Preparing Human Capital In The Fourth Industrial Revolution

Abstract

The focus of the Fourth Industrial Revolution has been on its implications on Human Capital and its need to develop “21st-Century Skills" through education to ensure future labour and capital complementarity. The World Economic Forum estimated that 65% of the children entering primary school today will work in completely new jobs when they will enter the labour market. Employers start to have as a major objective to increase labour productivity and innovation. They look for new skills, which are scarce, willing to attract, engage and retain in their organizations people that demonstrate attitudes like resilience, responsiveness to change, entrepreneurial mind-set, and willingness to innovate. While corporations, in their attempt to increase productivity, restructure and lay off people, entrepreneurship becomes a hope for a better living. On the other hand, the human resources market will start soon to be dominated by millennials, having to work together with people from X generation. Thus, this paper attempts to discuss the impact of the Fourth Industrial revolution on human capital. Another goal is to discuss on how to develop human capital in the future with the relevant skill for the fourth industrial revolution. The paper might be of interest for government, educators, training providers, employers, and workers