How to Adapt to a Changing Market

The pandemic has forced businesses across the globe to embrace new technology, business models, and customer expectations. This has stoked fears over for job security, as previously valued skill sets have been rendered insignificant or obsolete.

Surprising new statistics reveal key employee concerns about the changing job market.

According to a recent survey:

• 60% of employees are worried that automation will take away jobs.
• 39% think their jobs will be obsolete within five years.
• 48% believe business will shift away from a traditional employment model to a skills-based contract model.
• 56% think few people will have stable, long-term employment.
• 50% believe they’ve missed out on career opportunities or training due to discrimination.

As firms are forced to adapt to a rapidly changing business landscape, they need to decide how their employees fit into this brave, new world. Many workers fear the worst, but acquiring new skill sets doesn’t have to mean cutting ties with old employees.

As a business leader, you have the ability to train workers to meet new challenges. Learn how you can better prepare your employees to meet the demands of modern businesses!

Upskilling

Upskilling is the process of learning new competencies that are considered relevant now, and that are likely to remain relevant. An upskilling program should reflect your company’s learning and development strategy.

Upskilling programs generally have one or more of the following components:

• Job rotation. Having employees perform different jobs in different departments provides them a broader understanding on how your company operates. It also provides the you with a clearer picture an the employee’s skill range, which can be helpful when it comes to promotions or moving someone to a position that maximizes their potential.
• Job enlargement or enrichment. Enlarging someone’s job involves training them to perform additional tasks while maintaining the same responsibilities of their current job.
• Peer training. There are two types of peer training. Peer coaching occurs when two or more people with different skills work together to solve problems. In the process, they learn from each other. Peer mentoring is a more formal program where an experienced employee teaches knowledge and skills to a less experienced employee.

Reskilling

Reskilling involves teaching employees an entirely new skill set to re-purpose their role at a company, when their old job becomes obsolete. For example, customer service reps may be reskilled to respond to customer inquiries through different modes of communication, like live chat. This may involve employees obtaining a new degree or certification.

Diversity

Firm leaders need to be mindful of whom they select for training programs, especially programs that are geared toward preparing employees for leadership roles. You may feel included to offer this opportunity to someone with whom you share a personal connection, but it’s important to extend the opportunity to everyone.

For more information on human resources, contact hr@innoworksemployment.com.

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