In today’s world, change is the only constant. Psychiatrist R.D. Laing, while talking about rapidly changing times, has said, “We live in a moment of history where change is so fast-paced that we begin to see the present only when it is already disappearing.” Experts believe that we will probably see more change in our lifetimes as compared to what has occurred since the start of civilization. Keeping up with and managing changing requirements is likely to pose great challenges. How? Technological advancements are continuously reshaping the business environment and its requirements.
As markets and industries evolve, new jobs are being created while traditional ones are slowly being replaced. Many of the roles being posted on job portals and LinkedIn today were completely unknown and unheard of a few years ago. And given the current pace of tech advancements, we could be looking at an entirely new range of jobs being created in the coming years. A study by the World Economic Forum states that by 2027, 65% of children entering primary school today will ultimately work in jobs that currently don’t exist.
To ensure individual and organizational success, companies are now proactively taking measures and preparing their employees for a future that is currently hard to predict. In this blog, we will share key strategies for equipping the workforce with the skills needed to thrive in tomorrow’s job market.
A Rapidly Changing Employment Landscape
A study by Dell Technologies and the Institute for the Future (IFTF) reveals that an estimated 85% of jobs that will exist in 2030 haven’t been invented yet. The study further states that due to the rapid pace of change, people will be learning new skills using technologies such as augmented reality and virtual reality. Therefore, the ability and skill to gain ‘new’ knowledge will eventually become more important than knowledge itself.
Data released by McKinsey Global Institute predicts that automation could displace up to 400 million workers globally by 2030. This makes up about 15% of the global workforce. The constantly changing pattern in the business environment now requires workers to consistently develop new skills and perhaps even switch occupational categories in the future.
The above statistics show that there is an urgent need for organizations to rethink and revamp their approach to workforce development. Traditional methods of hiring based on static skills set is now an almost obsolete practice. Instead, organizations must cultivate adaptable and learning-orientated teams that are equipped to evolve with changing market requirements.
Building a Future-Ready Workforce
Promote a Continuous Learning Culture
Leaders must create an environment where learning is integrated into daily work. This means setting aside dedicated time for skill development activities, different trainings, and ensuring that learning resources are readily available for employee use. Research published by PwC in collaboration with the World Economic Forum reveals that creating a skills-first labor market can benefit more than 100 million people worldwide. Organizations must hence work on providing more diverse learning opportunities and training programs.
Develop Future-Focused Skills Assessments
Gartner HR research indicates that the total number of skills required for a single job is increasing by 10% year after year. Thus, as tech advancements and market environments continue to change, a future-focused approach is essential for ensuring that employees undergo regular skill audits to help identify any gaps between current capabilities and future requirements.
Invest in Technological Training
Recent studies conducted by Microsoft reveal that 70% of businesses consider growth as their primary driver. The study further explains that those companies that are ‘early adopters of technology’ are the ones that witness faster and higher growth. As an employer, you must ensure that your employees gain an understanding of technological concepts and their implications across all roles in the organization.
Build Strategic Partnerships
According to the World Economic Forum, employers are increasingly investing in upskilling and reskilling initiatives to align their workforce with evolving demands. Therefore, employers must collaborate with educational institutions, industry associations, and technology providers to stay informed about emerging trends and skills. These partnerships can also facilitate specialized training programs tailored to an organization’s future needs.
Closing Thoughts
Organizations that invest in their people today are the ones that will be successful in the years to come. As the pace of change (and uncertainty) accelerates, this commitment to workforce development is not only a competitive advantage but a business imperative.
At Crosworks, we invest ourselves fully – our time, expertise, ideas, and commitment – to deliver maximum advantage in achieving both, individual and organizational goals. Schedule a call and connect with our experts to learn about our services for organizations and understand how we can be a trusted sounding board for leadership.