While some forecasts paint a grim picture of widespread job displacement due to algorithms, large language models like ChatGPT, and robotics, others suggest a more optimistic future where new, diverse job opportunities will emerge. Regardless of the perspective, one fact remains indisputable: the imperative to reskill our workforce is more urgent than ever.
In a 2023 Boston Consulting Group (BCG) survey, 75% of companies indicated plans for significant investments in reskilling to retain and develop talent. To ensure the success of these reskilling efforts, BCG suggested creating metrics that measure improvements in business performance, productivity, speed to mastery, and retention of key staff.
The distinction between tasks and jobs is critical in understanding the future of work. While it is likely that certain tasks will be automated, freeing up human resources for more complex roles, the resultant increase in staff capacity may also lead to job losses.
Nonetheless, employees equipped with tools that enhance productivity are poised to outperform those who do not leverage such technologies. Research from Harvard Business Review underscores this point, revealing a 40% improvement in quality, a 25% reduction in task completion time, and a 10% boost in overall productivity when staff utilised AI tools. This equates to an additional month of work capacity per full-time employee annually.
Traditionally, companies bore the responsibility of training and development, sending employees on training programmes based on organisational needs. Today, however, the onus is increasingly on employees to stay abreast of technological advancements. Many companies now provide resources such as Udemy licences or curated course catalogues, but it is up to individuals to take charge of their career paths. This shift is even more pronounced for gig workers and the self-employed, who must ensure their skills remain current to stay competitive.
Key areas for growth in the 4IR include artificial intelligence, machine learning, cloud computing, and data analytics.
The case for reskilling existing employees rather than hiring externally is compelling:
In conclusion, reskilling leverages the existing workforce's familiarity with the company while fostering a culture of growth and development. Upskilling and reskilling ensure that companies have talent pools equipped with the skills necessary to remain competitive. By embracing change, challenging the status quo, and actively seeking growth opportunities, employees can secure their relevance in the 4IR era, contributing to a resilient and innovative workforce.
