Most importantly: how can your business prepare?
McKinseyandCompany’s recent research on the future of work and the impact of automation on talent demand, was a genuine eye-opener. Insights into the skills which will be in demand – both soft and hard – and the industries upon which these changes will resonate most, are imperative reading. Looking at how the demand for different skills in the workplace will change, is not merely for the early-adopters. If business is to be ready for what we’re calling ‘the future of work’ – a concept which is evidently right upon us – knowledge is your player advantage. So read up, and ready your business: it’s very existence may depend on it.
The Future of Work: Automation, New Skills, How You Can Prepare
Recently, McKinseyandCompany published research about the impact of technology and how it will affect the economy, business and society. This research has defined the emerging skills required for workers as we look to the future of work. The findings show a projected rise in demand for tech skills, and decline in the need for manual skills. Other findings show an increase in projected demand for emotional and soft skills. Whilst the need for cognitive skills also is expected to grow.
The Impact of Automation: Increase
McKinsey’s research found that automation will impact the demand for workforce skills with an expected increase in the need for…
55% – expected rise in demand for tech skills by 2030
Which tech skills? Basic digital skills, advanced IT & programming
24% – expected rise in demand in social & emotional skills
What else? Leadership, entrepreneurial skills, initiative taking, managing people
The Impact of Automation: Decrease
McKinsey’s research found that automation will impact the demand for workforce skills with an expected decrease in the need for…
Less entry level skills needed: skills like data entry, processing, basic cognitive skills, basic numeracy & literacy.
Less manual & physical skills needed: skills like general equipment operation, inspecting & monitoring
Preparing for the Future of Work
The projected changes organisations are to make, in preparedness for the future of work, are significant. They include:
More agility in corporate structures with less hierarchy & more collaboration
The growth of the gig economy will change the workforce composition to include more contractors and freelancers
Improve skills of existing employees by training them in new or more advanced skills
Leverage external workers like contractors, freelancers or temp workers
Shift parts of the workforce by redefining deliverables or redesigning processes
Hire AND let go of people to craft the desired skills for the future of your business. Couple this with the engagement of non-employee workers to establish optimum productivity & workforce ROI
Building a Future Workforce
Building a future workforce, will likely involve transition challenges. But with the right approach to collaboration and using the strategies outlined below, will bode well for success…