The Future of Employment: What Companies Should Know and How to Prepare

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Photo by Edmond Dantès: https://www.pexels.com/photo/businesspeople-shaking-hands-4342493/

Economic transformation and the disruption of today’s labor market are shaping the future of work. However, what if more factors cause these structural changes? 

Innovations in science and technology, the use of employee qualifications, and the competent organization of work were the major factors that led to industrialization. Over time, societies have feared that they would run out of unskilled labor as a result of the increasing use of high technology.

How businesses can prepare for changes in the labor market

  • Mismatches in skills

An employee with out-of-date or insufficient skills for their job can be labeled as having a skills mismatch. As a result, workers don’t know what their income will be or what their career development will be. In this way, companies lose potential profit, lose productivity, and compromise work quality.

Skills shortages or mismatches can be addressed in the following ways:

  • Providing training for existing employees will enable them to fill the gaps in their knowledge.
  • Increase apprenticeship, co-op, and internship opportunities
  • Recruit gig economy workers to fill skills shortages
  • Trends in flexible work arrangements

When flexible work arrangements were first introduced, they seemed to resolve the issue of work-life balance. Although it seems to have several benefits, as soon as we remove the rose-tinted spectacles, we recognize that it also has many disadvantages, including increased work hours, alienation and disengagement from the organization, and weak relationships as a result of impersonal virtual teams.

Flexible work arrangements will raise the following issues for HR managers:

  • Plan how flexible employers will accomplish their work through detailed forecasting of work volumes.
  • Recognize and resolve any problems that may arise among colleagues or teams that are utilizing or not using flexible work arrangements
  • The workforce implications of new technologies

Digital upskilling and technological change work hand-in-hand. Electrical and mechanical engineering, electronics, and data processingare a few of the skills and competencies that are increasingly required to work in a computer-based environment. They align with group-oriented work and process regulation, as well as personal skills and job-related skills.

  • Work-based training

Various regulatory and control functions are often replaced by automated systems due to technology. Even in high-tech processes, human involvement is still necessary to ensure the quality of materials and processes, equipment conditions, and external factors (power cuts, delivery of goods, etc.). It is essential to train through experience-led work to prevent and manage unexpected outcomes. It includes developing skills in associative reasoning and a feeling for technical equipment.

  • Work-related values

The traditional values that skilled workers assign to their work, motivation patterns, and life orientations appear to be changing.

Because of increasing salaries, wealth, and social security, employees’ work expectations have changed. As a consequence, HR leaders have to adapt to changing conditions, recognize employees’ achievements, help them achieve gratification from their work, enable self-determination, and enable them to take on challenging future-oriented positions.