Anticipating new Jobs & Capabilities for the future workforce - Workplace Trends for 2021

ManagementMarch 09, 2021 17:22

Written by Max Loong

Like how hand productions methods were replaced by since the invention of machines, Industrial Revolutions has brought constant change to the how businesses work, together with jobs and capabilities required in the workforce. The ongoing disruption to labour markets from the Fourth Industrial Revolution has been further complicated (and in some cases sped-up) by the arrival of the pandemic-related recession.

 

Job Demand Change by year 2025

The World Economic Forum (WEF) released a Future of Jobs Report recently, which emphasized the change demand for jobs and capabilities by the year 2025. Expecting more technology-driven job creation over job destruction over the next few years, they listed the major job roles that are increasing and decreasing in demand by the year 2025:

 

From these rankings, job roles increasing in demand comprises of roles mainly in the Automation Technology and Artificial Intelligence area, while some traditional roles still remain relevant even with technological disruption (e.g., Business Development Professionals, Strategic Advisors, Management and Organisation Analysts).

Source: Future of Jobs Survey 2020, World Economic Forum.

While jobs in decreasing demand are generally administrative/clerical and labour intensive in nature. Although there are some roles that are listed that are specialised functions (e.g., Accountants and Auditors, Financial Analysts, Human Resources Specialists)

 

Skills in Demand by year 2025

Although technology related roles might seem prevalent in demand, conversely the skills in future demand are still largely comprised with cognitive skills. These include groups such as critical thinking and analysis, as well as problem solving, which have stayed at the top of the agenda with year-on-year consistency. While newly emerging skills such as active learning, resilience, stress tolerance and flexibility, signalling a prominence to self-management skillsets.

Source: Future of Jobs Survey 2020, World Economic Forum.

Trends affecting these changes

Race to increase productivity

In a global survey of 800 senior executives conducted by McKinsey in July 2020, two-thirds said they were stepping up investment in automation and AI either somewhat or significantly.

Unprecedented events like the current pandemic in place has evidently brought changes to productivity of business processes. This has undoubtedly led to the acceleration in the adoption of automation technologies in business operations to ‘future-proof’ operations to ensure business continuity in the case of similar events arise.

Which explains the fact that technological roles (Machine Learning, AI, Automation) will be higher demand in the labour market in the coming years, while strategic roles still remain as important to implement these processes.

 

Adapt or die?

Digital transformation has brought rapid changes to operations at a higher rate year-by-year, and this consequently created skill gaps for existing employees to fill in order for an organisation to remain relevant in the coming years.

In a workplace learning report by LinkedIn, Learning and Development professionals expect that if crucial skills gaps are not closed in the next 3-5 years, it will undesirably impact their organisation in the following ways, in rank order:

  1. Future growth
  2. Customer experience and satisfaction
  3. Product or service quality and delivery
  4. Ability to innovate

 

What can employers do to anticipate the coming of the future workforce?

Reconsider priorities:  Organisations should evaluate if digital transformation will change business operations; will some roles be redundant, and will there be a need to create new positions to cater future business needs?

Map potential job transitions: On top of removing outdated roles and creating new roles, be open to the idea of potential job transitions for your current talent pool. Are there opportunities for redeployment for those who are at risk of being redundant? And are there reemployment opportunities for senior staff where they can impart valuable knowledge experience to the next generation?

Identify possible skill gaps for Upskilling and Reskilling: Leaders should identify and address the current and future skill gaps using skills trends and competitive benchmarking with the many talent tools available such as LinkedIn Talent Insights. These skill gaps will better inform leaders the learning needs on the ground, and opportunities to upskill and reskill the current talent pool.

 

Conclusion

While technology-driven job creation is still expected to outpace job destruction over the next five years, the economic contraction is slowing the rate of growth in the jobs of tomorrow. Nevertheless, this calls for a renewed urgency for business leaders to take proactive measures to ease the transition of workers into more sustainable job opportunities.

 

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