A recent joint report compiled by the International Finance Corporation and the International Youth Foundation found that young people are more engaged in work when skills development and the advancement of talent are emphasised. A second report from PricewaterhouseCoopers showed that companies that mastered digital technology see their costs decrease and their revenues increase over time. For the mining sector, this means that encouraging the development of the requisite skills to implement new technologies has multiple benefits. Eurasian Resources Group is a founding member of the Global Battery Alliance, a World Economic Forum initiative that has sustainability as one of its key goals.
Technology in the Mining Industry
There have been many significant advances in the use of technology in the mining industry in recent years, from the introduction of smart mines to the use of blockchain technology, Big Data and artificial intelligence. Disruption in the industry is now a paradigm, and the mining businesses that are seeing the most success are those that approach technology with a growth-oriented, open mindset. The development of a wide range of requisite skills is therefore paramount to create a sustainable future for the mining industry.
Hard and Soft Skills
Different skill-sets typically fall into one of two categories – hard skills and soft skills. Hard skills are based on technical aspects of work, such as prowess in mathematics, fluency in a foreign language or an ability to code. These skills are often easier to teach and easier to quantify. Soft skills, such as communication, leadership, problem-solving and critical thinking may be harder to teach and to quantify, but they are increasingly beneficial to the sustainable future of industry. The development of the correct mixture of skills is required to create balance.
As the report from PwC shows, skills development is key to attracting young people to employment and engaging with them. Eurasian Resources Group is therefore introducing new initiatives for proactive skills development as the company moves towards a greener and more sustainable future. The metals and mining industry requires many key skills, the nurturing of which is liable to attract more young people to the sector. This in turn facilitates a breeding ground for the leaders of tomorrow.
Sustainable Development at Eurasian Resources Group
Sustainable development is one of the key business tenets at Eurasian Resources Group, with a focus on the responsible management of resources and the impact of the mining industry in terms of governance, society and the environment. Eurasian Resources Group has initiated many projects with a focus on fostering social inclusion, respecting the environment, and creating significant opportunities for employment in the areas it operates.
The strengthening of communities is a vital aspect of this sustainability policy, which includes a Student Entrepreneurship Ecosystem Programme to encourage and inspire young people to develop the businesses of the future.
These efforts from Eurasian Resources Group have been proven to not only support entrepreneurship among young people, but also to address areas where there have previously been skill gaps. Young people participating in the programme bring a wide range of both hard and soft skills to the table, facilitating growth for the economies in ERG’s key countries of presence overall.