Technology is what drives our economy today. It is the nucleus to progress, a sector that has birthed thousands of jobs. But what if the workforce doesn't have the necessary skills to fit the work? The result is catastrophic.
Buy Now: Sony PlaysStation VR In Stock Here
According to The New York Times, the unemployment rate in many European countries today are likely caused by the lack of technology skills. In Ireland for example, where the corporate tax rate is low at 12.5 percent, companies like PayPal, Fujitsu, and Microsoft, are expanding their operations, creating jobs in the process. But the people qualified to fill the vacant positions are scarce, says the report, forcing some companies to look somewhere outside the country.
A recent report from the International Labor Organization mentions that the skill mismatches and occupational shifts have worsened in Europe following the crisis. Furthermore, a research conducted by Eurofound, a research arm of the European Union, reveals that 40 percent of companies reported difficulty in finding workers with the right skills. The percentage was lower in 2008 and 2005, just around 37 percent and 35 percent, respectively.
In a move to address the concern, countries in Europe are coming up with ways to retrain a large chunk of the unemployed. One strategy is to boost the campaign in promoting engineering, science, and mathematics courses instead of popular subjects in social sciences. There is hope, for sure.
Don't Miss: See the first leaked Black Friday 2016 Ad
Source: The New York Times