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

Veronika Bikse, Liva Grinevica, Baiba Rivza and Peteris Rivza
Additional contact information
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

Sustainability, 2022, vol. 14, issue 12, 1-23

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.

Keywords: Analytic Hierarchy Process (AHP); 4th industrial revolution; framework; employability competencies/skills; sustainability (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
https://www.mdpi.com/2071-1050/14/12/6970/pdf (application/pdf)
https://www.mdpi.com/2071-1050/14/12/6970/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:14:y:2022:i:12:p:6970-:d:833250

Access Statistics for this article

Sustainability is currently edited by Ms. Alexandra Wu

More articles in Sustainability from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().