The recent announcement by General Motors that it is offering buyouts to a majority of its salaried workforce has far-reaching implications for college students and those in the secondary level of education. It is an alarming reminder that knowledge workers with digital and financial competencies are essential for competitiveness in the global market. Digital technologies will continue to play an increasingly important role in determining global dominance.
As well we can look at actions made by other key technology-based leaders, including Microsoft, Google, JPMorgan, and Amazon, to name a few, which have all announced and begun layoffs of around 6% of their total global workforce comprised of technology-based personnel. Microsoft announced plans to reduce its workforce by up to 10,000 employees to shift focus toward AI Technology.
Competitiveness is a determining factor in the layoff rates of workers in the global marketplace. In recent years, businesses have been forced to make difficult layoff announcements due to an influx of highly competitive and skilled workers who possess the new paradigm of knowledge workers with digital and financial acumen entering the job market. This has resulted in increased competition for available positions, making the skills and experiences of more seasoned professionals expendable.
The struggle is a reality for many in the global workforce. Job seekers must now prove their worth to employers by demonstrating an impressive set of skills and qualifications. This places emphasis on competence, which has made it harder for those without application mastery or specialized training to compete.
For college students, this means having application mastery, digital skills, financial acumen, and leadership character to stay ahead of the curve. They need to be equipped with digital competencies such as Advanced Manufacturing, Advanced Wireless, Artificial Intelligence, Biotechnology, Quantum Information Science, Semiconductors, and Microelectronics to remain competitive in their chosen field. The demand for Knowledge Workers has also increased significantly, with organizations looking for leaders with strong technical backgrounds, cross-cultural collaboration experience, innovation, software engineering, or digital marketing.
For secondary school students, the focus should be on digital literacy and understanding how digital technologies are impacting their world. Schools should invest in digital learning strategies that empower young people to develop their digital skills and become more digitally responsible citizens. This includes not only teaching digital competencies but also helping students understand the implications of digital technology on their lives and the world around them. There is a significant need for digital competence among the leadership ranks and teaching ranks at the secondary and post-secondary levels of education.
These changes show that digital and financial competency is no longer a “nice-to-have” skill; it is an essential requirement for any student hoping to remain competitive in today’s job market. Therefore, it is critical for college students and those in secondary-level education to embrace these changes and prioritize developing their digital skills if they want to be successful in the digital age.
This article was written to provide insight into the implications of the recent announcement by several large technology-based companies regarding buyouts and layoffs of most of their employees and its impact and implications for college students and those at the secondary level of education. It highlights that knowledge-based mastery, digital skills, and financial competencies are essential requirements for competitiveness in the global market and outlines steps that students should take to remain competitive in today’s digital age. Ultimately, it is critical for college students and those in secondary-level education to prioritize developing their digital skills if they want to be successful in the digital world.
