Meeting the skills gap: Lessons from the private sector
The World Business Council for Sustainable Development (WBCSD) and the International Finance Corporation (IFC) have identified skills mismatches as one of the major constraints for the private sector to create more and better jobs. These are some of the numbers underpinning this reasoning: with over 45 million job seekers entering the labor force every year, their chances of finding a job will depend on acquiring the right skills. By 2020, it is estimated that there will be a global surplus of 90 to 95 million low-skilled workers and a global shortage of 83 to 85 million high and mid-skilled workers.
To address this key challenge, some large companies operating in emerging markets have taken proactive steps and initiated training programs that empower not only their workforce, but also their suppliers, retailers, and the surrounding communities. This booklet presents these business solutions: five programs initiated and currently scaled up by ITC, SABMiller, and Vale, three WBCSD member companies with a significant presence in emerging markets. The case studies depicted below demonstrate that companies, in collaboration with the public sector and educational institutions, can play a significant role toward successfully increasing the skills and employability of thousands of people.