Podcast
Questions and Answers
What is the estimated percentage of worker skills that will be disrupted over the next five years according to the World Economic Forum's 2023 Future of Jobs Report?
What is the estimated percentage of worker skills that will be disrupted over the next five years according to the World Economic Forum's 2023 Future of Jobs Report?
- 20 percent
- 44 percent (correct)
- 30 percent
- 50 percent
What is the primary focus of CHROs and people leaders in response to the rapid changes in the workforce?
What is the primary focus of CHROs and people leaders in response to the rapid changes in the workforce?
- Providing enhanced education and skilling programs (correct)
- Prioritizing job security and employee benefits
- Streamlining hiring processes and reducing costs
- Implementing automation and AI
What is driving the need for skills-based hiring according to the report?
What is driving the need for skills-based hiring according to the report?
- Growing competition from international markets
- Shifts in employee expectations and the adoption of new technologies (correct)
- Decreased investment in employee training and development
- Increased demand for manual labor
What is the primary concern for many employees who will require further skills training, according to the report?
What is the primary concern for many employees who will require further skills training, according to the report?
What is the key trend that will shape the future of work, according to John Patterson?
What is the key trend that will shape the future of work, according to John Patterson?
What is the primary benefit of hiring based on skills rather than degree requirements?
What is the primary benefit of hiring based on skills rather than degree requirements?
What is a key characteristic of a skills-based organization?
What is a key characteristic of a skills-based organization?
What is the role of a Chief Skills Officer in an organization?
What is the role of a Chief Skills Officer in an organization?
What percentage of business tasks is expected to be automated by 2027, according to the WEF report?
What percentage of business tasks is expected to be automated by 2027, according to the WEF report?
What is a key human skill that will be necessary to develop in the future?
What is a key human skill that will be necessary to develop in the future?
Study Notes
The Future of Work
- The World Economic Forum's Future of Jobs report highlights the rapid change in the workforce, with more change expected in the next three years than in the previous three decades.
Skills Development
- 44% of worker skills will be disrupted over the next five years, with analytical skills, creative thinking, and technological literacy in high demand.
- Six in ten employees will require further skills training, but many will lack access to the resources they need.
CHROs' Role in Skills Development
- CHROs are providing enhanced education and skilling programs for their workforce, prioritizing skills and competencies in hiring to create a deeper talent pipeline.
- Focusing on skills-based hiring creates a more diverse and tailored talent pool, driven by insights.
Skills-Based Organization
- A skills-based organization will likely function like a revolving talent pool, with teams assembled project-by-project based on the skills they bring.
- Companies may pay for programs that allow employees to add skills and competencies needed to support the business.
Assessing Employees' Skills
- Accurately assessing each employee's unique skill set is crucial, as well as determining which employees need to be upskilled as the nature of their work evolves.
The Role of AI
- 42% of all business tasks will be automated by 2027, and up to 65% of information and data processing jobs.
- Using AI to its best advantage will require new skills, many of which are still to be determined.
- CHROs and others must carefully consider the appropriate applications for AI technology.
Collaborating with AI
- Developing skills to collaborate with AI will be essential, including determining how to work with AI effectively.
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Description
The World Economic Forum's Future of Jobs report highlights the need for companies to adapt to rapid change. Learn how CHROs are managing this shift and preparing their organizations for the future. The skills-based organization is coming, but is your company ready?
