Alexandra Levits Water Cooler Wisdom Key Findings from the World Economic Forums Future of Jobs Survey (Part II)

Alexandra Levit's Water Cooler Wisdom Key Findings from the World Economic Forum’s Future of Jobs Survey (Part II) Last week, I shared some compelling results from the World Economic Forum’s 2018 Future of Jobs Survey. To recap, this research set out to represent the current strategies, projections and estimates of global business, with a focus on large multinational companies and more localized companies of significance due to their employee or revenue size. Let’s examine some additional highlights from the report: Emerging in-demand roles: Among the range of established roles that are set to experience increasing demand in the period up to 2022 are Data Analysts and Scientists, Software and Applications Developers, and Ecommerce and Social Media Specialists, roles that are significantly based on and enhanced by the use of technology. Also expected to grow are roles that leverage distinctively ‘human skills, such as Customer Service Workers, Sales and Marketing Professionals, Training and Development, People and Culture, and Organizational Development Specialists. There will also be a variety of roles related to understanding and leveraging the latest emerging technologies: AI and Machine Learning Specialists, Big Data Specialists, Process Automation Experts, Information Security Analysts, User Experience and Human-Machine Interaction Designers, Robotics Engineers, and Blockchain. Growing skills instability: Given the wave of new technologies and trends disrupting business models and the changing division of labor between workers and machines transforming current job profiles, the vast majority of employers surveyed for this report expect that, by 2022, the skills required to perform most jobs will have shifted Global average skills stabilityâ€"the proportion of core skills required to perform a job that will remain the sameâ€"is expected to be about 58%, meaning an average shift of 42% in required workforce skills over the 2018â€"2022 period. A reskilling imperative: By 2022, no less than 54% of all employees will require significant re- and upskilling. Of these, about 35% are expected to require additional training of up to six months, 9% will require reskilling lasting six to 12 months, while 10% will require additional skills training of more than a year. Skills continuing to grow in prominence by 2022 include analytical thinking and innovation as well as active learning and learning strategies. Sharply increasing importance of skills such as technology design and programming highlights the growing demand for various forms of technology competency identified by employers surveyed for this report. Proficiency in new technologies is only one part of the 2022 skills equation, however, as ‘human’ skills such as creativity, originality and initiative, critical thinking, persuasion and negotiation will likewise retain or increase their value, as will attention to detail, resilience, flexibility and complex problem-solvin g. Current strategies for addressing skills gaps: Companies highlight three future strategies to manage the skills gaps widened by the adoption of new technologies. They expect to hire wholly new permanent staff already possessing skills relevant to new technologies; seek to automate the work tasks concerned completely; and retrain existing employees. The likelihood of hiring new permanent staff with relevant skills is nearly twice the likelihood of strategic redundancies of staff lagging behind in new skills adoption. However, nearly a quarter of companies are undecided or unlikely to pursue the retraining of existing employees, and two-thirds expect workers to adapt and pick up skills in the course of their changing jobs. Between one-half and two-thirds are likely to turn to external contractors, temporary staff and freelancers to address their skills gaps. Insufficient reskilling and upskilling: Employers indicate that they are set to prioritize and focus their re- and upskilling efforts on employees currently performing high-value roles as a way of strengthening their enterprise’s strategic capacity, with 54% and 53% of companies, respectively, stating they intend to target employees in key roles and in frontline roles which will be using relevant new technologies. In addition, 41% of employers are set to focus their reskilling provision on high-performing employees while a much smaller proportion of 33% stated that they would prioritize at-risk employees in roles expected to be most affected by technological disruption. Overall, said the World Economic Forum, the report’s findings suggest the need for a comprehensive ‘augmentation strategy’, an approach where businesses look to utilize the automation of some job tasks to complement and enhance their human workforces’ comparative strengths and ultimately to enable and empower employees to extend to their full potential. However, to unlock this positive vision, workers will need to have the appropriate skills enabling them to thrive in the workplace of the future and the ability to continue to retrain throughout their lives. Crafting a sound in-company lifelong learning system, investing in human capital and collaborating with other stakeholders on workforce strategy should thus be key business imperatives. A mindset of agile learning will also be needed on the part of workers as they shift from the routines and limits of today’s jobs to new, previously unimagined futures. Want to learn more about how you can prepare for the future of work? Check out the new book, Humanity Works: Merging Technologies and People for the Workforce of the Future.