Technological skills, if properly harnessed, developed and utilised, have the potential to greatly aid the response to the crisis which we face and are likely to face in the future. Through the use of new technologies, people and particularly young people are able to contribute substantially in a number of ways:
- Design and develop innovative products to enable businesses to increase their productivity and sharpen their competitive edge.
- Business-to-Business (B2B) transactions/activities between manufacturers and wholesalers/retailers/distributors; market strategy development, Financial Technology (Fintech) in improving the delivery and use of financial services e.g. Retail Banking, Money Transfer – improving these services and enhancing customer experiences.
- Technology may be able to assist with undertaking tasks more quickly
e.g. operations in management of production, sales and stocks. Routine and monotonous work may be computerised/mechanised leaving employees to engage in more demanding activities which may have a greater/positive impact on productivity – reducing costs and contributing to increased business resilience.
In addition, as the world faces up to the climate challenge and sustainable development needs (and rising energy prices), young people with skills in new technology may be able to play a part in developing products and encouraging sustainable methods of consumption – including energy production and consumption.
In many developed countries a substantial proportion of the population can originate from developing countries (Diaspora). There is the potential for more members of these diaspora communities (and importantly those from younger age groups) to engage in activities (production, trade, commerce etc.) which could benefit communities in which they are based (host countries) and their home countries. The skills in new technology which young people have could give them the ability to take to a higher level the experiences of previous generations of diaspora communities who often embarked on self-employment/entrepreneurial careers because of imperfections in the labour market imperfections which still exist. These experiences enabled them (diaspora community members) to make substantial positive contributions to employment generation, alleviation of poverty and economic growth and development in “home” and “host” countries/communities. In view of the strength of the links which can potentially develop within/between countries, communities, organisations and individuals, they may become more resilient to economic/business shocks which may come about.