With the rapid adoption of technology, it is projected that 50% of all employees today will need reskilling by 2025, while critical thinking and problem-solving skills will grow in prominence. 1 The Institute for the Future has identified top skills that will be critical to combine with technological advancement, including novel and adaptive thinking, social intelligence and 1/3  BIS central bankers' speeches  cognitive load management. Meanwhile, according to an Organisation for Economic Co2 skills imbalances in Malaysia, employers reported operation and Development (OECD) studyon shortages in communication skills and social skills, such as social perceptiveness and social orientation. As a nation and at the firm level, we must therefore know where our comparative advantage lies, and how this competitive edge is affected by the global megatrends and technological advancements. We then need to prepare our people as only then can we successfully navigate and transform our economy and our organisations. Against this backdrop, it is important that organisations strengthen the end-to-end human capital framework and processes. In the new normal, organisations should look to pivot their human capital strategy to focus on integrating well-being into the design of work, leverage talent analytics to harness workforce potential, and embed adaptability and agility in learning and development (L&D). Allow me to elaborate on three L&D approaches that I believe will help organisations thrive in an age of technological disruptions. First, is the identification of core and emerging competencies that can meet an organisation’s objectives. In the Malaysian financial sector for example, specialist skillsets remain a priority.

Marzunisham Omar: Transforming organisational learning in challenging times Keynote address by Mr Marzunisham Omar, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Chief Learning Officers Forum 2021 “Transforming Organisational Learning in Challenging Times”, 10 June 2021. * * * It is my great pleasure to welcome you to the inaugural Chief Learning Officers’ Forum – a gathering of minds among the learning and development community. Let me also take this opportunity to thank the teams from PETRONAS and Bank Negara Malaysia for jointly organising this Forum. We are indeed living in challenging times. The COVID-19 pandemic has significantly affected the way we live and work, forcing us to make the necessary adjustments to protect life and livelihood. While the pandemic would InsyaAllah be over, its effects on work arrangements will, I have no doubt, be long lasting. The pandemic is taking place at a time when the world is going through rapid changes. The economic and financial landscape is evolving, defined by on one hand, increasing dependencies among economies and firms, while on the other hand, heightened competition. A key factor driving the changes is the exponential speed of technological advancements in recent years. These advancements have been boosted by major breakthroughs in artificial intelligence, machine learning, big data analytics and cloud computing. Closer to our discussion today, digitisation and automation have disrupted organisations, their business models, talent management and the very nature of work itself.