Stay informed and ready to meet both everyday challenges and long-term planning and policy-making goals, with focused news, practical information, and strategic insights on all HR-related developments.
By Genevieve Douglas
June 7 — As technology and digital media rapidly evolve, it's increasingly difficult for employees to keep up with the skills they need to perform their jobs, Ravin Jesuthasan, managing director and global practice leader of Willis Towers Watson, said June 7.
Speaking at the WorldatWork Total Rewards 2016 conference in San Diego, Jesuthasan warned that this technological trend will have "a very negative effect on companies' ability to compete in the future."
"The pace of change is orders of magnitude greater" than previous industrial revolutions, Jesuthasan said, and the global economy is starting to see "rapid fragmentation" of work.
To further complicate matters, most current in-demand occupations or specialties didn't exist 10, or even five, years ago, he added. According to Jesuthasan, two forces are driving this change: the democratization of work and empowerment through mobile technology.
The global marketplace has created at least one solution to the problem through technology platforms that allow companies to get work done through freelancing, Jesuthasan said.
Platforms have the ability to improve employee productivity through better talent matches to jobs, greater employment overall and higher labor force participation, by linking individuals who are currently inactive in the workforce to projects for part-time and freelance work, Jesuthasan said.
Jesuthasan also noted declining value given to technology skills and the increasing adoption of robotic technology to accomplish tasks throughout the globe.
For example, 35 percent of all investments in robotics are made in China, mostly for assembly line work, essentially replacing the already low cost of labor in that part of the world, he said.
In the U.S., declining education standards in technology have created a stark shortage of workers for these jobs, he said. In fact, Jesuthasan said, 77 percent of organizations list missing skills as the single biggest impediment to finding employees for digital jobs.
According to Jesuthasan, organizations need to shift fundamentally to address these issues. Companies will need to become the organizers of work and talent, as opposed to simply the places that contain employees.
To contact the reporter on this story: Genevieve Douglas in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Tony Harris in Washington at email@example.com
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)