Time to Churn – Employment outlook beyond 2020

 

 

Impact of the Job Market and destroying job roles. 

New Normal – Market place and the Employer expectation 

How you can get prepared for your FUTURE READY jobs?

Setting the target and keeping it alive is not an easy task anymore, especially when this pandemic is pushing us to challenge and move forward.  History has always proved that Adversities create Opportunities.

 

There is no wonder that the world has seen various unpropitious times in the past, and the COVID19 is one such testing time, is reminding the past and teaching us to learn and survive.  

 

If we revisit the past decades, Globalisation had opened up new economic development and EMPLOYMENT opportunities, the emergence of Software and IT made things FASTER, Telecom had BROKEN the barrier of COMMUNICATION to connect with the remotest part of the country, and this decade of Automation and Technology, connecting us like never before and changing the WAY we LIVE. We have been seeing every change, made us believe that how we work and our roles and responsibilities were never the same.  Any Innovation takes birth while disruption, which fuels the economy to grow…any growth to happen, taking a risk is not a choice.

 

Many big and small companies were disappeared, leading to millions of people lost their jobs.  The New Normal work has created a huge demand for digital work life.  Most of the roles are becoming self-managed, responsibility associated with more ownership, and self-driven.  It’s time to evaluate the roles, how we can get prepared for the unpredictable future (Ref.)

 

One of the important point to note here is, some of the studies says,42% of the lost jobs roles are lost forever (Ref.).

 

The road ahead… 

 

Self-Branding 

Recrafting your linked-in profile is the key to getting noticed by employers. Redesign your skillset to meet the dynamic roles in the market.  Take the guidance from career coaches, mentors, to re-launch your profile. 

 

Understanding future roles

Most of the jobs demand, remote working, and techno-functional in nature. You cannot horn your past years’ experience, which may not be relevant anymore for future roles. Jobs may not be permanent and secure for a longer time; New Skill demand for the same role will be very dynamic and fluid. 

 

Jobs on-demand

Many companies will prefer to hire people who are having FUTURE READY talent and SKILL than past years’ experience, degree, etc.  The new job market will demand people for time-bound roles, assignments based, projects based, etc for the short term than on permanent roles to control the cost.  Many of the new roles will be managed by expert consultants (Gig workers), who are managing outsourced work at fixed cost based on very stringent SLAs. 

 

Compensation

Employers may prefer to switch to Flexi components, keeping downward or low fixed cost, equity options, and more variable components, etc to have control and accountability at work.  

People may choose to have multiple opportunities to establish their second earning through their passionate career in music, cooking, teaching, coaching, etc. apart from Professional work.  It will provide another opportunity to earn dual income. People who maintain liquidity for min 6 to 12 months would help to overcome the unpredictable future, as their income may fluctuate at different times.

 

Future Career opportunities

People must prepare for cross-functional, multi-talented roles, integrated with technology to survive the competition. New Normal flexibility will demand people to switch to different jobs, which may or may not be related to their experience.

 

The shelf life of new roles 

Most of the job roles will have less than 2 to 3 years, as their Shelf-Life.  Employees must learn and adapt continuously to work in cross-functional teams, adapting to technology, and build capability to make dual career options.

 

Automation and Technology

The future will be a world of collaboration between Human-AI, and this will define the future of work. Most of the basic services, entry-level and customer-facing roles have been replaced by technology. Due to the customers’ ever-changing demand, organizations are adopting technological way faster to compete and reach out to customers, deliver quickly, provide efficient services with less dependency on labor at a reduced cost.  

 

While considering the productivity and efficiency of people and Machines (robots), are too incomparable.  Engaging the workforce and machines will be a very complex challenge for managers and supervisors.  The fundamental attributes will vary from Skill, Behaviour, Attitude to Versions, Capacity, Speed, etc. We could address these issues through a creative & problem-solving approach, incentivizing continuous skill up-gradation and redesigning the jobs and business models (Ref.).

 

To sum-up… 

 

The average life span of big companies has decreased from 60 -70 yrs to 15-18 yrs, many roles are disappeared, most of the organizations are redesigning their organization structure, roles, compensation, etc to set the pace with technology and automation.  

The market and customers will never compromise on their ever-changing demand.  People are born talented, but our thirst and hunger for continuous learning and self-evaluation will help to be self-resilient and survive the competition. I Am sure, the optimism, we have, will lead us to greater heights, overcoming the current situation. 

“You may not always have a comfortable life and you will not always be able to solve all of the world’s problems at once, but don’t ever underestimate the importance you can have because history has shown us that courage can be contagious and hope can take on a life of its own”. Michelle Obama, former First Lady of USA.

“No stumbling blocks could STOP the hankering YOU”…  

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Author – Hariharan Appathurai, Co-Founder & Talent Design Expert, HR-Design Studio

 

 

 

 

 

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