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Thursday, January 30, 2020

McKinsey on Future of Work

Some good comments on future of work.

Getting Practical About the Future of Work
January 2020 | Article
By Bryan Hancock, Kate Lazaroff-Puck, and Scott Rutherford

Article (PDF-689KB)

What story will people tell about your organization over the next ten years? Will they celebrate an enthusiastic innovator that thrived by adapting workforce skills and ways of working to the demands of the new economy? Or will they blame poor financial or operational results, unhappy employees, and community disruption on a short-sighted or delayed talent strategy?

Our modeling shows that by 2030, up to 30 to 40 percent of all workers in developed countries may need to move into new occupations or at least upgrade their skill sets significantly. Research further suggests that skilled workers in short supply will become even scarcer. Some major organizations are already out front on this issue. Amazon recently pledged $700 million to retrain 100,000 employees for higher-skilled jobs in technology (for example, training warehouse employees to become basic data analysts). JPMorgan Chase made a five-year, $350 million commitment to develop technical skills in high demand—in part targeting its own workers. And Walmart has already invested more than $2 billion in wages and training programs, including Walmart Pathways, which educates entry-level employees about the company’s business model and helps workers develop valuable soft skills.1

Any company that doesn’t join the early adopters and address its underlying talent needs may fall short of its digital aspirations. Equally important, senior managers may miss opportunities to work collaboratively with employees to create a prosperous and fulfilling future for all stakeholders—the communities where the company operates, its workforce, and the wider society that ultimately sanctions its activities.  ... " 

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