It’s not a secret that businesses are facing challenges in bringing talent (development of cognitive, physical, social and emotional skills) as well as technological skills (automation and AI skills) together.
How does the future of work look like and what skills do employees and executives need to reskill, retrain to secure their career and to fuel the future economic growth?
THE FUTURE OF WORK
According to the IBM CEO Virginia Rometty, only a minority of jobs will disappear, the majority of remaining roles will require working with some form of automation and AI. According to Rometty, it is essential that AI complements and not replace human workers.
„I believe [AI] will be the issue of our time, and education must be fundamentally revamped to address it. That’s not just a job for schools. It requires all of us working together - business, academia, government and civil society - to ensure a future that belongs not just to a few, but to all of us”, says Rometty. (1)
Meanwhile, Alibaba founder Jack Ma argued in Davos for the 2018 World Economic Forum that automation technologies could "kill a lot of jobs". (2)
“For companies, reskilling and upskilling strategies will be critical if they are to find the talent they need and to contribute to socially responsible approaches to the future of work,” argues Klaus Schwab, Founder and Executive Chairman of the WEF.“ (2)
RESKILLING AND UPSKILLING
The World Economic Forum’s 2016 report, The Future of Jobs, found that, by 2020, across all types of occupations, on average, more than a third of the core skills needed to perform most jobs will be made up of skills currently not yet considered crucial to the job. On this graph, you can see the top 10 skills required for a successful performance at work in 2020 as opposed to in 2015. New crucial skills on the list are emotional intelligence, service orientation and cognitive flexibility. (3)
Top 10 Skills
The following graph is going even further and showing how automation and AI will change the skills needed in the workforce by the year 2030 in the United States and 14 Western European countries.
As you can see the top three skills required by the end of 2030 will be higher cognitive skills (creativity, complex information processing and interpretation), social and emotional skills (entrepreneurship and initiative taking as well as leadership and managing others) and technological skills (advanced IT skills and programming and basic digital skills) (4).
CLOSING THE SKILL GAP
How is your company going to close the skill gap? How are you personally going to close this gap?
Creating job transition opportunities or upskilling requires time, willingness and a reasonable amount of investment "that will bridge workers onto new jobs." (5)
But who is responsible for that?
“Creating the future workforce now is the responsibility of every CEO. Those leaders who make their people a strategic business priority and understand the urgency of this challenge will be the ones that make the greatest gains in growth and innovation,”
said Mark Knickrehm, group chief executive, Accenture Strategy. (6)
The reality is the least amount of companies are investing in employee development going beyond the development of technical skills. By choosing the right development strategy companies and employees should be aware of the fact that according to recent studies 90% of top performers have high emotional intelligence (including social and emotional skills). (7) Which can result, among others, in
a 10% higher productivity, Coca-Cola Case (8),
2.5 Mio. USD more sales, L’Oréal Case (9),
a 30% cost saving, U.S. Air Force Case (10),
a better choice of candidates, Microsoft, Lafarge Holcim, ABB Cases (11) and
a more positive working climate (12).
Moving up on the career ladder will require individuals´ mindset and willingness to invest time and money into their own growth. The award will be better career chances, more frequent promotion and higher responsibility, leading to higher paycheck and realisation of one's vision and goals. To succeed in investing in social and emotional as well as technological skills will definitely pay off.
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(1) IBM CEO: „We face an imminent, profound transformation of the workforce“, January 22, 2018 on aibusiness.com, https://aibusiness.com/ibm-ceo-wsj-ginni-rometty/, available on June 14, 2018.
(2) World Economic Forum: Time For A Proactive Approach To Reskilling [Report], January 30, 2018 on aibusiness.com, https://aibusiness.com/wef-report-reskilling-future-of-work/, available on June 14, 2018.
(3) World Economic Forum, The Future of Jobs: Employment, Skills and Workforce Strategy for the Fourth Industrial Revolution, 2016.
(4) Skill Shift, Automation and the Future of The Workforce, Discussion Paper, Jacques Bughin, Eric Hazan, Susan Lund, Peter Dahlstrooem, Anna Wiesinger, McKinsey, May 2018
https://www.mckinsey.com/~/media/McKinsey/Featured%20Insights/Future%20of%20Organizations/Skill%20shift%20Automation%20and%20the%20future%20of%20the%20workforce/MGI-Skill-Shift-Automation-and-future-of-the-workforce-May-2018.ashx, available on June 14, 2018.
(5) Towards a Reskilling Revolution: A Future of Jobs for All, Insight Report, WEF, January 2018, http://www3.weforum.org/docs/WEF_FOW_Reskilling_Revolution.pdf, available on 14th of June 2018.
(6) CEOs Must Start a Skills Revolution to Unlock the Potential of the Digital Age, Research, Accenture, January 16, 2017, https://newsroom.accenture.com/news/ceos-must-start-a-skills-revolution-to-unlock-the-potential-of-the-digital-age-according-to-new-research-from-accenture-strategy.htm, available on June 14, 2018.
(7) Talentsmart, 2009, THE BUSINESS CASE FOR EMOTIONAL INTELLIGENCE (EQ), https://www.talentsmart.com/media/uploads/pdfs/The_Business_Case_For_EQ.pdd, available on June 14, 2018.
(8) Coca-Cola Case as mentioned in Joshua Freedman & Todd Everett, The Business Case for Emotional Intelligence, Institute for organizational Performance, 2004, www.6seconds.org/case, available on June 14, 2018.
(9) L’Oréal Case in Spencer, L. M., Jr., & Spencer, S., 1993. Competence at work: Models for superior performance. New York: John Wiley and Sons. Spencer, L. M. J., McClelland, D. C., & Kelner, S., 1997, Competency assessment methods: History and state of the art. Boston: Hay/McBer
http://www.eiconsortium.org/pdf/business_case_for_ei.pdf, available on June 14, 2018.
(10) U.S. Air Force Case: , in Six Seconds, 5/2010, New US Air Force Study: EQ to Save $190 Million, Six Seconds http://www.6seconds.org/2010/09/05/new-us-air-force-study-eq-saves-millions, available on June 14, 2018.
(11) Microsoft, Lafarge Holcim, ABB Cases in The MPN Team, 2017, 5 Reasons You Need Emotional Intelligence on Your Team, 2017, https://blogs.partner.microsoft.com/mpn/5-reasons-need-emotional-intelligence-team, available on June 14, 2018; Glassdoor, 10/2017, https://de.glassdoor.ch/job-listing/logistics-excellence-program-manager-lafargeholcim-JV_IC4992669_KO0,36_KE37,50.htm?jl=2476806080&countryRedirect=true, available on June 14, 2018; ABB 10/2017, https://www127.abb.com/sap(bD1lbiZjPTEwMA==)/bc/bsp/sap/hrrcf_wd_dovru/application.do?PARAM=cmNmdHlwZT1waW5zdCZwaW5zdD0wMDIxNUUzNEJBMDIxRUQ2QkZDMjI2MEMwMzUzQ0E5NA%3d%3d, available on June 14, 2018.
(12) Daniel Goleman, 2017, What is Emotional Self-Awareness? Korn Ferry Institute, 2017, https://www.kornferry.com/institute/what-is-emotional-self-awareness, available on June 14, 2018.
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