I’m always amazed to read about how some people are more likely than others to get injured on the job, don’t have the skills needed for their job, or are unable to cope with the demands of today’s careers.
The latest World Economic Forum (WEF) report emphasizes the crucial role of upskilling and development for companies to navigate the ever-evolving employment landscape. Discussions during the Forum indicated several trends poised to impact the future of work, highlighting the need for workforce stability strategies to protect organizational sustainability.
Why Does Upskilling and Development Matter?
The “shelf life” of any given skill is approximately 5 years, but business executives agree that half of all skills are outdated within 2 years. This unfortunately means every organization (regardless of industry) will eventually be impacted by some sort of skills gap if continual learning and workforce stability strategies are not incorporated in the organizational culture.
The WEF report identifies upskilling and development as essential workforce stability strategies to prepare for upcoming challenges. As technological advancements, particularly generative AI, continue to reshape industries, the demand for new skills is becoming increasingly urgent. Chief economists at the Forum noted that high-income countries stand to profit from the growth of generative AI, which will be especially beneficial to knowledge-heavy industries.
The Impact of Generative AI on Employment
Generative AI looms as a double-edged sword on the job market. On one hand, AI advancements are predicted to endanger nearly 40% of jobs globally, stressing the risk of job displacement for employees lacking proficiency in AI technologies.
On the other hand, technological innovations are anticipated to create new job opportunities, potentially offsetting job losses. The creation of these new roles will require workforce stability strategies focused on upskilling and emerging technologies. Employees who can effectively utilize AI tools will have a distinct advantage, making upskilling initiatives critical for workforce stability strategies designed to keep companies competitive in the job market.
4 More Employment Trends of 2024
The WEF report also outlines these employment trends expected to shape the workforce in 2024:
1. Rising Global Unemployment:
Global unemployment is projected to increase to 5.2% in 2024, posing a significant challenge to economies worldwide. Upskilling can help counteract the global unemployment rate by providing the skills needed to fill emerging job roles, particularly in technology-driven industries. This proactive approach not only enhances an individual’s employability, but also supports overall economic growth by reducing skills gaps and increasing workforce adaptability, which are key components of workforce stability strategies.
2. More Women in the Workforce:
Improving access to childcare will encourage more women to enter the workforce. Currently, 606 million women of working age are not employed due to unpaid care responsibilities, compared to 40 million men. The economic benefits of providing childcare – including increased worker productivity, lower attrition rates, and greater retention – are great incentives to offer childcare benefits to all employees as part of workforce stability strategies.
3. Growth in Digital Jobs:
The demand for digital jobs is anticipated to rise, offering opportunities to harness global talent more effectively. Upskilling will propel growth by providing workers with the necessary expertise to meet the increasing demand for digital skills in various industries. As more individuals gain greater proficiency, companies can innovate and expand their digital operations. This not only drives economic development and job creation, but also mitigates talent shortages and global unemployment, reinforcing the importance of workforce stability strategies.
4. Hybrid Work and Pop-Up Offices:
The demand for hybrid work post-pandemic has spurred the development of an increasing number of “pop-up offices.” These flexible workspaces can fulfill employees’ desire for human interaction while still allowing them to remain close to home.
Upskilling will encourage more pop-up offices by enabling employees to work efficiently in flexible, technology-driven environments. As workers become adept at using digital tools and remote collaboration platforms, businesses can establish temporary, adaptable workspaces that meet the evolving needs of a modern, hybrid workforce – a crucial aspect of workforce stability strategies.
Ultimately, Upskilling and Development ARE Essential
The WEF report makes it clear that upskilling and development are not just beneficial but essential workforce stability strategies for companies to successfully adapt and thrive in this rapidly changing employment landscape. As generative AI and other technological advancements transform industries, organizations need a skilled workforce and sound workforce stability strategies to leverage new opportunities and ensure a resilient workforce both now and in the future.
Schedule a meeting to speak with a Tyfoom training consultant today to learn how you can stay ahead of the competition by upskilling your workforce with employee training videos.