Joselle Practice Article 1

What’s that coming over the hill?

We are at the dawn of the data and AI-fueled Fourth Industrial Revolution, and it’s probably fair to say that those who lived through the first didn’t have any real understanding of its impact as train tracks were laid and looms were mechanized.

So how should employers – and employees – manage this demanding decade?

1. Go with the flow

In times of great innovation progress surges and then ebbs... then surges again. Early 2023 may look like a slowdown – but wise employers will calibrate their hiring across a longer-term trajectory and factor in industry trends when planning their talent strategy.

Over-hiring has been blamed in part for the tech layoffs of 2022-23 but under-hiring can be just as problematic, leaving existing workers under pressure, demotivated and more likely to quit. So don’t shy away from hiring for those critical roles.

Employees and job seekers should consider finding work in the sectors that are currently growing, especially if you have in-demand skills that translate across industries. Taking your accounting skills from Tech to Healthcare is also an opportunity to diversify your experience!

2. Be serial skillers

The World Economic Forum predicted in 2020 that by 2030 more than 1 billion of us would need to be reskilled to meet the demands of the digital age. It warned that failing in this endeavor could cost $11.5 trillion in GDP for the world’s G20 countries. This was in January – before a global pandemic hammered home the necessity for digital literacy at almost every level.

Creating an agile workforce with ongoing upskilling in its DNA will help weather industry downswings through redeployment and internal mobility – and be swift to realize the benefits of industry upswings.

To be part of that agile workforce, smart employees will be researching the trends in their own sector and working out what training they need to request from their manager. Smart jobseekers will be doing the same and perhaps getting that training independently, to polish up their offering for their next application.

3. Use your intelligence

Artificial intelligence is discombobulating the picture. Employers must try to gauge exactly what it means in terms of staffing across the next ten years.

Goldman Sachs Research is unequivocal about the potential – a 7% rise in global GDP over the next decade, alongside 1.5% productivity growth, but what this translates to in human resource terms is less apparent.

However, the increasing noise about the value of soft skills alongside AI means human teams working hand-in-hand with cutting-edge technology will always be valued.

For workers, rather than ducking away from AI anxiety, meeting it head on and working out how it could enhance your workplace value could make all the difference. The same applies for jobseekers; candidates who interview with an optimistic, pragmatic and informed approach to working with AI are likely to do well.

4. Lead on

Finding and developing future leaders isn’t easy, especially in the current climate, but it’s crucial to steadying the voyage of any company. Assessment and growth programs are an engine for the near, mid and long-term future of any organization – don't neglect them, even if there’s more of a gentle buzz than a boom going on right now.

If you’re a leader, continue to learn and keep your skills fresh. LHH offers leadership development programs that can help ensure you’ll have the skills to lead your teams through any economic climate.

Contact LHH today. We’ll get you Ready for Next.