Answer to Question #315843 in Management for Binx

Question

“skills have become the global currency of 21st-century economies”

Evaluate this statement

Answer 1

Skills have become the global currency of 21st Century economies. They transform lives and drive economies. Governments must invest more effectively in the education and skills that people will need in tomorrow’s workplace. They need to deploy their talent-pool more strategically so that these investments translate into better jobs and better lives. Achieving this is everyone’s business and employers and unions have a central role to play. Countries can do better in developing and using the skills that are available to them. The skills strategy supports countries in adopting a systematic and comprehensive approach to skills policies that can: prioritize investment of scarce resources, combine short- and long-term considerations, build a case for lifelong learning, foster a whole-of-government approach, align the perspectives of different levels of government and include all relevant stakeholders.

To reach the goal of having and making the best use of a high-quality pool of skills, a country must consider some policy levers; those that improve the quality and quantity of skills, those that activate the skills for the labour market, and those that ensure that skills are used effectively.