Upskilling essential in a rapidly changing job market, say experts

With technology advancing at an unprecedented rate, it has become essential for workers to continuously upgrade their skills. According to one expert, the shelf-life of job skills is now between three and four years.

- Nasreen Abdulla

"That means every three or four years we're going to have to retrain half the skills we have," said Peter Cheese, chief executive of the Chartered Institute of Personnel and Development (CIPD). "We are seeing the impact of technology and artificial intelligence on work, and we are seeing how organisations are having to change what they do to respond to this changing world." A 2024 global talent trends report by consulting firm Mercer highlights the growing importance of upskilling. According to the report, more than 50 per cent of Csuite leaders believe that investing in employee upskilling is the most effective way to boost productivity in their organisation. To address skill gaps, many employers are now using rewards and incentives, though challenges persist.