Technology adoption will remain a key driver of business transformation in the next 5 years

A report by World Economic Forum shows that over 85% of organisations globally believe their adoption of technology would impact their growth and transformation. But what does this mean for the job market?  

Victoria Egba on June 29, 2023 Average reading time: 4 min
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Technology adoption will remain a key driver of business transformation in the next 5 years

Technology adoption is clearly prevalent in businesses today. More and more organisations are integrating tech into their businesses to stay ahead of the competition and speed up growth and innovation. Tech and automation require specific skills that will continue to be highly sought. However, it also replaces certain job roles with repetitive tasks.  

Job Growth and Displacement 

The impact of technology adoption on job growth and labor-market dynamics is complex and varied. While certain technologies are predicted to create new jobs, others may result in job displacement or significant changes in job roles. Among the most swiftly diminishing positions are clerical and secretarial roles. Specifically, Bank Tellers and Related Clerks, Postal Service Clerks, Cashiers and Ticket Clerks, and Data Entry Clerks.

These roles, which heavily rely on manual tasks and routine administrative duties, are gradually being phased out as technology automates and streamlines these processes. However, roles such as big data analytics, climate change and environmental management technologies, and encryption and cybersecurity are expected to be major drivers of job growth.

Conversely, agriculture technologies, digital platforms and apps, e-commerce, digital trade, and AI are anticipated to disrupt the labour market. 

Based on the WEF Future of Jobs Report 2023, we can also anticipate significant job growth in education, agriculture, digital commerce, and trade. The education industry is predicted to grow globally by up to 10%, creating 3 million new jobs. While the agriculture industry would grow by roughly 30%, adding 3 million new jobs. Digital-related jobs like Digital marketing are also expected to grow by up to 4 million new roles.  

The Skill Gap & Need To Upskill  

Data from WEF also estimates that by 2023, six out of ten jobs would need additional training and upskilling. Technology has impacted nearly every industry, and inevitably there’ll be a need for tech skills. Unfortunately, there seem to be limited skills in the workforce, which emphasizes the need for organisations to upskill and train their existing talents. Moreover, a comprehensive report by Korn Ferry sheds light on the daunting reality that, by the year 2030, over 85 million jobs could remain unfilled due to a skill gap.  

Forward-thinking organisations need to recognise that by prioritising employee upskilling, they are cultivating a versatile and engaged pool of people that can effectively contribute to corporate growth and handle future obstacles. 

Upskilling employees should be seen as a strategic investment that is likely to yield good returns. In fact, two-thirds of businesses expect to see a return on their training expenditure within a year. These benefits can manifest themselves in a variety of ways, including enhanced cross-role mobility, increased employee happiness, and increased productivity.  

Creativity and Innovation with AI 

With the rise of automation replacing mundane tasks, the significance of creativity and innovation in organizational success cannot be overstated. Cultivating a culture of innovative thinking has become the second most important aspect of workforce development, with 8% of upskilling efforts focusing on this crucial area. Recognising the need to empower employees to break free from conventional approaches, forward-thinking organisations emphasise the value of nurturing creative thinking skills. By fostering such skills, organisations can proactively adapt to evolving landscapes, driving growth and propelling innovation through cutting-edge solutions. 

Notably, WEF sees that around 42% of surveyed companies prioritize training their workforce to effectively harness the potential of AI and big data.

The convergence of artificial intelligence (AI) and big data across diverse industries has sparked a surge in demand for skilled professionals in these domains. Notably, WEF sees that around 42% of surveyed companies prioritize training their workforce to effectively harness the potential of AI and big data. Equipping employees with the necessary expertise enables organisations to unlock the transformative power of these technologies, extracting valuable insights, automating processes, and enhancing operational efficiency. 

Automation and AI in Recruitment 

The introduction of automation and AI in the recruitment process provides various benefits while also posing certain problems. Using these technologies improves objectivity, reduces biases, and makes candidate evaluation faster and more efficient. However, concerns have been raised about the potential biases in algorithmic decision-making, emphasising the importance of human monitoring to maintain justice and inclusivity. Specifically, some platforms allow users to swipe through career alternatives, similar to the popular dating app Tinder.  

For employers to maximize the benefits of automation in the recruitment area, the correct balance of technology and human engagement must be found.

While the use of automation and artificial intelligence (AI) streamlines and accelerates the selection process, it is critical to keep a human touch and thoughtfulness throughout. Human monitoring protects against potential prejudices contained within algorithms, enabling a fair and inclusive examination of candidates.  

Data Analytics for Informed Decision-Making 

Data analytics is like having a secret weapon when it comes to making smart decisions throughout the recruitment process. By diving into the treasure trove of data on job performance, employee engagement, and skills assessment, organisations can unlock valuable insights. This can then guide their talent acquisition, workforce planning, and skill development initiatives.

 As the recruitment trends change, accurate data and analytics on the job market from platforms like Giant can provide the edge needed in talent acquisition, management, and retention. 

Using predictive analytics can be particularly valuable in identifying candidates who have the greatest potential for success, thereby optimizing the efficiency and effectiveness of recruitment endeavors. As the recruitment trends change, accurate data and analytics on the job market from platforms like Giant can provide the edge needed in talent acquisition, management, and retention. 

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