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78% of Account Execs report skill-gap requires education updates – ILO

The International Labour Organization (ILO) reports a global skills gap that is constantly growing. India is seeing the worst consequences of this gap with 66% of companies struggling to find the talent they need. 42% of Canadian firms face similar struggles according to the Conference Board of Canada.

The ILO reports: “by 2020 there may be a global shortage of 38-40 million highly skilled workers…At the same time, the global labour market will experience a potential surplus of 90-95 million low skilled workers, with these imbalances potentially adversely affecting developed and developing economies alike.”

About 78% executives say that updating education curriculum to match the economy’s needs would provide them with the skilled employees they need, and 72% want businesses to play a more active role in influencing such curriculum.

Future economic stability demands a foundation of better communications between education and industry.

More details available here