Technological breakthroughs and the blurring lines between tasks performed by machines, algorithms and humans will disrupt the jobs market in the days ahead. Rapid technological advancements impact nearly all industries. According to an insight report published by the World Economic Forum, ‘Large proportions of companies are likely or very likely to have expanded their adoption of technologies such as the internet of things and app- and web- enabled markets, and to make extensive use of cloud computing. Machine learning and augmented and virtual reality are poised to likewise receive considerable business investment’. High speed mobile internet, cloud computing, big data analytics and artificial intelligence are seen as the drivers of this change.
“Large proportions of companies are likely or very likely to have expanded their adoption of technologies such as the internet of things and app & web enabled markets, and to make extensive use of cloud computing.” – WEF
Businesses are likely to invest extensively in machine language, augmented and virtual reality initiatives. On the positive side, the staffing industry may witness an increase in demand for supplying talent, for roles in technologies that are gaining prominence. This accelerated growth will also create new opportunities for Non-Technical roles across Finance, Marketing, Sales, Supply Chain Management, Training and Development, Customer experience design and inter-related specialties.
The proliferation of emerging technologies and trends are likely to disrupt jobs and progressively generate new opportunities for growth across industries. Potential shift in skillsets necessary to perform the new jobs will shape the labor market. The most likely approaches by businesses will be to replace existing employees with new staff already equipped with the required skillsets. The percentage of contingent workforce in the total workforce mix in organizations will increase as a result of this transformation. Larger organizations may exhibit keenness to invest heavily in programs for permanent staff to upskill and reskill to adopt new technologies.
To bridge this apparent gap, staffing firms will have to redesign and invent new business models for talent management. The future may witness firms collaborating and entering into partnerships with other firms to bridge the gaps in the workforce management eco system. The influx of Gen Y and Gen Z workforce entering the job market will force staffing firms to rethink the methodology traditionally used in attracting and retaining talent.
Article by Dan Xavier, VP, Services