The new world of work and business is being shaped by technological advances and changing demographic patterns. We explore the business-critical hires businesses need to prepare for now.
The latest report from the World Economic Forum offers invaluable insight into the future of employment, with information gathered from some of the world’s largest employers and their Chief Human Resource Officers and senior executives. Smart businesses will acknowledge the warnings the report contains before it significantly impacts their hiring capabilities.
Futureproofing Workforce Strategies
Business leaders should currently be assessing the suitability of their existing workforce strategies to meet the challenges and opportunities presented by the changes we’re already seeing in employment. As the report states, “the window of opportunity for proactive management is closing and we must proactively plan and implement a new vision for the global labour market”.
The Drivers of Change
Technology is the most apparent driver of change for the world of work. Just as the plough made way for the tractor during the Industrial Revolution, the Internet of Things (IOT) is upending traditional workplace practices. Jobs deemed to be most at risk from these changes are manual and repetitive tasks, but another risk factor exists in the jobs which will become highly sought-after.
Big data analysts and scientists are already in serious demand, as are tech and 5G engineers, and artificial intelligence (AI) specialists. Cyber security, innovation leaders, cloud architects, social media executives, augmented reality developers… the list of in-demand roles grows longer by the day. Worse still, these jobs are relatively new, so the talent pool of experienced and skilled professionals has never been shallower.
The Impact on Business-Critical Hiring
Even though half of companies surveyed anticipate that an increase in automation will reduce their full-time workforce, 38% expect to expand due to the creation of new roles such as those mentioned previously. However, the dearth of skilled talent will impact on business-critical hiring due to the importance of the job roles that have a short supply of candidates. The roles mentioned previously will form a crucial part of a business’ infrastructure, and as a result other company operations will be affected if these roles are left vacant. Demand also pushes up cost, meaning companies must run faster to remain standing still.
Skills stability is a major concern in relation to business-critical hiring. The foundational roles needed to embrace changing business models and maintain growth account for roughly 20% of all roles in a business; the report suggests that 42% of job skills will shift by 2022. The odds that business-critical roles will escape this are slim. According to the report, by 2022 54% of all employees will require significant reskilling.
What Comes Next
Companies now need to formulate a comprehensive talent acquisition and retention strategy which factors in the risk to their business-critical roles and the rest of their workforce. Reskilling and upskilling remain priorities but implementing a plan to sourcing fresh top talent to cover roles which are newly-created must also be top of the C-Suite’s to-do list.
Solutions Driven provide business-critical hiring solutions to some of the largest organisations in the world. Our in-depth knowledge and global reach mean we’re ideally place to advise and source talent for companies both now and in the rapidly-approaching future. There’s no better place to begin your organisation’s path to a stable workforce.
Source: WEF, The Future of Jobs Report
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Content Marketing Specialist
Gianna has degrees in English and Marketing, and spends her days with Solutions Driven researching and reporting on the latest trends and recruitment industry insights.