8 Board of Governors of the Federal Reserve System, Plans for Reducing the Size of the Federal Reserve's Balance Sheet, May 4, 2022. By continuing to use our site, you agree to our Terms of Use and Privacy Statement. You can learn more about how we use cookies by reviewing our Privacy Statement.
At its core, attracting and nurturing the right talent is crucial for any organisation of the future. Thus, it is critical to begin thinking beyond policies for short-term recovery and start the task of building a future of work that is safer, fairer and greener. "Building back better" calls for increased policy coherence, particularly between economic employment and social policies, and a whole-of-society approach. My remarks today seek to explore three strategies on how we may futureproof our talent workforce: 1) equipping the workforce with the right skills; 2) employing a "good jobs strategy"; and 3) strengthening collaboration among ecosystem partners. Equipping the workforce with new skillsets that are relevant and practical for future needs With greater adoption of technology, in-demand skills across jobs in Malaysia will shift over the next few years. The skills gaps will continue to widen. By 2025, half of all employees will need reskilling. Even for workers who remain in existing roles, 40% of core skills will need to change to remain relevant. A sizeable number of jobs will be replaced or become obsolete. This means individuals need to continuously learn new skills to be indispensable and grasp new opportunities. This means access to comprehensive upskilling and learning infrastructures are essential, whether at an individual, organisation or industry-wide level. And this means, lifelong learning is a must for everyone in the workforce. In the financial sector, we too face this challenge.