The global workforce is changing dramatically, constantly evolving to embrace fresh opportunities and respond to emerging conditions. At the forefront of this evolution are the forces of digitalization, technological advancements and the innovative integration of artificial intelligence. Companies must embark on a digital journey to thrive in this shifting paradigm, transforming their collaboration. This ushers in novel opportunities but poses a set of challenges that both employers and employees must navigate.
Navigating workforce challenges
Due to demographic shifts, there is a pressing shortage of workers across various sectors. Sustainable solutions are crucial for our long-term competitiveness. Relying solely on traditional personnel development is no longer viable. The imperative is to embrace upskilling and reskilling to stay abreast of international competition. The transformation of the education sector is primarily driven by evolving employee demands and technological advancements. Many traditional roles are shifting — being replaced completely or revamped by technology.
In the upcoming years, we expect to witness a significant number of jobs undergoing change, with experts from the McKinsey Global Institute estimating that 60 to 70 percent of current jobs could be theoretically automated. This prediction underscores the urgency to equip employees with the skills needed for the future. Successful upskilling and reskilling are essential to provide employees with the necessary skills well in advance.
Remaining competitive through upskilling and reskilling
The recent Cornerstone Talent Mobility Report revealed a growing demand for individual professional development opportunities. To meet these needs, employers can retain valuable talent by providing extensive learning and career growth options within the organization. Learning nurtures employees and enhances the company's competitiveness from within.
The key lies in responding to employees and offering them avenues for personal and professional growth. Recognizing this imperative, we introduced the Cornerstone Opportunity Marketplace. Think of it as a social media platform tailored for internal career and training opportunities, ensuring employees can effortlessly navigate through it. Each employee's profile showcases their current role and outlines various career possibilities within the organization. The platform empowers employees to set goals by providing a personalized roadmap. Analyzing existing and missing skills, the program offers tailor-made learning materials and closes skill gaps through training courses, podcasts, projects, learning paths, mentorships or available roles.
This proactive approach bolsters a company's competitiveness in the labor market and consistently enhances its edge over competitors. Keeping skills up-to-date fosters a blend of productivity, efficiency and innovation within an organization. Employees equipped with the latest skills become wellsprings of innovation and sustainable value creation, enabling companies to stay ahead of the curve and promote innovation in their everyday operations.
Future-oriented skillsets
The World Economic Forum's annual Future of Work report meticulously analyzes the labor market amidst technological and socio-economic shifts. This year's edition foresees profound transformations in a quarter of all jobs within the next five years. Simultaneously, emerging fields, especially technology and digitalization, are creating new employment avenues, anticipating a remarkable 30 percent surge in jobs for skilled workers in data analysis, artificial intelligence, and cybersecurity. Similar growth is noted in sustainability, environmental protection and agriculture.
Conversely, some administrative or data entry roles face imminent extinction. The media and entertainment industry braces for substantial changes, while the hotel and catering sector anticipates only minor shifts. Upskilling and reskilling are vital tools for navigating technological progress, bolstering job security, enhancing competitiveness and fostering individual professional growth. Employees must consistently expand their skill sets and maintain agility and adaptability in an ever-evolving work landscape.
The imperative is clear — cultivate the talents and skills needed for the future today. For insights on evaluating existing skills within your organization and addressing gaps, explore more here.
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Cornerstone Opportunity Marketplace
Cornerstone Opportunity Marketplace provides inclusive access to internal opportunities like projects, gigs, connections to mentors, and new roles – at scale through the power of AI. Employees will have the visibility, connections, and experiences they need to get the career they want – with the learning that will get them there. Also, with visibility to workforce insights, organizations can look ahead to make use of people’s skills now while looking ahead to develop their potential. Opportunity Marketplace provides a seamless, holistic development experience to engage and retain employees, and drive workforce agility.
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FirstBank keeps things personal with their Cornerstone partnership
FirstBank of Tennessee pride themselves on their personal touch. Founded in 1906, this small-town Scotts Hill, TN institution has since expanded into major city centers like Memphis andNashville, Knoxville and Birmingham. Along the way, FirstBank has remained focused on creating a sense of community with their customer base. In a world of mega-banks and corporate conglomerates, their emphasis on the local and personalized sets them apart.