Learning objectives for the week
- Comparison of modern trends and the impact that they may have on SHRM
- Identify particular trends that are having an impact on the future of work
- Look at the challenges and opportunities for organisations when considering management in times of uncertainty such as Covid.
- Look at matching possible solutions in order to resolve difficult problems that may be evolving in an organisation.
So much about work is changing. The constant evolution in technology results in changes in labour markets, government regulation and the manner in which businesses trade and move to different methods of work practice. Such evolution will mean that the nature of business itself must also change.
There has been an amazing chain of events in recent times that has fuelled the changes in the work environment. Covid 19 and several high profile social justice movements such as #metoo and #blacklivesmatter are changing the nature of society and community. Along with the changes in the digital world, our work will never be the same according to Blau (2019) in his book on Cybersecurity.
What Will Jobs Be Like in the Future?
- 85 million jobs expected to be displaced in the next 5 years while 97 million new roles are expected to be created. This will require upskilling of workers to take on the new roles.
- Those remaining in current roles will need to update around 40% of their skillset to remain efficient.
- Organisations state that by 2025 they will have retrained 70% of their workforce in order that they can adapt to the jobs of the future.
- It is suggested that it will take between 2 weeks and 5 months for workers to acquire new skills. However the research shows they won’t have to have perfect skillsets in order to transition.
- Two thirds of employers expect to obtain a return on investment in their employees skills in as little as one year.
- Governments will also have a role to play to ensure their is adequate investment in training and upskilling of the population. Displaced workers will also need safety nets that will provide dignity and allow reskilling.
The Role of Technology
There is no doubt that advances in technology will be the biggest factor in the future of work. AI powered machines capable of machine learning are already performing roles that replace those previously done by humans where a judgment was required.
As a result of these enormous advances in technology, the businesses that will thrive will be those that choose to reskill and upskill their existing employees (Russo 2020) This may well be another way humans will find greater personal value and meaning in life. Russo (2020) also posits that 85 million jobs will be displaced by 2025 but that 97 million new jobs will be created as a result of technological advances and robotics.
The Role of Workers
No-one has a greater stake in the future of work than workers themselves. Covid 19 has forever changed the concept of work and workers no longer view attendance as a prerequisite to the job. There will be considerable and inevitable change in remote and hybrid work arrangements to satisfy the demands of workers.
The Role of Leaders
Great leaders will be critical to effecting an orderly transition to the Future of Work. The changes that are potentially coming are daunting and no more so than for humans. There is a great danger that people could lose their self esteem and identity if change is not managed properly. The assignment I have written for this subject addresses these issues as they have the potential to change the fabric of our societies. We must look after people and ensure they are psychologically safe and have purpose and meaning in life.
This topic is huge and has so many variables coming into play. It is fascinating to look to the future and see what the world potentially has in store for us. The incessant rapid pace of technology can mean a future where there is more equity in the world. Let us hope so. If that is the result of all of this, then the future may deliver prosperity and meaning for everyone on the planet. Wouldn’t that be a pleasant change?