Employment Trends

The employment space is evolving rapidly, yet it is being paired with processes that have not evolved proportionally with it. Employers’ expectations have changed. Workers’ expectations have changed. Technology is forcing a realignment of skilling, and remote working conditions are being embraced for reasons of convenience, productivity, and the employer’s need to increase accessibility to larger talent pools. Added to this is the acceleration of new workforce possibilities and environments such as the metaverse, which legacy systems are ill-equipped to handle.

i) Employee Transience

Recruitment is made more difficult by the issue of transience; there is a current willingness of the workforce to explore more variety in the workplace. This is fuelled by considerations of work-life balance, better conditions, fulfilment, and a recognition that multi-year employment is no longer the accepted norm as was the case previously. Workers today are much more comfortable with taking a fluid approach to their careers. This can be seen in “The Great Resignation” or “The Big Quit”. A recent survey has shown that 31% of professionals were thinking of leaving their current employment without securing another position first, further demonstrating an appetite for change.

ii) Working from Home

The phenomenon of people working from home is here to stay. The benefits that remote work has afforded the workforce are numerous:

➢ Lifestyle balance being restored

➢ More time spent with family and increased flexibility with children

➢ Time saved not having to commute

➢ Reduced expenses in items such as petrol, transport fares, coffee, food, and work clothing.

➢ Improvement of mental health issues

iii) Fluid Talent Sourcing

Recent world events have forced change upon all of us. Digital acceleration, pandemics, supply chain issues, and the never-ending challenge to meet dynamic client demands is leading businesses to question their models and evolve accordingly. Full time employees will comprise a smaller percentage of the workforce. Completing tasks will require a more upskilled solution.

Project specific workers will be sought to achieve bespoke, targeted objectives then be re-deployed to other assignments. This phenomenon of shorter term, targeted work will apply for both project teams and individuals. The competition for specialist or niche skills will be immense. Ready access to a remote, dynamic, and fluid project-based talent pool is essential.

iv) The Skills Gap

Recruitment is further being hindered by a skills mismatch. Job requirements are simply not matching the available candidate market, which requires a concerted upskilling of the workforce.

This must be a priority for workers who wish to remain relevant in the gig economy as displacement via robotics and AI pose real threats. 56% of hiring managers anticipate technological interventions like AI and other forms of workplace automation will cause a major shift in the kinds of skills they will require. Workers will have to be dynamic and willing to reinvent themselves to keep their place in this disruptive employment market.

The digital skills gap comes at a cost. Fourteen G20 countries could miss out on USD$11.5 trillion cumulative GDP growth. By 2030, the talent shortage and skills gap in the U.S. alone is expected to total a loss of USD$8.5 trillion. Re-aligning the current workforce with employer expectations is simply unachievable without a new approach.