April 5, 2016 (London) – The Organization for Economic Cooperation and Development (OECD) and J.P. Morgan, through its Foundation, has launched a new project “Adapting to Changing Skills Needs” to fill knowledge gaps in the assessment of skill mismatches and to identify international best practice in addressing them.
Over the past few decades, technology, globalisation and demographic changes have transformed substantially the skill needs of firms. A lack of reliable information on new and emerging skill needs has led to education and training courses that are out of date and misinformed decisions by individuals about which skills they should be investing in. Consequently, the OECD estimates that some 60 million workers in the 22 countries participating in its Survey of Adult Skills are either under-skilled for their jobs or over-skilled. As Stefano Scarpetta, the OECD Director for Employment Labour and Social Affairs, puts it: "Unless countries are better prepared to cope with changing skills demand, substantial skill shortages and mismatch will result in a considerable loss for individuals, enterprises and economies in terms of wages, productivity and growth."
The project, "Adapting to Changing Skills Needs", will build an online statistical tool with indicators for some European countries and South Africa of the specific skills and knowledge types required in each country’s labour market as well as the extent of skill shortages and mismatch.
"The main aim of this project is to capture the demand for skills and their supply, so governments, training providers and employers have access to quality data to inform education policy, workforce programs and training curricula and design. We believe there is a real need for systematic and internationally comparable indicators of skills imbalances and needs, and we look forward to partnering with the OECD on closing this gap to help inform skills policies globally."Hang Ho, Head of Philanthropy for Europe, Middle-East and Africa at J.P. Morgan
The JPMorgan Chase Foundation is providing support for this new project as part of its New Skills at Work programme, which aims to identify strategies and support data-driven solutions that help improve labour market infrastructure and develop the skilled workforce globally.
To launch the project, a workshop took place at the OECD’s Paris headquarters on 30 March, which convened experts from several countries and fields of expertise to discuss new ways to measure skill needs and lay the groundwork for the new statistical tool. The final results of the project are expected to be presented in July 2017 at the OECD in Paris.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.4 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at JPMorganChase.com.