Investing in the workforce - Deepstash

deepstash

Beta

deepstash

Beta

How to succeed in uncertain times

Investing in the workforce

In times of uncertainty, if companies reduce headcount and leave positions open, they can miss out on filling critical needs and areas.

  • Companies must invest in efforts to ensure their workforce has the new skills required by the digital world.
  • Companies should recognize the potential of longtime employees. Their experience and capacity to learn are valuable assets.
  • Companies can build resilience by making their workforce more flexible as some prefer to work on a contingency basis. It means companies have access to needed talent and skills.

107 SAVES


EXPLORE MORE AROUND THESE TOPICS:

SIMILAR ARTICLES & IDEAS:

State Of Emergency
The ongoing pandemic is more than just a gigantic health crisis. The global economic order, for the first time in several decades, is on the path to an imminent restructuring.
Th...
Resolve

The measures to stop the spread of the virus are well-known by now: staying home in lockdown, working from home as a default option, schools switching from physical classrooms to e-learning models.

Not every country has been able to make these choices fast, due to a combination of hesitation, inaction, and paralysis. Before any decision is made, the first thing to do is determine what needs to be done and at what pace and scale.

Resilience

As the current health crisis steamrolls into an economic crisis unparalleled for the last 100 years, the decline in economic activity is already at par with the great depression.

This crisis of global proportions requires resilience, both for near-term issues like liquidity and cash flow, as well as long-term issues like uncertainty, personal financial stress and recovering from multiple challenges that were already present and are now further complicated due to the pandemic.

Automation Is Here

Automation has a huge potential to change the nature of work, freeing up workers from tedious, repetitive, and precision work. Automation is a transformational change for owners, employees and...

Aim High

A thorough reassessment is required of how the company operates and how best to capture the impact of automation.

Companies who have just automated on the surface have had small and limited results that don't last. Companies that have understood and deployed the high-risk, high-reward proposition have completely transformed it's business offerings and have become market leaders. They have also redeployed the freed up workforce and provided additional services, even turning their competitors into customers.

Commit and Communicate

A joint effort of commitment and communication is essential for a thorough approach to automation and has to be led by top management.

Apart from IT, all stakeholder groups like HR, Operations, Business Units have to be engaged, and communicate consistently.

The model of future work

By 2030, up to 30 to 40 percent of all workers in developed countries may need to move into new occupations or upgrade their skill sets. Skilled workers in short supply will become even scar...

Employers should lead the way

The pace and scale that technology disrupts is a social, political and business challenge.
Employers are best placed to make a positive societal impact, for example, by upgrading the abilities of their employees and equipping them with new skills. Employers will also reap the greatest benefit if they can successfully transform the workforce in this way.

Talent is the largest barrier

Talent is the largest barrier to the successful implementation of new strategies.

Many leading businesses realize that it is quicker and more financially prudent to look internally and develop the talent they already have. Yet only a third of global executives report that their organizations have launched any new reskilling programs.