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China skills transformation Report From Mckinsey

The following is the China skills transformation Report From Mckinsey recommended by recordtrend.com. And this article belongs to the classification: Life data, research report, Mckinsey .

McKinsey Global Institute (MGI) has released a new report “skills transformation in China”, which evaluates China’s current education system and conducts an extensive survey of best practices in China and around the world.

China needs a skills revolution to improve the living standards of all people in the post industrial economy

In order to maintain the sustained growth of per capita GDP and wages, we need to improve productivity and innovation by improving skills. The Chinese think tank has simulated a scenario in which China will achieve 70% of GDP per capita in high-income economies by 2050, compared with 27% now. Various scenarios show that China needs to achieve an annual growth rate of 4.7% of GDP per capita and a wage growth rate of 4.9% by 2050.

China’s education and skills development system needs transformation

Education and skills development need to be transformed in the broadest sense, so that people can develop the abilities they need to thrive in life and work, so that people can adapt to the post industrial society.

Everyone: education and skills development need to expand from students to China’s labor force

In the past 30 years, China has been carrying out continuous education reform. From 1992 to 2018, investment in public education increased 50 times, from 2.7% to 4.1% of GDP.

Everything: the content of education and skills development needs to provide a wide range of skills to enable people to adapt to the fast-growing economy

Education and the expansion of worker training need to better meet the needs of society.

Everywhere: providing education and skills development needs to be everywhere

In the new system, more than 80% of employees can participate in various retraining programs.

Digital technology, public-private partnerships, vocational education, changes in concepts and incentives can all be leverage

A survey of best practices in China and around the world highlights four levers that can be at the core of various pilot projects.

Digital technology: traditional textbook based learning can be transformed into a more attractive multi-channel mixed mode

Education and training mainly use traditional methods. A survey on enterprise training shows that only 20% of the respondents receive training online, and 10% of the respondents receive training on the micro learning platform.

Collaborative ecosystem: expanding public-private partnerships for skills development helps to address the gap between labor skills and employers’ needs

Nowadays, there is a gap between the abilities and skills that people can develop and those that employers need in China’s education and skills development system.

Career track: competition and flexible ways of education make educators with industry experience become norms, which can train and re train talents more effectively

There can be multiple entry points in the training approach to enable workers to have flexibility in returning to school, receiving retraining and engaging in highly skilled jobs.

Mindset change and incentives: individuals and employers need to prepare for lifelong learning

It is necessary to improve the importance of skills, develop and cultivate a lifelong learning culture, so as to promote the extensive growth of skills. The impact of the information platform is huge and will benefit 220 million people who need to achieve career transition in early automation adoption by 2030.

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