It is an undisputed fact that education is one of the main drivers of personal prosperity. Indeed, any nation’s economic growth is a direct result of its education system. Indeed, in a global economic environment characterised by youth unemployment, governments need to start addressing this social challenge at its roots – the education system.

Education policy and skills development featured heavily in the recently published EY Malta Attractiveness Survey. Seventy-nine per cent of respondents – who are current foreign investors in Malta – have expressed their belief that Malta needs to concentrate on developing education and skills in order to remain attractive in the face of global competition.

Most of the respondents also believe that new skills sets need to be introduced as part of the national curriculum to address ‘new’ economy needs, such as coding and robotics.

The employers of the future need people who are able to think, who are able to apply their personal experiences in their work environment, who are tech savvy and can transform information into knowledge.

Internships and work placements can serve as a valid temporary solution for the current and immediate future’s skills shortages. However, in the longer term, policy actions will need to be taken in order to fully change the shortages that our country will face. At EY, we believe in the ‘Power of Three’, wherein government, educators and employers come together in an orchestrated effort to change the education culture and bring forward innovative revisions to the national education policy.

In a digitised world, we shouldn’t limit ourselves to traditional education methods – the digital classroom is slowly becoming a reality. Despite recent efforts to introduce technology as part of the learning process, most educators use technology as an enabler to support traditional teaching methods.

The nation should address employability and education as one policy area, not two

Wouldn’t it be more desirable for students to use digitised resources in order to develop their digital skill set, which would prepare them for the working world? Shouldn’t new avenues such as game-based learning be explored? Shouldn’t class simulate a working environment, where teamwork and ownership form part of the desirable basic skill set?

Global mobility is another current phenomenon. This means that local qualifications need to be relevant for, and accepted in, multiple destinations. In addition, people need to be able to adjust to and work alongside others from different cultures. This is why the national education framework should promote student exchange programmes, international internships and global work placements.

On a final note, in a continuously changing economic environment the country needs to adopt a lifelong learning culture. People who fail to seek continuous mentoring or fail to adapt to diverse ecosystems may be at risk of losing their employability factor. More needs to be done, through the facilitation, support – whether financial or otherwise – of web-based learning, long-distance learning, sabbaticals, and evening studies.

In order to remain competitive on a global level, we need to act now. The nation should address employability and education as one policy area, not two. A co-ordinated effort is needed to help support the foundation for tomorrow’s economy. Strong links between the public, private and education sectors should be developed to ensure a sustainable education system that supports the economies of the future. Together we will build a better working world.

EY is hosting an event titled ‘Disrupting the Class’ on October 31 in collaboration with the Chamber of Commerce and Parthenon-EY. Featured speakers include Matt Robb from Parthenon-EY and Education Minister Evarist Bartolo. Interested parties should send an e-mail to ruth.borg@mt.ey.com for further information. This event has been accredited 1.5 hours structured CPE hours qualifying for the attainment of Professional Development Competencies in terms of the Accountancy Board’s CPE Scheme and Accreditation Rules.

Ediana Guillaumier is senior manager at EY Malta Transaction Advisory Services, and Mergers & Acquisitions Advisory Services Leader.

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