We’re almost a decade into the Fourth Industrial Revolution (4IR).
This phase of digitisation is characterised by rapid technological advancements and disruptive trends such as increased data and connectivity, advanced analytics, human-machine interaction, and advancements in robotics, amongst others.
As we navigate this new landscape, the question of how these changes impact the workforce looms large, writes Martin Pienaar, chief operations officer at Mindworx Consulting and Academy.
While some forecasts paint a grim picture of widespread job displacement due to algorithms, large language models like ChatGPT, and robotics, others suggest a more optimistic future where new, diverse job opportunities will emerge.
Regardless of the perspective, one fact remains indisputable: the imperative to reskill our workforce is more urgent than ever.
In a 2023 Boston Consulting Group (BCG) survey, 75% of companies indicated plans for significant investments in reskilling to retain and develop talent. To ensure the success of these reskilling efforts, BCG suggested creating metrics that measure improvements in business performance, productivity, speed to mastery, and retention of key staff.
The distinction between tasks and jobs is critical in understanding the future of work. While it is likely that certain tasks will be automated, freeing up human resources for more complex roles, the resultant increase in staff capacity may also lead to job losses.
Nonetheless, employees equipped with tools that enhance productivity are poised to outperform those who do not leverage such technologies. Research from Harvard Business Review underscores this point, revealing a 40% improvement in quality, a 25% reduction in task completion time, and a 10% boost in overall productivity when staff utilised AI tools.
This equates to an additional month of work capacity per full-time employee annually.
Traditionally, companies bore the responsibility of training and development, sending employees on training programmes based on organisational needs.
Today, however, the onus is increasingly on employees to stay abreast of technological advancements. Many companies now provide resources such as Udemy licences or curated course catalogues, but it is up to individuals to take charge of their career paths. This shift is even more pronounced for gig workers and the self-employed, who must ensure their skills remain current to stay competitive.
Key areas for growth in the 4IR include artificial intelligence, machine learning, cloud computing, and data analytics. The case for reskilling existing employees rather than hiring externally is compelling:
* Cost efficiency: Training current employees is often more economical than the costs associated with recruitment, hiring, and onboarding new staff.
* Faster integration: Existing employees already understand the company’s culture, processes, and systems, reducing the time needed to adapt to new roles.
* Employee morale and retention: Investing in employee development boosts morale, leading to higher job satisfaction and loyalty.
* Knowledge retention: Current employees hold valuable institutional knowledge that new hires lack. Reskilling helps retain this knowledge within the organisation.
* Cultural fit: Existing employees have proven their compatibility with the company culture, whereas new hires may struggle to integrate.
* Performance continuity: Reskilling maintains team stability and continuity, avoiding disruptions that new employees might cause.
* Motivation and innovation: Opportunities for learning and growth motivate employees, fostering innovation and fresh perspectives.
* Risk mitigation: Hiring externally carries the risk of mismatches in skills or cultural fit. Reskilling minimises this risk by leveraging the proven capabilities of current employees.