Skill shifts have been a constant force ever since the industrial revolution took place. Yet, the pace of change ahs never been higher than it is now aided by automation, digitization, robotics and artificial intelligence. By 2030, several present-day skills will get replaced. That is why McKinsey conducted a study across the five largest European countries- UK, France, Spain, Italy and Germany- and USA to gauge the shifts. Some major aspects were studied, beginning with the change in demand for workforce skills over time. How organizations approach this and plan for the talent recruitment for the future were the other things. As per the study, manual and basic cognitive skills will acquire a lesser portion of the pie. Social, emotional, technological and higher cognitive skills will take up a higher portion of time. Shifting skill requirement will be lost affect five of the largest industries- healthcare, energy and mining, banking and insurance, retail and manufacturing. Only six percent of all companies surveyed confirmed their expectation of shrinking workforce, while seventeen percent are optimistic of adding more jobs. Focus will shift towards developing cross-functional skills within agile organizations. Work will need to be “unbundled” and “rebundled”. The sharing economy involving gig workers or freelancers will expand exponentially. Corporate training programmes will need to retrain employees towards the newer systems and technologies. HR processes will evolve in contracting, hiring, release and redeployment. Educational institutions meanwhile will need to tweak their curricula to suit the present needs.

Source:https://www.mckinsey.com/featured-insights/future-of-organizations-and-work/skill-shift-automation-and-the-future-of-the-workforce?cid=other-soc-twi-mgi-mgi-oth-1805

Uploaded Date:23 June 2018