Deloitte touche addressing the needs of a changing work force

future of work consulting

With the vastly different career expectations of this age group, organizations need to adjust talent models to attract and retain the workers that will take their business into the future.

According to the report, business leaders are uncertain they have the right talent to be successful in this new era of technological advancement. Remaining relevant in the future of work The half-life of a skill has dropped from 30 years to an average of 6 years.

This fits the Millennial and Gen Z value of flexibility in the workplace—a key finding from the Deloitte Millennial Survey In order to address these disruptors, business leaders need to engage in transformative thinking that will not only re-design but re-imagine the way work gets done in their organizations.

This requires a new mindset to understand the challenges workers face and evolve talent programmes and models that unlock their potential. Understanding these impacts are crucial to ensuring countries can manage the risks and opportunities for inclusive economic growth, and avoid fuelling greater inequality within economies.

This means developing a skills infrastructure that broadens the base of skills and abilities.

Workforce of the future deloitte

Consider the impact of automation. Workforces will become more and more contingent, with off-balance sheet workers freelancers, contractors, and gig workers increasingly utilized by businesses who want to capitalize on access to the smartest people to solve complex business problems. Organizations will have to find the right balance of humans and machines to complement each other, re-designing roles to maximize talent and potential. Policies that underpin the basic fundamentals of the workforce, such as regulation of the gig economy, need revising in a way that provides for inclusive growth and facilitates innovation and long-term unemployment solutions. And with working lives getting longer, reskilling is important for all workers, not just the young. According to the report, business leaders are uncertain they have the right talent to be successful in this new era of technological advancement. It is far more likely that parts of an occupation will be replaced by technology. Government, business, and society need to work together to support a dynamic workforce that is able to constantly reskill and upskill. This requires a new mindset to understand the challenges workers face and evolve talent programmes and models that unlock their potential. This article is part of the World Economic Forum on ASEAN Technological and social forces are transforming how work gets done, who does it, and even what work looks like. They need to think big, start small, become more agile, and—ultimately—move faster than the new realities of work. Governments and policy makers can play a role in this new paradigm by showing bolder leadership in education and labor market regulations and by developing standards that enable and accelerate future of work opportunities. This fits the Millennial and Gen Z value of flexibility in the workplace—a key finding from the Deloitte Millennial Survey In many markets, academic-type learning will also need to be married with opportunities to apply new knowledge and skills. According to the survey, a clear majority have already taken on such roles or would consider doing so.

Policies that underpin the basic fundamentals of the workforce, such as regulation of the gig economy, need revising in a way that provides for inclusive growth and facilitates innovation and long-term unemployment solutions. And while technology can make workers more productive, there will be significant turbulence as organizations grapple with the complexity and unpredictability of a changing workforce.

Naturally, this has implications for the workforce and completely disrupts traditional talent models.

deloitte future of work 2019

Image: Deloitte Consulting Are organizations ready for Industry 4. Workforces will become more and more contingent, with off-balance sheet workers freelancers, contractors, and gig workers increasingly utilized by businesses who want to capitalize on access to the smartest people to solve complex business problems.

future of work consulting
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Redefining work, workforces, and workplaces