Why many firms are not ready to run marathon of future of works?

Insights for Businesses

As per the Deloitte, the future will need leads that combine the complementary capabilities of employees & machines to solve problems, create value, and gain insight.

❑ Some report found that though Artificial Intelligence (AI) is coming to augment the workforce, for that most companies are still behind on re-skilling their employees to use the emerging technology.

❖ The one of Deloitte report found that nearly 68% of organizations are making only moderate investments into reskilling to employees, or none at all.
❖ Top executives from different leading corporate admit that, lack of investments into re-skilling becomes a top barriers to development of future workforce.

❑ Since 60% corporate said they would be using AI to assist, rather than replace workers (12%), it’s important that workers have the capability to work effectively with the technology. However, only 17% of corporate leaders said they have made appropriate investments in re-skilling to support their AI strategy.

❑ The ability to tap gig workers becomes increasingly important in a context of talent shortages and shifting job markets.

❑ As the useful lifespan of technical skills shortens, companies also need to make sure that they have workforce metrics to track the capabilities of their workers. However, only 14% of respondents are collecting analytics in the area of “status of re-skilling.” And though 53% of respondents said that between half and all of their workforce will need to change their skills in the next three years, only 16% said they expect to make significant investment increases into
workforce reinvention.

❑ Organizations are also failing to see the importance of alternative workers, which resulted in lacking of proper resource utilization. Though gig workers are likely to comprise nearly 43% of the US workforce this year (2020-21), only 45% of respondents said they are prepared to take advantage of the alternative workforce. Deloitte noted that this was the lowest preparedness score of any emerging challenge in the next 10 years.

❑ “This extraordinary time is when organizations should identify and invest in workers’ capabilities, develop new team structures, and evaluate how to best leverage the alternative workforce. If organizations don’t figure out how to capitalize on humans’ ability at work, they will not only sub-optimize the potential that technology creates, but hamper the reinvention required to thrive in the context of this pandemic and beyond,” said Erica Volini, principal and global human capital leader, Deloitte

(Image Source: Google)

Ayush Jain

Author: Manshi

A Finance enthusiast with a keen interest in consulting, aiming to gain industry experience of the same working alongside major players.

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