How Technology is Changing the Job Market, and Why Your Employees Need Reskilling

Technological innovations have completely transformed our world within the past few decades. Many have feared that these rapid advancements would be detrimental to the human job market. However, recent trends reveal the exact opposite to be true––new jobs are being created every day. While many job positions are becoming obsolete due to technological advancements such as automation, it is clear that technology will create far more new jobs than it will eliminate existing ones. A study from the World Economic Forum predicts that 133 million new jobs will be created by the year 2022. Another study from the Institute for the Future predicts that 85% of the jobs that will exist in 2030 have not been discovered yet. This leaves the job market wide open to an abundance of new positions with significantly increased value. The keys to unlocking these important new opportunities are reskilling and upskilling programs.

 

Reskilling and upskilling involves re-training employees to teach them new skills or expand upon their existing skills. These programs are essential in preparing workers to take on the new roles that are being created by technology.

 

Of course, industries across the globe have already experienced a massive shift towards the digital world since the onslaught of the COVID-19 pandemic. These large changes have created an abundance of new positions and have demonstrated the necessity of reskilling programs to help employees adapt to their new roles. Although the pandemic prematurely forced many businesses towards heavier digital reliance, the results have proven surprisingly beneficial. A study conducted by Hubstaff revealed an 85% increase in productivity for businesses after switching to remote work environments. This is an excellent example of the way that technology is boosting efficiency in the workplace. These benefits, including automation, artificial intelligence, cloud computing, and big data analytics, are expected to continue delivering measurable results to businesses that adopt them in the coming years.

 

Reskilling programs play an essential part in helping businesses adopt these new technologies. This is because, often times, these technologies serve as complements or enhancements to existing jobs. Technology supplies a great benefit to more arduous tasks which require a lot of repetition. However, there will always be a necessity for human cognizance to complement machine functions. Human critical thinking combined with machine precision makes for heightened efficiency in business operations.

 

Reskilling programs provide a clear benefit to organizations in their transitionary phases. However, these programs also deliver a variety of benefits to the employees who engage in them. Reskilling programs are proving to be essential for job retention, which is necessary during this time of economic recovery from staggering unemployment rates. But reskilling won't just keep businesses afloat, they can also lead to significant growth opportunities in present times. These programs won't only ensure job survival for employees, they also open a large doorway for career advancement. Reskilling programs can boost engagement and build stronger competence to help your employees climb their career ladders and contribute more value to their organizations. This enables growth for employees, organizations, and society alike.