Time to increase Qatar’s financial literacy

Learned a lot lending an editorial hand here:  

Qatar Tribune, May, 16, 2024

by Raed Kombargi, Fadi Adra, Swati Chaudhary, and Rasha Salem

As lifestyle aspirations, easy access to digital credit and loans, and the need to finance education and real estate drive up consumer debt levels in Qatar, the case for bolstering financial literacy is becoming urgent. This growing weight of consumer debt, coupled with the ongoing paradigm shift in the social contract, underscores the importance of financial literacy as a tool for managing debt and ensuring financial stability. Research from the Global Financial Literacy Excellence Center finds that countries with higher levels of financial literacy have lower levels of household debt, higher savings rates, and greater resilience during financial downturns than those with lower levels of financial literacy.

Qatari institutions increasingly recognize financial literacy as a critical factor for economic empowerment and financial stability, and have begun to act. Witness, among other efforts, the financial literacy programs launched by the Qatar Central Bank, the Ministry of Education and Higher Education’s decision to add financial literacy as an elective for eleventh and twelfth-grade students, and the Qatar Stock Exchange’s commitment to raising the financial literacy of investors.

While dedicated programs are a good start, meeting increasing financial literacy across the country in a timely manner requires an overarching strategy and a holistic framework that incorporates a multi-dimensional view of life-stages and beneficiary contexts. Read the rest here.

Skills-Based Hiring: Where Did It Go?

This Week in Leadership, March 25, 2024

by Theodore Kinni

If you’ve browsed job postings recently, you’ve probably seen that skills-based hiring is all the rage. Often a bachelor’s degree isn’t even required—only that you have key skills.

But only one word describes how often non-degreed applicants appear to be getting hired: rarely. A new study from the Burning Glass Institute and Harvard Business School’s Managing the Future of Work program uses employment ads to track the progress of skills-based hiring. It found that from 2014 to 2023 the number of roles for which employers dropped degree requirements increased fourfold. But when they studied a sample of 11,300 of these roles, they found that the share of workers hired without a college degree grew by only about 3.5% in 2023. Extrapolating its findings across the hiring universe, the team concludes that “for all its fanfare, the increased opportunity promised by Skills-Based Hiring has borne out in not even 1 in 700 hires last year.” Read the rest here.

The Overlooked Partners That Can Build Your Talent Pipeline

Learned a lot lending an editorial hand here:

MIT Sloan Management Review, March 29, 2021

by Nichola J. Lowe

Image courtesy of Stephanie Dalton Cowan/theispot.com

America has a skill problem. It’s not the result of inadequate educational systems letting down younger workers or a lack of aptitude among older workers, as some claim. The problem is the widespread failure of American companies to share responsibility for skill development. Many employers are simply unwilling — or unable — to invest sufficient resources, time, and energy into work-based learning and the creation of skill-rewarding career pathways that extend economic opportunity to workers on the lowest rungs of the labor market ladder.

This national skills crisis becomes clearest whenever unemployment rates are low. As late as February 2020, most industries in the U.S. showed persistent signs of skills shortages. In manufacturing, for instance, there were 522,000 unfilled job openings in late 2019. There were similar long-standing job vacancies in many other critical industries, including financial and business services, health care, and telecommunications, with executives noting increased skills gaps in data analytics, information technology, and web design, among other areas.

The skills shortage was less obvious during the COVID-19 pandemic, as companies shed millions of jobs, but it persists despite that temporary softening of the labor market. And as hiring picks up along with the economy, employers may increasingly develop workforce strategies that are based not only on skills requirements but on increased commitments to boosting diversity and inclusion.

A better and more enduring skills strategy must begin with the recognition that our national skills crisis rests on a deeply rooted but flawed assumption: namely, that skills are individually held. This view overlooks the collective and context-specific nature of skills — that is, the ways in which they are shared, reinforced, and reproduced through group interactions at work. It also creates a false justification for the bias and hoarding that often accompany employers’ approaches to talent management. That results in more educated workers benefiting from corporate investments in retention, leaving those workers with less formal education underserved and undervalued — a phenomenon that labor scholars call the “great training paradox.” Moreover, it leads to the mistaken categorization of entry-level workers as “unskilled.” This positions them as irrelevant and easy to replace, ignoring the fact that this segment of the workforce — so often women and people of color —not only executes strategy but also has the grounded insights needed to improve organizational processes and practices.

