Council Post: The Importance Of Reeducation In Sparking Economic Recovery

CEO at Launch.vc

In 2020, while the pandemic has reversed a lot of trends in the distribution and collection of goods and services, there has been an interesting change in how many view human capital within the context of broadly existing corporate structures and business operations.

Specifically, an opportunity has presented itself for once-traditional economies in large city centers (and now even small towns) to reap the benefits of human capital and remote workforces. There are, of course, some key hurdles and drivers that will get us to see the full potential of how this shift will play out, including:

• Accessibility to high-speed internet connections, particularly in small towns and rural areas.

• Engagement and activity of angel investments into new local businesses.

• Success in the reeducation of local and migrating workforces to address the digitalization of traditional jobs.

Digitalization Of Jobs And Prioritizing Reeducation

The whole world has been shown how ineffective complacency can be and the true importance of innovation, reimagination and quick adaptation to change. The Covid-19 era has shocked all industries and given leaders an opportunity to reset how their people come back to work, what their work looks like and, more importantly, how they can future-proof their jobs and industries.

Living in the tech world, I reeducate myself and become immersed in new concepts, processes and technologies on a daily basis. But from my perspective, this type of constant reeducation isn’t common in many industries. While reeducation is commonly practiced in fields like technology, medicine or the sciences in general, the stagnant mindset of being initially trained and never evolving or graduating onto new roles, industry innovations or practices is more prevalent in traditional industries.

This shouldn’t be the case. On a daily basis, I believe workers, managers and decision-makers in all industries should be reevaluating how they function in the workplace.

The labor force as a whole needs to be prepared to embrace not only retraining as the new norm but also the digitization and automation of their jobs. This might seem like a daunting future, but it’s also important to point out that nobody can be an expert on everything. Even if someone is constantly exposed to technology and entrenched in the tech industry, there is always something new and innovative — or confusing — coming down the pipeline to wrap their head around.

Becoming more comfortable with reeducation is key to this shift in new technologies and the digitalization of work and daily life.

Government Intervention Or Private Sector Rule

As we’ve all seen this past year, people don’t have a choice about reeducation and the digitalization of their jobs. Covid-19 aside, the potential for future pandemics and the way our society must function moving forward is leading to touchless and distanced services and interactions. The products that help provide these hands-off services are popping up in all industries, but often, the workers employing these new technologies aren’t familiar with them.

Retraining and reeducation are needed for many employees today. Let’s face it: I predict the tech industry and the adoption of and training on tech integration in traditional industries will be a big driver of economic recovery in a lot of countries. There is a huge opportunity for governments at all levels to step up when it comes to this issue.

There’s a common argument about universal basic income, but to me, there’s an equally (if not more) important argument about universal continuous education and how to make education available and accessible to more people. And I’m not referring to basic, linear education for youth; I’m talking about the opportunity to consistently retrain and reeducate at various points in a person’s career as they enter the workforce and get older. This need for comprehensive, universal continuous education in the workforce isn’t going to go away.

Five years from now, I predict we’re going to see another wave of technologies making certain industries or certain companies obsolete. What does the workforce do when this happens? There needs to be a paradigm shift on how people, young and old, view education and on-the-job training and the way they view their careers. Stakeholders such as companies, industry associations, unions, government bodies and education facilities all need to play an active role in revitalizing our economies.

How can you, a business leader, encourage all stakeholders to take action and play this active role? 

• Embrace opportunities to offer continuing education and retraining for workers. Do not view this education as a cost, but rather an investment into your team’s economic future.

• Look at business operations and best practices from other industries in order to cross-pollinate workflows that may be beneficial in your own organization, and train existing workers accordingly.

• Advocate for governments to strategize and finance infrastructure for continuous education and retraining, both at an academic level and company level for traditional industries. From my perspective, the sustainability and future of local economies could depend on it.

• Advocate for universities and other educational institutions to adopt and deliver shorter programs and courses that can help the workforce stay current and offer opportunities to lower friction for retraining workers. This could be similar to how coding boot camps help prepare software developers for the workforce in shorter periods of time than degree programs from universities.

• Both adults and youth need to embrace continuous learning and not see it as a punishment, but rather an opportunity to continuously better yourself and the world we live in through education and experience.

I believe understanding the importance of integrating new technologies with continuous reeducation of workforces in all industries will impact the viability of knowledge economies. While it’s difficult for people and workforces not typically faced with constant change and continuous learning, the opportunities outlined above can offer often-undervalued benefits to those willing to welcome the challenge.

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