Future Workplace

Artificial Intelligence

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19 Oct 2022
8 Min read

Five Forces that are Shaping the Future of the Workforce

How we operate or function, including technology and employee experience, is undergoing a dramatic change for various reasons. Human work is being replaced by automation and “thinking machines,” changing the abilities that employers are searching for in candidates.

Our list of occupations with the most significant growth serves as a harsh reminder of how the epidemic has accelerated the digitalization of the world economy. The Fourth Industrial Revolution was already driving up demand for engineering and Artificial Intelligence positions.

The growth of our working practices can be highly unsettling, especially in light of rumors regarding the expected loss of jobs owing to automation and other changes brought about by Artificial Intelligence (AI), Machine Learning, and autonomous systems. But the future of work is more than just automation and changing employment trends.

Upcoming Transitions In The Workplace 

Businesses are experiencing significant upheavals as Industry 4.0 and a digital-first economy takes hold. Before companies can adjust to the new reality, they are smacked by another significant disruption: the evolving character of the workforce and the workplace.

Workplaces have been beset by skill shortages for more than ten years, particularly in developing technology. Recently, this talent shortage has gotten worse. The gap between skill development and technological advancements is growing.

Leading businesses go above and beyond to find talent. They boost HR and create aggressive head-hunting plans and budgets. They also implement formal training and development programs to improve staff skill sets.

However, hiring talent alone is insufficient. Businesses experience turbulence due to the unpredictable nature of a changing workforce. The only companies that can compete are those adaptable to changing conditions.

Forces shaping the future workforce

Complex and conflicting influences will shape the future workforce. Future employment patterns will be influenced by disruptive technologies, shifting global economic power dynamics, climate change, and new business models, which will affect every industry.

The following are the key forces that are transforming and changing the future of the workforce:

Innovation In Technology

How we live and work is evolving due to Big data, Artificial Intelligence (AI), robotics, the cloud, automation, and the Internet of Things (IoT). Big data helps us analyze the information we receive; the cloud transforms how information is stored and obtained. AI and IoT create intelligent factories and buildings to increase people’s safety and productivity. Automation and robotics force us to reevaluate traditional roles and how they can be improved. 

New digital technologies may account for over two-thirds of the potential productivity increase in significant economies over the ensuing ten years.

In practice, some occupations will be automated, many more will be created, and nearly every job will alter to fit the job environment of the twenty-first century. 

Disruptive technologies’ relentless march has given rise to worries that automation would undercut human labor. These worries need to be addressed by stakeholders who can explain how technology supports concepts like equity, equality, inclusion, responsibility, transparency, and accountability.

Bringing Diversity To Workplace 

It is essential to create a diversified workforce. There is little doubt that businesses with varied workforces perform better than those without diverse workforces. Thus this presents a clear opportunity. 

Employers should create particular recruitment and hiring plans for diverse candidates, then keep them on staff by giving them chances to advance their education and careers and take on leadership responsibilities. Businesses that genuinely commit to diversity will continue to be relevant and competitive in the future.

Shifts In Global Economic Power 

India has recently implemented business-friendly regulations to ensure that conducting business is simple in the nation and to promote economic progress. With 34% of the population in this age bracket, India also has the largest millennial market in the world. 

According to reports, 56% of recruits in 2022 are predicted to be freshers with 0–5 years of experience. This reflects the high demand brought on by the expansion of already-existing professions and the emergence of new ones.

The nation’s job prospects are expanding dramatically due to substantial expansion in sectors like digitalization and automation, shifting supply chains, growing wages, and a greater focus on sustainability, health, and safety. India is predicted to have rapid growth during the following three decades, with average GDP growth of 5% per year, making it one of the world’s fastest-growing economies.

For international corporations aiming to diversify their production, the government likewise pursues “production-linked incentives.” If these incentives are successful, more high-tech and well-paying jobs will be created within the boundaries of India.

Demographic shifts in the working population

In the upcoming decades, the workforce will comprise many different generations. Workplaces will employ up to three generations at once as a result of later retirement ages and a significant increase in the millennial population in the workforce, which is predicted to reach 75% by 2025. Managing this will require leaders.

Building cohesive and cooperative teams that promote better culture and performance requires bridging the communication gap across generations, taking advantage of millennials’ technology knowledge, and considering different expectations.

In contrast, the issue in many developing economies, like India, is not merely a shortage of skills but also a mismatch between skill sets. This talent mismatch could have adverse effects on the workforce of the future. Upskilling the current workforce and giving them the tools they need to be prepared for Industry 4.0 is urgently required for these rising nations.

Depletion Of Resources And Climate Change

Climate change has an impact on occupations in addition to the environment. Professionals from various industries, including urban planners, technologists, engineers, surgeons, financial planners, and farmers, will likely see their fields influenced by climate change. 

Worldwide efforts to reduce greenhouse gas emissions are pushing nations to switch to inexpensive renewable energy sources to boost their economies. In many economies, adopting sustainable technologies has boosted socioeconomic benefits, paving the way for the global effort to achieve zero emissions.

Companies are committing to a greener working paradigm as innovative technology improves energy-saving, flexible working methods that prioritize worker safety in hazardous situations. 

According to economists, the attention paid to climate change has made green economy occupations more appealing. The future economy is predicted to be giant, with nearly 30 million jobs directly connected to renewable energy and efficiency.

Conclusion

To enhance the employee experience, businesses will need to put a strong emphasis on diversity, accessibility, and inclusivity when designing the workplace of the future. Companies will stop focusing on creating an “office culture” with foosball tables and beanbag chairs. Instead, they will concentrate on fostering relationships among a dispersed workforce, granting employees the freedom to work effectively and providing the resources required to complete their tasks.

Management techniques will need to change as “managing by walking around” will no longer work for the company. Employees will need to get acquainted with new tools that may be required for the future workplace, such as virtual workspaces and VR eyewear.

The workforce is prepared for substantial change, and the future workplace will appear and feel considerably more diverse, inclusive, and accessible despite the obstacles.

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