In the ever-changing world of work, the only constant seems to be change itself. As we stand on the brink of a new era, known as the 5th Industrial Revolution, it’s clear that organisations must urgently review their workforce strategies and employee value propositions (EVPs) to stay competitive and relevant. With emerging workforce statistics revealing that 44% of jobs will require some form of reskilling over the next five years, it’s time to take action!
The Reality Check: Job Disruption Ahead
As we gaze into the crystal ball of the future, one startling statistic stands out: 50% of entry-level jobs are projected to disappear. Yes, you heard that right! For many upcoming professionals, this is a sobering reality. Generation Z, the newest entrants to the workforce, are facing challenges that previous generations could hardly imagine. The traditional path of landing a stable job and climbing the corporate ladder is being replaced by a new paradigm filled with uncertainty, side hustles, and—dare I say it—multiple career changes.
It's a stark thought - a Gen Z graduate excitedly starting their first job, only to discover that the role they dreamed of is being automated. Instead of panicking, they pivot to their passion for digital marketing, launching a side hustle that quickly turns into a full-time gig. This is the new normal!
The Need for Revolution: Supporting Gen Z
To truly support Gen Z as they enter the workforce, companies must revolutionise their approaches. Here are some strategies to consider:
1. Embrace Side Hustles:
Many Gen Zers are entrepreneurial at heart. Organisations should foster a culture that encourages side projects and flexibility. Allow employees to explore their passions outside of work—who knows, that side hustle could lead to innovative solutions for your company!
2. Horizontal Career Planning:
Gone are the days when employees expected to move up in a straight line. Gen Z is likely to change careers three times or more throughout their working lives. Companies should implement horizontal career planning, allowing employees to explore different roles and departments. This keeps them engaged and helps them acquire diverse skills and will ultimately make them better leaders!
3. Focus on Reskilling for later careers:
With the statistic that 44% of jobs will require reskilling, organisations must prioritise ongoing learning and development. Create robust training programmes that equip employees with skills that are resistant to automation. Skills like emotional intelligence, creativity, critical thinking, and adaptability are invaluable and cannot be easily replaced by AI, along with of course some digital upskilling. It is hugely important to desensitise our later careers to AI, as to ensure they don't feel AI will take over. Almost half of Gen Xs worry about their future.
4. Revise Employee Value Propositions:
Today’s workforce is looking for more than just a paycheck. Gen Zs seek meaningful work, a sense of purpose, and alignment with their values. Revise your EVP to reflect these desires. Highlight opportunities for growth, work-life balance, and a commitment to diversity and inclusion.
5. Leverage Technology:
Implement tech tools that facilitate learning and development, promote collaboration, and make the work environment more adaptable. Use AI-driven platforms to provide personalised learning paths based on individual employee skill gaps, needs and interests.
At Cocreators-BtG, we understand the urgency of adapting to an evolving workforce landscape. Let’s work together to revamp your workforce strategies and employee value propositions to meet the needs of the future.
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