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Unit - Workforce Education Skills

The document discusses various workforce education skills including soft skills, digital skills, and financial literacy. Soft skills are character traits and interpersonal skills that help people interact effectively. Digital skills are abilities to use digital devices and technology which are important in most jobs now. Financial literacy means understanding personal finance, budgeting, investing and making smart decisions with money.

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1K views2 pages

Unit - Workforce Education Skills

The document discusses various workforce education skills including soft skills, digital skills, and financial literacy. Soft skills are character traits and interpersonal skills that help people interact effectively. Digital skills are abilities to use digital devices and technology which are important in most jobs now. Financial literacy means understanding personal finance, budgeting, investing and making smart decisions with money.

Uploaded by

A mere potato
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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UNIT-7 WORKFORCE EDUCATION SKILLS

 SOFT SKILLS

What Are Soft Skills?


Soft skills are character traits and interpersonal skills that characterize a person's ability to
interact effectively with others. In the workplace, soft skills are considered to be a
complement to hard skills, which refer to a person's knowledge and occupational
skills.1 Psychologists may use the term "soft skills" to describe someone's emotional
intelligence quotient (EQ) as opposed to intelligence quotient (IQ). In a competitive labor
market, individuals who demonstrate that they have a good combination of hard and soft
skills often enjoy a greater demand for their services.

Understanding Soft Skills


Many employers look for a balance of hard skills and soft skills when making hiring
decisions. For example, employers value skilled workers with a track record of getting jobs
done on time. Employers also value workers with strong communication skills and a good
understanding of company products and services. When communicating with prospective
clients, workers with soft skills can put together compelling presentations even if their
specific job is not in sales or marketing. Another valued soft skill is the ability to coach co-
workers on new tasks.

Company leaders often are most effective when they have strong soft skills. For example,
leaders are expected to have good speaking abilities, but great leaders are also good at
listening to workers and to other leaders in their fields. As a recent article in the Harvard
Business Review put it, "Employers who fail to listen and thoughtfully respond to their
people's concerns will see greater turnover. And given that the highest rates of turnover are
among top performers who can take clients and projects with them, and the frontline
employees responsible for the customer experience, the risk is clear."

 DIGITAL SKILLS

Digital skills are defined as the ability to find, evaluate, use, share, and create
content using digital devices, such as computers and smartphones.
These days, the digital skills required in the workplace are a bit more advanced, and
companies expect the vast majority of their employees to have them, not just a select few.
Technology is at the center of our lives, and as our dependence on the internet and digital
communications increases, our workforce must keep up with the evolving skill demand.

Why Learn Digital Skills?


Digital transformation is on the rise and affecting every industry imaginable.
Farmers are no longer merely sowing seeds and harvesting a crop; they’re using sensors
and information technology to automate, monitor, and regulate their systems to become
more profitable, efficient, and sustainable.

Food delivery apps now help restaurants provide their menu options to hungry patrons
without them having to leave their homes. This adds a complex layer of responsibilities for
restaurant workers who now must manage orders through digital devices, as well as any
in-person interactions.
 FINANCIAL LITERACY
What Is Financial Literacy?

Financial literacy is the ability to understand and effectively use various financial skills,
including personal financial management, budgeting, and investing. When you are
financially literate, you have the foundation of a relationship with money, and it is a
lifelong journey of learning. The earlier you start, the better off you will be, because
education is the key to success when it comes to money.

Understanding Financial Literacy

From about 2000 to 2022, financial products and services have become increasingly
widespread throughout society. Whereas earlier generations of U.S. residents may have
purchased goods primarily in cash, various credit products are popular today, such
as credit and debit cards and electronic transfers. A 2021 survey by the Federal Reserve
Bank of San Francisco revealed that 28% of all payments were via credit card, with only
20% being made in cash.1.

Being financially illiterate can lead to a number of pitfalls, such as being more likely to
accumulate unsustainable debt burdens, either through poor spending decisions or a lack
of long-term preparation. This, in turn, can lead to poor credit, bankruptcy,
housing foreclosure, and other negative consequences.

Scope of Financial Literacy


Financial literacy can cover short-term financial strategy as well as long-term financial
strategy, and which strategy you take will depend on several factors, such as your
age, time horizon, and risk tolerance.
This also includes knowing which investment vehicles are best to use when saving,
whether for a financial goal like buying a home or for retirement.

Benefits of Financial Literacy


Holistically, the benefit of financial literacy is to empower individuals to make smarter
decisions. More specifically, financial literacy is important for a number of reasons.

 Financial literacy can prevent devastating mistakes: Floating rate loans may
have different interest rates each month, while traditional individual retirement
account (IRA) contributions can’t be withdrawn until retirement.
 Financial literacy prepares people for emergencies: Financial literacy topics
such as saving or emergency preparedness get individuals ready for the uncertain.
 Financial literacy can help individuals reach their goals: By better
understanding how to budget and save money, individuals can create plans that set
expectations, hold them accountable to their finances, and set a course for
achieving seemingly unachievable goals.
 Financial literacy invokes confidence: Imagine making a life-changing decision
without all the information you need to make the best decision.

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