Insights from the Human Capital Summit 2024: "Unlocking Sri Lanka's Economic Potential by Building a Future-ready Global Talent Pool"

A few representatives from H Connect International were invited to attend the Human Capital Summit?at Temple Trees last week.???

The summit focused on, "Unlocking Sri Lanka's Economic Potential by Building a Future-ready Global Talent Pool," bringing together Leaders of governments worldwide, including those from Sri Lanka, as well as leaders from multinational organizations and the public sector.??

Here are our key takeaways:??

Educational Revolution???

Throughout the day, discussions were organized across 5 pillars of our economy: Tourism, Information Technology, Financial Services, Start-ups, and the Public Sector.??

But in each session, the panelists and experts kept returning to one key point: education.???

Here is a breakdown of what was discussed:??

• Sri Lanka's long-standing education system, while impressive historically, needs to shift towards creating lifelong learning opportunities, such as micro-credential programs for adults, to equip the workforce with the latest skills and knowledge. This includes promoting "unlearning" outdated information and "relearning" new concepts to ensure continuous growth and adaptability.???
• While some roles may not be inherently digital, basic digital literacy skills are becoming increasingly important across all industries. Sri Lanka can bridge this gap by offering targeted digital education programs for individuals in non-digital fields. These programs should focus on practical skills like data analysis, online communication, cybersecurity awareness, and using technology to improve efficiency. By equipping workers with these foundational skills, Sri Lanka can empower its workforce to thrive in a digital world, even in non-digital roles.??
• Sri Lanka's education system should move beyond rote memorization and traditional knowledge acquisition. A future-proof curriculum emphasizes both STEM education (Science, Technology, Engineering, and Math) and the development of crucial soft skills like international communication, critical thinking, and adaptability.???

By equipping students with well-rounded skillsets, Sri Lanka can prepare its workforce to not only navigate technical challenges but also excel in a dynamic, collaborative, and interconnected world.??

?Corporate Climate??

Sri Lanka must create within itself a corporate environment that encourages and inspires professionals to contribute effectively and meaningfully to the nation's economy.??

This means:??

• Offering practical skills development relevant to industry needs.??
• Promote work-study programs which help students identify where they truly want to invest their minds.??
• Implement and enforce clear corporate governance rules with strong anti-corruption measures.???
• Open the system allowing international mobility and freedom. Professionals and students should be free to travel, learn and find their potential- wherever it leads them. But create a corporate climate that would make them want to return and share.??

By implementing these strategies, we can create an environment where skilled individuals feel valued and have opportunities to grow. This can turn "brain drain" into "brain rain", enriching the nation with a constant flow of knowledge and innovation.??

?Private Public Partnership??

“No economy nor country can succeed if its public sector doesn’t rise to the occasion” - Mr. Eran Wickremerathne.??

Sri Lanka has the educational infrastructure to create the greatest minds the world has seen (and in fact, already has). This talent deserves the best opportunities, and it is when the public and private sectors work together that this can truly be achieved.??

Here is how:??

• Allocating dedicated budgets for public sector training programs that align with international standards. This will level the playing field between the public and private sectors, offering better understanding and thereby mutually beneficial policies and practices.???
• Move beyond traditional government curriculums by integrating the expertise of the private sector. This will equip students with the skills and knowledge valued by modern businesses.??

This public-private partnership holds the key to unlocking Sri Lanka's true economic potential.????

Resilience and Frugal Innovation??

Sri Lanka's resilience has shone through numerous crises. Here is how the country and economy can continue to prepare for both the known and unknown:??

• Frugal innovation is a necessity, and we must continue to maximize output through the resources at our disposal. This can be done through adopting fresh perspectives and encouraging creativity. Therein lies a need for soft skills development.??
• Leverage lessons learned from past experiences to anticipate potential future disruptions. Encourage a culture of lifelong learning, where adapting to change becomes second nature.??

Through the implementation of these practices, we can ensure that the nation’s resilience remains its greatest asset.?? ??

As the Human Capital Summit came to a close, we had a fresh perspective on the new direction Sri Lanka needs to take: A strong and sustainable talent-focused economy with a future-ready global workforce driving it. ? ?

It all comes down to the same message, echoed in every discussion we had throughout the summit: Sri Lanka's greatest strength lies in its people and our future depends on how we empower them.?

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