Skills are the new metric for labour market analysis, WEF report says


A new report from the World Economic Forum (WEF) says skills should be the key indicator for labour market analysis, as skills offer a more dynamic variable in helping policy makers prepare for present and future market developments. Factors such as occupations and degrees are at high risk of being outdated due to digital transformation and are therefore an unreliable source of insight.

For this reason, the social platform, LinkedIn, has also developed a new metric – the ‘skills genome’ - which is used to gain practical understanding of labour market trends and developments. This new analytical feature shows what skills are more prevalent in relation to geography (e.g. a city), an industry, a job type (e.g. data scientists), or a population (e.g. women). The skills profiles created can then be used to determine future career paths for people in occupations declining in popularity, while education and training providers will be able to align curricula to the emerging skills trends.

Find more information and read the full report on WEF’s website.