New world. New skills.
The future is here today. Beyond the automation of routine and repetitive tasks is the revolution in analytical insight, customer engagement and product customisation ushered in by artificial intelligence (AI). The Isle of Man’s workforce needs to get up to speed. Explore our thought leadership report to see what kinds of work are under threat on the one side and how we could create new and higher value employment opportunities on the other.
Jobs at risk of automation32.5% of jobs
are potentially at risk from automation in the Isle of Man between now and 2035.
Cost of upskilling now or later6 times
the cost of doing nothing will ultimately be 6 times higher than the cost of upskilling now.
Most disrupted sector16,000 jobs at risk
with financial services being the sector most disrupted.
Workforce transformation can no longer be put off
PwC analysis reveals that around 32.5% of jobs in the Isle of Man are at risk between now and 2035. While this might seem like a distant prospect, the COVID-19 pandemic has brought the employment and employability crunch much closer. If governments, businesses and educators don’t take decisive action now, the jobs that are furloughed or lost in the downturn may never come back.
Yet this is also a once-in-a-generation opportunity. With the right skills, agility and readiness to embrace change, the Isle of Man can create thousands of new jobs to make up for the ones that will be lost. We can attract new businesses with new ways of working, improve the quality and value of the work we do, make it more fulfilling and ultimately bolster the long-term competitiveness and prosperity of our Island.Explore key findings
Workforce transformation can no longer be consigned to the ‘not now’ or ‘too difficult’ piles. Everyone needs upskilling and everyone can play a part in getting our workforce up to speed. The first step is recognising this as an immediate imperative. Governments, businesses and educators must work together to make a difference.
At PwC, we’ve developed first-hand experience of the power of upskilling. Our global ‘New world. New skills.’ programme recognises the opportunities rather than just the threats that come from digital disruption.
As we look to uplift digital capability to keep pace with client demands, optimise operations and continue to attract top talent, the programme focuses on building up the ‘digital fitness’ of our people.
In the Isle of Man, we have invested more than 2,000 hours in upskilling our staff during 2020 and this is just our starting point.
If we don’t act, the skills gaps could get worse, we risk being competitively side-lined and, perhaps most damaging, unemployment could become permanent and futures be dashed. Many of the jobs at risk will be lower skilled, lower paid roles, which in turn could deepen social divides.