Leaders know they should be doing something, but they are not always aware of what it is they should be doing. Is that you?
It leads us to the ongoing challenge, of companies not only being able to attract the best talent but also retaining that talent.
When an old-fashioned industrial manufacturing company wants to attract digital talent, quite often there is a significant cultural shift required on behalf of the business in order to retain this in demand and often high maintenance talent.
Companies with greater diversity are reported to be more innovative and more profitable. Simply hiring more diverse people is only a small step in solving the issue, inclusion is key. An inclusive culture is critical in retaining talent and creating an environment where there is the freedom to think differently.
An inclusive culture involves the full and successful integration of diverse people into a workplace or industry. An inclusive workplace is a working environment that values the individual and group differences within its workforce. An inclusive culture and workplace make diverse employees feel valued, welcome, and integrated.
There is no doubt that Executives in today’s world are under an immense amount of pressure. The pace of change through technology, the increased threat of cyber attacks, the need to run businesses in a sustainable manner as well as the ongoing war for talent presents more and more challenges for Executive Leaders.
The Future of Jobs
In The World Economic Forum’s 2018 report, Future of Jobs, there are still reports of huge barriers adopting new technologies.
Based on a survey of chief human resources officers and top executives across 12 industries and 20 developed and emerging economies (which collectively account for 70% of global GDP), the report found that just over 50% of employees of large companies would need significant re- and up-skilling in order to fully harness the growth opportunities offered by the Fourth Industrial Revolution.
In a news release from the World Economic Forum, it was reported that business executives are now more positive about the outlook for job creation as businesses have a much greater understanding of the future opportunities made available by technology. But the huge disruption that automation will bring to the global labour force is almost certain to bring with it significant shifts in the quality, location, format and permanency of roles.
- By 2025, machines will perform more current work tasks than humans, compared to 71% being performed by humans today
- The rapid evolution of machines and algorithms in the workplace could create 133 million new roles in place of 75 million that will be displaced between now and 2022
- Urgent challenges include providing reskilling opportunities, enabling remote work and building safety nets to protect at-risk workers and communities
Founder and Executive Chairman of the World Economic Forum, Klaus Schwab, said: “It is critical that business takes an active role in supporting their existing workforces through reskilling and upskilling, that individuals take a proactive approach to their own lifelong learning, and that governments create an enabling environment to facilitate this workforce transformation. This is the key challenge of our time.”
The Future of Jobs report also states the two job types perceived by respondents as critically important in 2020 were data analysts and specialised sales representatives. And the positions which will decline and be in greatest danger of disappearing are data entry clerks, accounting bookkeeping, payroll, and administrative secretaries.
Boyden has conducted its own research and Senior Executive Surveys, such as AI and the Consumer & Retail Revolution and Growth Mindset: Automotive Leadership in Disruptive times.
Boyden has a strong track record of working with many organisations across all sectors in assessing current leadership capability and providing Executive Search for management positions.
If you would like to speak with the Thailand team, please get in touch with me: Tom Sorensen, Partner, email@example.com