This report by the World Economic Forum, in collaboration with Boston Consulting Group, reveals that 1.37 million workers who are projected to be displaced fully out of their roles in the next decade may be reskilled to new viable (similar skillset) and desirable (higher wages) growing roles at a cost of US$34 billion, which on average entails US$24,800 per displaced worker. It builds the business case for a reskilling revolution by offering an innovative quantitative cost-benefit analysis for companies' considerations on whether to reskill current workers or fire and rehire different workers. The data shows that, in the US alone, with an overall investment of US$4.7 billion, the private sector could reskill 25% of all workers in disrupted jobs with a positive cost benefit balance. This means that, even without taking into account any further qualitative factors or the significant indirect societal benefits of reskilling, for 25% of at-risk employees, it would be in the financial interest of a company to take on their reskilling. The report outlines recommendations and innovative case studies based on more than 60 qualitative in-depth interviews and consultations with industry practitioners and experts to present industry-specific adaptation roadmaps in order to prepare for the future of work, including concrete information related to transition opportunities for displaced workers and options for filling key strategic skills gaps.
