We all know the employment landscape is changing at the speed of summer lightning.
A survey of executives from more than 350 employers across nine industries in 15 of the world’s largest economies has led to a report published in January 2016 by the World Economic Forum titled, “The Future of Jobs” and predicates how the labour markets may evolve.
The report forecasts that demographic changes and technological advancements may lead to the net loss of 5 million jobs by 2020. Moreover the report estimates that a total of 7.1 million jobs could be lost, the majority of which will be white-collar office and administrative jobs.
The report also highlights four areas with short term implications and three that are critical for long term resilience.
- Reinventing the HR Function – increasingly becoming more strategic and has a seat at the table.
- Making Use of Data Analytics – building a new approach to workforce planning and talent management, where better forecasting data and planning metrics will need to be central.
- Talent Diversity (no more excuses) – time for a fundamental change in how talent diversity issues perceived and well-known barriers tackled.
- Leveraging flexible working arrangements and online talent platforms – organisations becoming significantly more agile in the way they think about managing people’s work and about the workforce as a whole.
Longer Term Focus
- Rethinking education systems – businesses working more closely with governments, education providers and others to imagine what a true 21st century curriculum might look like.
Incentivising lifelong learning – reforming current education systems to better equip today’s students to meet future skills requirements; However ageing countries won’t just need lifelong learning—they will need wholesale reskilling of existing workforces throughout their lifecycle
- Cross-industry and public-private collaboration – bolder leadership and strategic action within companies and within and across industries, including partnerships with public institutions and the education sector.
Please click here to access the Executive Summary of the World Economic Forum’s, “The Future of Jobs”.