Skills Development Driven by Labor Market Demand

Abstract

With the advent of Industry 4.0, technology is changing at an unprecedented rate. Labor market dynamism is growing faster than ever, and addressing the mismatch between workers’ skills and the skills required by available jobs has become a high-priority policy concern. Labor market information is essential for building a skilled workforce, supporting career choice and development, and understanding the rapidly changing world of work. There are several ways to identify labor market demands: labor demand surveys, employment projections, future job research, and real-time labor market information systems. To address job-skills mismatch in the labor market, countries have invested in various initiatives and utilization of labor market information in their public employment services, career counseling, and other skills development programs.