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Navigating Future Employment Trends: Skills for Caribbean Students

In the Caribbean, skill development is crucial as today's students face a dynamic job market. Research from Ana Maria Oviedo at the World Bank highlights that U.S. students are expected to hold 10 to 14 jobs by age 38. This statistic underscores the importance of adaptable skills and lifelong learning. The Caribbean must focus on equipping youth with the necessary competencies to thrive in diverse careers and navigate the challenges of an evolving workforce. Investing in education and skill development is essential for sustainable growth in the region.

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Navigating Future Employment Trends: Skills for Caribbean Students

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  1. Skills for the in the Caribbean Ana Maria Oviedo Human Development, Latin America and the Caribbean The World Bank
  2. Did you know that…
  3. It is estimated that in the U.S. today’s students will have 10 to 14 jobs…
  4. By age 38…
  5. Today, 1 in 4 workers have been with their employer for less than one year…
  6. Over 1/2 have been with their employer for less than 5 years….
  7. The top 10 jobs that will be in demand in 2020 do not exist yet…
  8. How can we prepare students for jobs that don’t yet exist?
  9. Using technologies that haven’t been invented?
  10. To solve problems that we know nothing about?
  11. We live in exponential times…
  12. Did you know?
  13. There are over 88 billion searches made in Google each month….
  14. More than 1.8 zettabytes(1.8 trillion gigabytes) of information were created and stored in 2011 (enough to fill 57.5 billion 32GB Apple iPads) …
  15. The amount of information is doubling every 2 years….
  16. For students starting a technical or college degree this means that…
  17. Half of what they learn in their first year will be outdated by their 3rd year…
  18. What does it all mean?
  19. We live in a fast-changing world, how well are we preparing our young people to face it?
  20. Caribbean countries have made impressive progress in providing education to their people…
  21. Education trends Source: Barro and Lee (2010)
  22. Today young people have close to complete secondary school in most of the Caribbean … Source: Barro and Lee (2010)
  23. But…is the system working?
  24. The majority of youth have low academic performance Source: CXC (2012)
  25. Pass rates, CSEC, 2008
  26. Do students make the best choices? V.S.
  27. Do they have the skills they need? Secondary education is academically- oriented Many secondary graduates do not master basic skills Few labor market-oriented courses Little career counseling Little help to transition to work
  28. Is the education system in a bubble?
  29. IS EDUCATION PAYING OFF IN THE CARIBBEAN?
  30. Most workers are still employed in traditional sectors
  31. More education brings better pay, but few opportunities For many educated workers there are few options outside the public sector and education…
  32. And workers still face high unemployment…
  33. Especially youth…
  34. Do their job opportunities match their aspirations? High reservation wages and career goals Migration prospects Family/social support system might delay independence Too few jobs!
  35. What skills do employers value? Source: CKLN (2005)
  36. Do firms invest in them? Source: Enterprise Surveys (2010)
  37. So…what do we need to ask? How do we build comprehensive skills at all levels of schooling? How do we make sure children are not “left behind”? How do we give more value (social and economic) to technical skills/professions? How do we take advantage of the global economy (also a global labor market)? [Migration vs. brain drain] How do we create more jobs domestically?

  38. Thank you!aoviedo@worldbank.org

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