Guernsey Press

10 Years On: Economic change demands new skills for the future

TEN years ago, soon after the Global Financial Crisis, I recall being in California and watching in disbelief as the walls of America began to crack, only to realise that it was not just America but a large proportion of the developed world which was being affected. Returning to Guernsey some weeks later, nothing appeared to have changed. I often wonder if some of the challenges we face today are as a result of not feeling and reacting to some of the pain of the GFC as other jurisdictions did.

Published
Susie Crowder, Bright Futures.. (22557772)

Fast forward a decade. The GFC seems to have passed, with all signs of a near full recovery across OECD countries. Yet in Guernsey a few things have changed materially. We face yet another potential crisis; except this time, we are competing in many areas socially, economically and technologically. Advancements in AI, machine learning and automation of low-level service sector roles, coupled with an ageing population, present an interesting challenge for us all. The question is, do we have the right skills, competencies and culture to reap the benefits of such a tumultuous change?

In many industries and countries, the occupations or specialties which are most in demand did not exist 10 or even five years ago. The pace of change is set to accelerate further. The real impact of such advancements has already been experienced in Guernsey. Discreet reductions in headcount, muted by compromise agreements, alongside significant investment into technology and automation are happening almost every month. There is a real urgency for adaptive action. By one popular estimate, 65% of children entering primary school today will ultimately end up working in completely new job types that do not yet exist.

If you are concerned about the stability of your future and how you will stand up to higher demands of skills and competencies, then contact Bright Futures LBG. We are here to help.

Bright Futures LBG is a new charitable innovative that will provide Guernsey with inspiring, well informed professional impartial career advice, mapping and mentoring; vocational educational funding for all age groups; and a commercial analysis of existing and required skills of the workplace that benchmarks Guernsey against other jurisdictions from around the world.

Our purpose is to encourage islanders and their employers to recognise the threats and opportunities of the changing nature of the workplace and raise awareness of the skill requirements necessary to ensure Guernsey retains a competitive position in the world.

We are filling gaps where there is no provision of human capital advice and removing barriers, such as funding, to ensure we all play a part in maximising our potential to ensure a lifelong active society prevails accompanied by strong economic health.

The skills and ingenuity of our people are at the heart of Guernsey’s economic prosperity. We believe that improving those skills is the best survival and growth strategy for the island. The concepts of the ‘knowledge economy’ and the ‘knowledge worker’ are based on the view that information and knowledge are at the centre of economic growth and development. The ability to produce and use information effectively is thus a vital ingredient both for any individual and the Guernsey economy as a whole.

The survival needs and growth opportunities for the economy are constantly evolving. The traditional strengths of sovereignty, law, regulation, taxation and political stability no longer suffice. Globalisation, increasing competition, rivalry and cost means the bailiwick must increasingly compete in technology, skills, quality and innovation.

Technological change means the level of skills required to do different jobs is rising and novel. These are positive trends and, as a result, the average job is increasingly skilled and better paid. But change is also bringing hazards and increased challenges, especially in processing and administration. The digital age will reduce the number of jobs of process. It is likely to present a significant risk to employees in low level process roles across the world’s economy.

Let’s not be complacent. We all urgently need to face the reality that we need to continue to learn and develop.

u www.brightfutures.org.gg

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