10 Questions
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?
44 percent
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
What is driving the need for skills-based hiring according to the report?
Shifts in employee expectations and the adoption of new technologies
What is the primary concern for many employees who will require further skills training, according to the report?
Lack of access to resources for training
What is the key trend that will shape the future of work, according to John Patterson?
Generative AI and skills-based hiring
What is the primary benefit of hiring based on skills rather than degree requirements?
It creates a more diverse and tailored talent pool
What is a key characteristic of a skills-based organization?
A revolving talent pool with teams assembled project-by-project
What is the role of a Chief Skills Officer in an organization?
To take ownership of the culture change, infrastructure, and necessary processes for a skills-based approach
What percentage of business tasks is expected to be automated by 2027, according to the WEF report?
42 percent
What is a key human skill that will be necessary to develop in the future?
How to collaborate with AI
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.
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?
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