Pricewaterhouse Coopers estimates that artificial intelligence will be contributing $15.7 trillion to the global economy in just the next seven years! This is a technological factor that will definitely change the way business is done around the world. There are also social and political factors that are predicted to cause tectonic shifts in corporate practices and work culture.
2023 is a very exciting time to discuss the future of work. If you keep reading this article, we’re going to discuss everything talent and employers need to know going into this brave new world.
Automation is a topic that many people are talking about at the moment. Many people are afraid that AI is coming for their jobs, but there’s no evidence that these fears will materialize.
As business leaders and educators grapple with AI, the growing sentiment is that AIs will serve as tools rather than replacements. This may change the way people work. For instance, increasing the number of tasks an employee can do by automating some of their tasks, thus increasing their capacity.
This may even give rise to new types of jobs. For example, one of the jobs of the future may be to “train” (or code) AI software packages to work in specific companies or sectors.
Pipelines for Talent
In talent acquisition, training a new employee is almost always more expensive than nurturing someone already in your ranks, which is why employee retention strategies are so important. This lesson is being learned globally at the moment, as trends suggest that the hiring rate is down in most developed economies.
Employers are nurturing rising stars in junior positions rather than recruiting from the outside. These internal pipelines deliver the needed skills and culture with more efficiency than betting on the labor pool
On the flip side, a young employee will probably be better off staying with a company for longer. Therefore, this aspect of the future of work may look a lot like its past: people staying in a company for 10 to 30 years or more at a time.
Remote Work and Hard Skills
One of the most encouraging industry trends in HR was how easy some companies’ shift to remote work was. The ability to work from home, and for the company to “need” less from their offices or facilities, seems like a win-win. However, there is also a hidden dark side to this.
Employees who work from home are easily distracted and cannot be reached by your in-house IT team if their tech breaks. Though these are valid concerns, they’re not unsolvable. Using digital time-keeping and hosting training sessions to teach the basics of fixing connections and using devices are easy fixes for these problems.
Embrace the Future of Work With Us
AI and technology are two growing industries that are changing the way we work in all other industries. This doesn’t mean that AI is going to be able to replace employees. Instead, it means that employees will have new tools at their disposal and won’t be solely reliant on an office to be able to work.
Hiring managers and HR departments can adjust to these trends quite easily. They can do this by developing the skills they need in the employees they already have, not only for the job requirements but also to help employees adapt to the future of work.
One thing that stays constant is that good talent and good jobs are incredibly valuable. Whether you’re on the job search or are looking for talented new employees, contacting us will solve your employment needs today.