The Future of Work: There is a Skills Crisis and Hiring Alone Will Not Solve It
CONFESSIONS OF A BENEFITS BROKER – What will tomorrow’s workforce look like?
Industries are going through a creative disruption, there will be jobs in five years that don’t exist today.
“By 2025, 85 million jobs may be displaced by a shift in the division of labor between humans and machines, while 97 million new roles may emerge that are more adapted to the new division of labor between humans, machines and algorithms.” – The Future of Jobs Report 2020, World Economic Forum.
I highly encourage you to read the article in WSJ “Why Software is Eating the World” by Marc Andreessen and the book “The Future of Work” by Jacob Morgan.
The pandemic has catapulted almost every job function further into the digital world. Technology is the fuel that drives business growth. Technology disintermediates business systems, antiquated workflows are being replaced with frictionless and radically improved efficiency systems. This disruption of legacy systems leads to the chasm in skill vs. talent. The World Economic Forum’s latest Future of Jobs report found that 84% of employers are set to rapidly digitalize working processes.
Innovation is happening so fast – evolution in the space of months instead of years. What you need are people who can upskill, adapt, and deploy – and fast. Both employer and employee need to grasp that Upskilling/ Reskilling will now be the ‘endless’ process.
* 68% percent of employees say that learning and development is the most important employee benefit, according to ClearCompany, a talent management platform.
* Employers spent $82.5 billion in 2020 on Up-Skilling, and 30% plan to increase their budget in 2021, according to LinkedIn.
Let me guess, you have requisitions unfilled, you’re working with multiple recruiters, you’ve considering posting your job listing on TikTok and possibly hiring a real bounty hunter to secure your recruits!
According to a recent study from the Wharton School of Business, companies today fill less than 1/3 of open positions with internal candidates.
Unlock the potential of your greatest assets, your current team, they may not be ripe yet, with pruning and fertilizer they can be your future leaders. Employers should take a holistic and long-term mindset toward employees; become a company known for upgrading employees along with the technology stack. Making upskilling opportunities readily available can set you apart in the search for talent. Reducing turnover and future-proofing your workforce can make a huge impact on your organization’s bottom line.
*46% of workers would leave their employer if there were no upskilling.
Where to Start?
The good news: Because this new economy is digital in nature, the new skills can be taught online
Create a benefits skills roadmap, how do you foresee your industry and the workflow changing; communicate that vision to employees and give them the resources and development opportunities to grow into new roles. Seek your team’s input to leverage their ownership in the project. Repeat this process annually and budget accordingly, remember it’s not an expense, but an investment!
There are many platforms at incredible value; depending on your industry some will be better fit than others. The latest meta research on learning has given weight on “Microlearning.” Yup the fancy scientist concluded that we humans like our knowledge in dosage just like our Doritos, …munchable content. ”Dorito Drills at 2PM in the conference room!” Microlearning increases comprehension, retention, and engagement, and is often less expensive than other types of training.
˃ Skillsoft is the largest corporate e-learning platform in the world, 180,000 content assets ˃ LinkedIn Learning classes will focus on hard technical skills like software development, project management and sales ˃ Articulate create, track, manage your online training in one complete system
Don’t forget “soft skills.” And by the way, stop calling them that. There is nothing soft about people that can adapt, manage time to task, communicate precisely, and collaborate effectively. These are “Power Skills” – they’re highly complex, take years to learn, and are always changing in their scope.
Mentorship programs
˃ LinkedIn, asked all sales managers to spend at least 50% of their time on coaching and teaching their direct reports. On its face, asking sales leaders to teach versus sell may seem like a counterintuitive strategy, but it generated significant results.
˃ Explore Skills Coach Feature by CultureAmp.com boasts using behavioral science and spaced repetition to drive real change.
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