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

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.