According to the Organisation for Economic Co-operation and Development’s (OECD) Skills for Jobs report published late last year, there has been a shift in the global labour market. The change is a result of technological progress, globalization and demographic changes.
In essence, there is a misalignment between the skills in the marketplace and those needed to fill jobs in the labour market. On a global scale, the report found, “approximately 35% of workers are mismatched by qualifications.” This is causing some jobs to be less in demand (increasing supply of workers) and other jobs to be more in demand (decreasing supply of workers).
The World Economic Forum’s Future of Jobs Report 2018 suggests a net positive outlook for jobs, but cautions readers about the growing skills instability, suggesting that upskilling and reskilling will be essential.
From this research, a pattern has emerged that suggests three things:
- Continuous learning will become a staple for career success
- Self-reliance and accountability for career development should increase
- To prepare for changes one must be proactive vs. reactive
As career professionals we will need to help de-risk clients by educating them now about the emerging trends in their industries. To do this, we as a profession must have a solid grasp of the future of work.
The future of work: How can career development professionals prepare?
The shift in the labour market has already begun. Whether or not we have noticed or are paying attention to this change, the Fourth Industrial Revolution is under way.
Much like we might tell a jobseeking client to conduct research into the local labour market using labour market information (LMI), we as career professionals can begin to explore the future of work. Think of future of work research as the LMI for our own profession. We can use our findings to educate ourselves about what’s happening in industries globally, regionally and locally, and apply this to career decisions – much like LMI.
So, where do we start? What sources should we follow?
As I began my own research a few years ago, I noted a few keywords to watch for as I expanded my learning:
- Future of work
- Fourth Industrial Revolution
- New technologies
- Artificial Intelligence (AI)
- Big data robotics
- Digital economy
You can do a Google search for these words or start to look for them in your social media channels (Facebook, LinkedIn, Instagram). You might want to create a Google alert (an email sent to you daily with newly uploaded posts about the topic). You can also look for these keywords in traditional media such as TV shows, newspapers, business publications, and presentations at conferences and workshops.
Key information sources on the future of work
In addition to the above-cited reports, these are a few publications and sources I found informative.
You can use these as a starting point to begin learning about the future of work, including:
- Trends in your local industry that may affect local employers
- Data to help inform clients about the need to upskill and reskill to remain competitive for jobs
- Material that informs us about the changes in the hiring process
- What is the future of work? (McKinsey)
- Deloitte and the future of work
- Video: Artificial Intelligence: The Robots Are Now Hiring | Moving Upstream (Wall Street Journal)
- Today’s Labour Market and the Future of Work (Bank of Canada)
- Beyond 150: Future of Work (Government of Canada)
- Labour Market Information Council
- Humans Wanted (RBC)
U.S.-based thought leaders
Career professionals have key role to play
According to the Labour Market Information Council Insights Report
“42 percent of the Canadian labour force is at high-risk of being affected by automation…workers will need to acquire new skills to adapt to the changing nature of job requirements…Canadian jobs involving routine tasks, which are mostly done by low-skilled workers, are highly susceptible to automation.”
Now, more than ever, career development professionals are being called upon to bridge the gap for the most vulnerable parts of our community – “…those most in need of reskilling and upskilling are least likely to receive training…” (World Economic Forum, 2018). This shift may cause a heavy burden on the social system as those unable to upskill may struggle.
Will labour market challenges be a threat or an opportunity for our clients? How we act to help vulnerable clients now will help determine the answer.
Change can be scary for our clients. As we help keep our clients informed about what is happening in our global and local economy, they stand a better chance at staying ahead of the curve and managing the changes coming our way.