Most organizations are well aware of what economists are calling the Fourth Industrial Revolution1 and what it could mean for the future of work.2 Up to an estimated 47 percent of US jobs face potential automation over the next 20 years, driven primarily by rapid advances in AI, cognitive computing, and automation of repetitive, rule-based tasks.3 Other disruptive forces seem to be shaping the future of work as well--many organizations are shifting to more team-based structures; workplaces are increasingly virtual, flexible, and geographically agnostic; the overall workforce is becoming more diverse, multigenerational, and dispersed; and most careers are morphing from following predictable road maps to constant reinvention. In the face of this, various leaders across industries are reimagining their workforce models to explore how they can use technology, expanded work settings, and alternative talent to address these disruptive forces. In addition, many are reevaluating their talent profiles, including how they measure the skill sets required for success in the future.
The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn. The ability to engage with employees and customers is increasingly becoming a strategic business solution that leaders must understand, embrace, and prepare to implement. I recently joined Emma Chandra, news presenter and senior producer at Bloomberg TV, at a Bloomberg Next conference to discuss the impact of emerging technologies -- artificial intelligence, internet of things, cloud computing, mobile, social networking, blockchain, mixed reality (AR/VR), 3D printing -- on future of work in the Fourth Industrial Revolution. To better understand tomorrow's talent, Bloomberg Next, in collaboration with Workday, surveyed 200 corporate and education leaders to understand the strategies of leaders in terms of ensuring new recruits and existing talent have the right skills necessary to support the near-term company growth. Here are five key takeaways of the B uilding Tomorrow's Talent: Collaboration Can Close Emerging Skills Gap Bloomberg Next survey: A majority of respondents said new hires are not well-prepared to perform at a high level in a professional environment, primarily because of insufficient soft skills.
While automation and digital technologies are disrupting the workplace as we traditionally know it, it has become imperative for organisations to start reskilling their workforce. Automation and artificial intelligence are not only disrupting the assembly lines but right across the so-called blue-collar jobs. This is mainly because in most instances, artificial intelligence (AI), is actually doing a better job than humans. For example, the use of virtual assistants in the workplace is growing. By 2021, Gartner predicts that 25 percent of digital workers will use a virtual employee assistant on a daily basis.
A revolution, it is said, is not an apple that simply falls when it is ripe. You have to make it drop. As AI moves beyond proof-of-concept and sandbox implementation, businesses are looking to recruit top machine learning talent, cultivate AI skills across their workforce, and begin to use this amazing set of technologies for incredible outcomes in 2018. There's still not enough AI experts out there to make this a reality – and a huge AI skills gap is opening up as a result.
What story will people tell about your organization over the next ten years? Will they celebrate an enthusiastic innovator that thrived by adapting workforce skills and ways of working to the demands of the new economy? Or will they blame poor financial or operational results, unhappy employees, and community disruption on a short-sighted or delayed talent strategy? Our modeling shows that by 2030, up to 30 to 40 percent of all workers in developed countries may need to move into new occupations or at least upgrade their skill sets significantly. Research further suggests that skilled workers in short supply will become even scarcer. Some major organizations are already out front on this issue.