The core assumption that skill is individually held results in supply-side approaches that place the primary burden for skill development on educational institutions and on students within them. These approaches have not and cannot, in isolation, do the trick. Skill shortages are a problem of employment, not education...read the rest here

A Better Way to Bring Science to Market

Learned a lot lending an editorial hand here:

MIT Sloan Management Review, Feb. 28, 2018

by Joshua S. Gans

In 2012, when the Creative Destruction Lab (CDL) at the University of Toronto’s Rotman School of Management was launched, the audacious target of this seed-stage program for massively scalable, science-based companies was $50 million in equity creation in five years. In 2017, CDL companies surpassed $790 million in equity creation. Such is the power of a market for judgment.

A market for judgment is a nexus between science and technology. By science, I mean the kind of knowledge that is produced in academic institutions and research labs. By technology, I mean the commercial application of that knowledge. A market for judgment is a place, like CDL, where the producers of knowledge meet and mingle with businesspeople and investors.

Markets for judgment are necessary and valuable because science and technology are mismatched in several ways. They are mismatched in geographic terms: Science is concentrated in universities, which are located all over the world; technology aggregates in a few places, such as California’s Silicon Valley and Cambridge, Massachusetts, in the U.S. The landscape of science is the gently undulating Great Plains whereas the landscape of technology spikes like Mount Olympus.

The distribution of scientific and technological talent is also mismatched. I think that may be because of the antithetical nature of the two jobs. Scientists are supposed to go down fruitless paths; it’s part of their process. Technologists are supposed to go down fruitful paths; in their process, fruitless paths are decidedly unwelcome and potentially destructive.

In short, although science and technology are supposed to go hand in hand, they usually can’t get that close. CDL was designed to determine if we could bring science and technology closer together by building a market for judgment. Read the rest here.

Moving Beyond the Silicon Valley State of Mind

MIT Sloan Management Review, September 18, 2017

by Theodore Kinni

To steal a phrase from Anton Chekhov, the great danger of the Age of the Algorithm is that we will know everything and understand nothing. In his new book Sensemaking, a polemic defending the need for the liberal arts in business, Christian Madsbjerg, a founder of strategic consulting company ReD Associates based in Copenhagen and New York, argues that leaders shouldn’t try to know everything. Instead, they should try to make sense of something.

Madsbjerg offers up sensemaking as the antidote to algorithmic thinking — “a Silicon Valley state of mind” that relies exclusively on data for direction. Relying on data alone is taking “a journey determined by the reductions of a GPS,” according to the author. Sensemaking is the North Star: It provides the essential context for data — the rationale for collecting it and the perspective needed to gain insight from it.

In the excerpt below, Madsbjerg tells the story of Napa Valley’s Cathy Corison, comparing her approach to wine making with the data-driven approach of Leo McCloskey, founder of Sonoma, California-based Enologix, Inc., to illustrate the difference between traveling by the North Star and the GPS. Read the excerpt here.

Investing in America’s Data Science and Analytics Talent

Learned a lot lending an editorial hand on this joint report:

Increasingly US jobs require data science and analytics skills. Can we meet the demand? The current shortage of skills in the national job pool demonstrates that business-as-usual strategies won’t satisfy the growing need. If we are to unlock the promise and potential of data and all the technologies that depend on it, employers and educators will have to transform.

This joint report from BHEF and PwC provides groundbreaking data science and analytics market intelligence informed by a Burning Glass Technologies workforce analysis and real-time survey data of business and higher education leaders from Gallup. The findings of this report document the emergence of the hybrid economy, in which companies in all sectors have become increasingly digital-intensive organizations. It also recommends at eight actions for change to put the supply of skills in balance with the demand.

Download the full report here