About Bosch’s €2 billion employee investment: A great example of the critical role reskilling plays in adapting to rapid technological advancements in today’s workforce.


Copyright: bmmagazine.co.uk – “Bosch’s €2 billion gamble: Investing in employee retraining amid the AI revolution”


SwissCognitive_Logo_RGBWhat is ‘quiet hiring?’ – Organizations that invest in reskilling and upskilling can fortify their workforces for the coming seismic changes wrought by technology, globalization, and markets.

Not long ago, Bosch announced a staggering plan to invest €2bn in retraining a portion of its 400,000 employees. As Europe’s largest car parts supplier, Bosch aimed to mitigate further job losses as the automotive industry transitions from traditional combustion engines to electric vehicles. The issue extends far beyond car-making.

McKinsey & Company forecasts that by 2030, one in 16 workers – totaling over 100 million across eight economies – may need to change occupations. This underscores the pressing need for reskilling and upskilling initiatives, driven primarily by rapid technological advancements automating jobs and generating demand for new skills.

Additionally, globalization and shifting market dynamics necessitate workers to adjust to new industries and roles. This interconnectedness has boosted trade, communication, and mobility across borders, often resulting in the outsourcing of jobs to countries with lower labor costs, displacing or rendering jobs in traditional sectors obsolete.

This process is also driven by shifts that occur within markets over time, due to changes in consumer preferences or regulatory overhauls. Tasks within industries tend to become more complex as new procedures, tools, and regulations emerge.

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In the financial services industry, the proliferation of complex financial products like collateralized debt obligations (CDOs) and credit default swaps (CDS) has heightened the complexity of risk management. Assessing credit, market, and liquidity risk for these instruments poses unique challenges, demanding specialized knowledge and skills from risk managers. Continuous learning and skill development are essential for these professionals to remain relevant in their field, a necessity that extends beyond banking.[…]

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