brand, improving retention rates and ensuring that workers are competent and efficient.
Keeping employee’s skills up-to-date is increasingly important given how quickly technology changes. Employers who provide these opportunities will be particularly attractive to jobseekers and may attract better talent.