31 July 2024 12:03 am Views - 90
President Ranil Wickremesinghe at Human Capital Summit in Colombo
President Ranil Wickremesinghe, at the Human Capital Summit in Colombo, emphasised the need for robust human capital formation, which requires greater financial investment and sound management. He noted that 300,000 to 400,000 people have emigrated in the past two years and that the brain drain will persist, albeit to a lesser extent, until 2026 or 2027, when the benefits of recent economic reforms are expected to materialise. The summit concluded that the following skills are key for Sri Lanka to attract FDI and also create employment opportunities:
1. Digital literacy and technological proficiency
In today’s interconnected world, digital literacy and technological proficiency are crucial. Employees in various sectors must be adept at using digital tools, software and platforms. Cybersecurity awareness is also paramount, as knowledge of online safety practices helps protect sensitive information and maintain the integrity of digital infrastructures. Investing in these skills creates a more efficient and secure workforce capable of supporting economic recovery and growth.
2. STEM skills: Foundation for innovation
A strong foundation in science, technology, engineering and mathematics (STEM) is vital for driving innovation and technological advancement. Prioritising STEM education and training develops a workforce that can lead in scientific research and technological development. Emphasising STEM not only improves operational efficiency but also positions Sri Lanka as a regional leader in technological innovation.
3. Entrepreneurial skills, innovation and creativity
Fostering entrepreneurial skills and a culture of innovation within the workforce is essential. Employees should be equipped to generate new ideas, products and services. Targeted training programmes that encourage creativity and innovative thinking is crucial. Nurturing these skills enables Sri Lanka to act as a catalyst for economic growth, creating an environment where new ventures can flourish.
4. Effective communication and multilingualism
Effective communication is vital for interactions with various stakeholders, including the public, private sector and international partners. Proficiency in both verbal and written communication ensures clear and impactful messaging. Additionally, multilingualism, especially proficiency in English, is crucial for international trade and collaboration. Enhancing these communication skills enables stronger relationships and facilitates smoother interactions at all levels.
5. Leadership and management skills
Strong leadership and management skills are essential for navigating the complexities of any sector. Leaders must be capable of making informed decisions, managing resources effectively and inspiring their teams. Investing in leadership development programmes ensures that organisations are led by competent individuals who can drive change and foster a culture of excellence.
6. Environmental and sustainability awareness
As the world moves towards sustainable development, organisations must lead by example in promoting environmental awareness and sustainability practices. This includes understanding the environmental impact of policies and implementing measures to mitigate negative effects. Prioritising sustainability contributes to a greener and more resilient economy.
7. Financial literacy
Financial literacy is crucial for effective budget management and financial planning. Understanding personal and organisational finance management ensures resources are allocated efficiently and transparently. This enhances credibility and supports long-term economic stability.
Conclusion
Building a resilient workforce with the right skills is key to Sri Lanka building a strong human capital pool and achieving sustainable economic recovery. By focusing on these critical skill areas, the nation can create a capable workforce ready to meet the challenges of the modern economy and drive sustainable growth. As the country looks to the future, investing in the workforce will be essential for ensuring long-term prosperity.
(Cathrine Weerakkody is a lecturer at the University of Buckingham, United Kingdom)