The pace of change is getting faster and faster. We don't have a crystal ball, but there are plenty of predictions out there about how the world of work will be impacted in the future. Are any of these set to impact your organisation and you’re your workforce?
Automatic intelligence (AI)
Machines and algorithms will do more current tasks than humans by 2025, according to the World Economic Forum’s Future of Jobs Report 2018. The report also predicts that this robot revolution will create 58 million net new jobs in the next five years.
AI may also lead to better efficiencies and a more productive workforce. A study by Pegasystems found that human employees will experience greater job satisfaction as AI becomes part of their working life. Why? Because 78% of respondents said AI would allow staff to make more informed decisions, and lead to flatter hierarchies, while 77% said AI will help suggest next actions for most customer service agents within five years.
The rise of AI means that skilled people will be needed to build, train and augment AI systems. Research by McKinsey identified a need for the following skillsets by 2030:
- Advanced IT and progamming skills
- Basic digital skills
- Social and emotional skills
- Entrepreneurship and initiative-taking
- Creativity, critical thinking, decision-making, and complex information processing
Does that mean that skillset requirements will need to change in your organisation?
People don't tend to have a 'job for life' any more. Modern workers expect greater balance between their work and their home life. There's been a rise in the so-called gig economy, where employees are contracted by the 'gig'. Offering flexibility means it's easier to attract and retain a talented workforce, while employees benefit from increased satisfaction and motivation.
It's becoming less common to require staff to sit at their desks from 9am to 5pm. It's increasingly common to employ remote and homeworkers, and to offer other flexible ways of working. Flexible working practices can lead to cost savings for the business, and boost the bottom line due to increased productivity and performance. Such flexibility requires a different management style. Today's leaders are therefore required to be more agile, teams come together and disband more quickly, and the need for presenteeism is relaxing.
Are your leaders comfortable with this fluidity, ambiguity and constant change?
As baby boomers reach retirement age and generation X near their 40s, some of the power in the workplace is shifting to generation Y 'millennials'. Millennials worry about climate change and conflict, and care about social and environmental impact – that means they choose to work in companies that share their values. They like technology, entrepreneurship and innovation. So, if you want to attract millennial talent, you need to provide the kind of culture that will appeal to them.
Remember – because nothing stays static for long – generation Z will be entering the workforce soon. Having grown up with smartphones, this generation is very technically proficient, and expects communication to be speedy, if not instant. According to a study by Door of Clubs, generation Z value healthcare and mentorship at work, and care more about autonomy than they do about money. Autonomy, as well as job stability, not to mention advancements in technology at work, are all key factors of job satisfaction for generation Z. Showcasing these as benefits will not only help you attract this fresh set of employees, it will also help you retain them too.
Do you understand what appeals to this evolving workforce entering the labour market, so you are seen as an employer of choice?
As a leader, you’ll not only want to successfully manage your workforce to drive your business forward, you’ll also want to make sure you’re staying ahead of the times too. Keeping up with new trends impacting your recruitment is great for your appeal as well as the productiveness of your business.
Brook Street is at hand to give you advice on what candidates are looking for in new roles, and how you can attract new staff. We also have access to a large, local talent pool to help you find staff who will fit into your organisation, quickly and efficiently. Contact us today for more information.