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Consequences and Challenges of the Fourth Industrial Revolution and the Impact on the Development of Employability Skills

Author

Listed:
  • Veronika Bikse

    (Institute of Management Sciences (IMS), Liepaja University, 14 Liela Street, LV-3401 Liepaja, Latvia)

  • Liva Grinevica

    (The Unit of Agrarian Economics Sciences, Latvian Academy of Agricultural and Forestry Sciences, 1 Akademijas Square, LV-1050 Riga, Latvia)

  • Baiba Rivza

    (Faculty of Economics and Social Development, Latvia University of Life Sciences and Technologies, 2 Liela Street, LV-3001 Jelgava, Latvia)

  • Peteris Rivza

    (Faculty of Information Technologies, Latvia University of Life Sciences and Technologies, 2 Liela Street, LV-3001 Jelgava, Latvia)

Abstract

The aim of this research study is to perform an analysis of the consequences and impact of the fourth industrial revolution on the development of employability skills and to identify possible solutions to help overcome these challenges. The research methodology applied in this research study involves examining and analysing literature and Internet sources. To identify possible solutions for the development of employability skills in the context of challenges of the fourth industrial revolution, the Analytic Hierarchy Process (AHP) was used. The results of the research indicate that the promotion of youth employability requires close cooperation between educational institutions and entrepreneurs, as well as that significant attention should be paid to investment in human capital and the digital transformation of business. The research expands and provides insights into the situation in Latvia regarding the impact of the fourth industrial revolution on the development of employability skills and performed an analysis of the main possible solutions for the successful development of employability skills in Latvia that can be ensured by investing in human capital and improving the business environment, the digital transformation of SMEs and the modernization of the education system. In this context, it is crucial to promote more collaboration among educators, academics, policymakers, and practitioners.

Suggested Citation

  • Veronika Bikse & Liva Grinevica & Baiba Rivza & Peteris Rivza, 2022. "Consequences and Challenges of the Fourth Industrial Revolution and the Impact on the Development of Employability Skills," Sustainability, MDPI, vol. 14(12), pages 1-23, June.
    • Handle: RePEc:gam:jsusta:v:14:y:2022:i:12:p:6970-:d:833250
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    References listed on IDEAS

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    1. Ester van Laar & Alexander J. A. M. van Deursen & Jan A. G. M. van Dijk & Jos de Haan, 2020. "Determinants of 21st-Century Skills and 21st-Century Digital Skills for Workers: A Systematic Literature Review," SAGE Open, , vol. 10(1), pages 21582440199, January.
    2. Nicu Gavriluță & Silviu-Petru Grecu & Horia Costin Chiriac, 2022. "Sustainability and Employability in the Time of COVID-19. Youth, Education and Entrepreneurship in EU Countries," Sustainability, MDPI, vol. 14(3), pages 1-24, January.
    3. Petre Prisecaru, 2016. "Challenges of the Fourth Industrial Revolution," Knowledge Horizons - Economics, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 8(1), pages 57-62, March.
    4. Veronika Bikse & Inese Lusena-Ezera & Peteris Rivza & Baiba Rivza, 2021. "The Development of Digital Transformation and Relevant Competencies for Employees in the Context of the Impact of the COVID-19 Pandemic in Latvia," Sustainability, MDPI, vol. 13(16), pages 1-17, August.
    5. Irina Canco & Drita Kruja & Tiberiu Iancu, 2021. "AHP, a Reliable Method for Quality Decision Making: A Case Study in Business," Sustainability, MDPI, vol. 13(24), pages 1-14, December.
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    Cited by:

    1. Thunyalak Weerasombat & Pongsaya Pumipatyothin & Chaturong Napathorn, 2022. "Understanding Employability in Changing Labor Market Contexts: The Case of an Emerging Market Economy of Thailand," Sustainability, MDPI, vol. 14(16), pages 1-25, August.
    2. Luis Mayor & Line F. Lindner & Christoph F. Knöbl & Ana Ramalho & Remigio Berruto & Francesca Sanna & Daniele Rossi & Camilla Tomao & Billy Goodburn & Concha Avila & Marg Leijdens & Katharina Stollewe, 2022. "Skill Needs for Sustainable Agri-Food and Forestry Sectors (I): Assessment through European and National Focus Groups," Sustainability, MDPI, vol. 14(15), pages 1-24, August.

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