In our evolving economy, investing in human capital should be priority. The digital world is giving new opportunities for people to reinvent themselves, to continuously learn and expand their skill-sets, and be more competitive – making the labor market a tough place to stand out. Modern labor markets require a combination of advanced cognitive skills like social behavioral skills related to teamwork, complex problem-solving skills, and the ability to adapt and negotiate. And new technology creating modern jobs and jobs of the near future require a combination of specific skill-sets – critical thinking, technological know-how and problem-solving/analytical thinking, to name a few.
Without the right skills, companies find that innovation suffers. And artificial intelligence and robotics are calling for another education revolution, making it critical for workers and organizations to make learning and reskilling a priority. But in our fast-paced modern world of work, many workers find it difficult to fit in more time to learn – personalized learning and flexibility will be key to reskilling the modern workforce accordingly.
According to the World Economic Forum 2018 report, automation and machine algorithms in the workplace are forecasted to create 133 million new job roles by 2022 – what strategies do HR and talent managers have in place to fill these roles? In short, it’s not that companies shouldn’t compete for talent, rather they should find a new approach and look to reskilling or other career development and training initiatives.