Demographic shifts and technological advances are radically transforming how, where, and why we work. As new generations of professionals enter the global workforce they bring with them not only fresh ideas but new expectations. So are we really fully prepared for the workforce of the future?
‘Gaps in leadership capabilities spell trouble for future growth’
Most companies are not cultivating leadership within their organizations. Although executives cite a lack of employee loyalty and longevity as the biggest barrier to meeting strategic workforce goals, almost two-thirds do not plan for succession and continuity in key roles. Firms have difficulty finding adequately skilled employees, but they do not invest enough in identifying and developing talent within their organizations.
Ideally when an employee resigns, someone from within a company will have been groomed and prepared to take over, but in reality, this is not happening.
How will the job market look at the end of this decade, and what should companies do now to ensure business survival? If companies currently think they have a problem filling the skills gap and as a result vacancies, research at Cordant People suggests it will reach critical mass by 2020 without careful consideration.
Today‘s organizations are beginning to regard their employees as not only human resources, but also human capital. Futurists predict that by 2020 the appreciation of human capital, in the sense of both building employee value and attaching greater value to each employee will become not just an organizational aspiration, but also an economic necessity.
Trust between workers will be more essential than ever and critical for success. People will find new meaning and purpose through building strong personal business relationships and the key objective for everyone will be sustainable growth. In 2020 employees will not be waiting for their annual performance appraisals but instead will be receiving constant feedback from internal and external clients.