Organizations must believe in Build, instead of Buy, and must embark today on this journey of developing their talent. They will also need to look at ways in which they will support institutes of higher learning to expand their capacities in producing more employable graduates. Governments would need to create more schemes, policies, and allocate a budget for intensive re-skilling. And to do this, a systemic change across Government, Organizations, and Individuals is needed, immediately. While I may have simplified some of the argument here, it’s not hard to understand that for humans to continue to evolve at the current pace, we need to plug this gap. We are looking at a shortfall of almost about 18.5 million jobs! Add this to the 6 million deficit that we would have created in 4 years, based on the yearly 1.5 million deficit we discussed earlier. This means, without additional upskilling or reskilling, only about 12.5 million of them will be suitable for the jobs we need them to do by 2025. Of the existing 25 million software developers, 50% will witness the Half-life phenomenon to their skills. However, the truth is that academic institutions churn out only about a million computer science graduates every year, leaving us with a deficit of 1.5 million jobs every year! This number is crucial, and I will explain why. One would think that academic institutions should be able to fulfill that demand quite easily.
This would mean, that there would be nearly 2.5 million new software developer jobs every year for the next 10 years.
Let’s try to understand the impact of this Half-life phenomenon on an industry that is at the heart of all the disruption we are witnessing – Technology.īy current estimates, there are around 25 million software developers in the world, and this number is expected to double by 2030. While for technology skills, this number is lower, but for the sake of simplicity let’s stick with 4 years. So, one can assume that every 4 years our skills will become half as valuable.
As we approach the end of 2021, this number is estimated to be closer to 4 years. But how is this concept relevant to workforce skills? Well, in the context of skills, it means that the value of our skills will be halved after a specific duration of time.Ī World Economic Forum research in 2017 said that the half-life of a skill is about 5 years. In nuclear physics, ‘Half-life’ is the interval of time required for one-half of the quantity of the radioactive substance to decay, and in the process emitting energy.
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