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Preparing for Future Work Disruption
- 1. The Future of Work – Preparing for Disruption Presented by Sumedha Ghaisas
- 2. AGENDA Understanding the Human Capital Challenges poised by the Change / Transformation Expected Change and its effects Summarize
- 3. What is Human Capital the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country. Human capital is the stock of habits, knowledge, social and personality attributes embodied in the ability to perform labour so as to produce economic value. Human capital is unique and differs from any other capital. It is needed for companies to achieve goals, develop and remain innovative.
- 4. Skills affect people's lives and economic and social development in many ways. ... Skills are also key to tackling inequality and promoting social mobility. Investing in human capital is the single most effective way of not just promoting growth but also of distributing its benefits more fairly. Human capital affects economic growth and can help to develop an economy by expanding the knowledge and skills of its people. ... The skills provide economic value since a knowledgeable workforce can lead to increased productivity. One of the biggest impacts of long-term growth of a country is that it has a positive impact on national income and the level of employment, which increases the standard of living. As the country's GDP is increasing, it is more productive which leads to more people being employed. Why is human capital important for development?
- 5. Creating the right environments and support structures for the future of work
- 6. 1 • Create conducive environments that drive productivity and creativity • Use knowledge and skill to optimize individual and team performance 2 • Tap into tools that help optimize performance in the respective areas • Focus on human capital well-being and development for a long-term sustainable growth 3 • Enable learning and skill development opportunity as a continuous process and embed it as part of the job roles / activities 4 • Learning and development has to be a continuous process wherein we also need to unlearn and learn to align human capital to the changing environments and adapting to these changes 5 • For any country to progress it is important to develop the formal as well as informal human capitals in a synchronized manner to be able to strike a right balance to drive the social and economical growth of any nation • Opportunty, like talent is distributed equally throughout Society.
- 8. Transition to the future of work To capitalize on this state of disruption, organizations need to take a proactive stance in understanding how work will be done in the future and how that shift impacts what the workforce should look like. To gain the full benefits of AI or any transformation, governments should work towards developing the human capital by developing programs / structures which are designed to work in a syncronised way werein humans and machines each play to their unique strengths, complementing and supporting one another.
- 10. Key Challenges Rigid job descriptions No path exists for “middle skills” jobs One-size-fits-all compensation Evolving jobs require new skills Generalized training has become less effective Traditional jobs are disappearing New roles are beyond the reach of current workers Mitigation Adjust to change Identify and bridge skill gaps Preservance, collaboration and empathy Be emotionally intelligent Build Human Capital Don’t give up Respect the ideas of others
- 12. Countries must boost their investment in early childhood development. This is one of the most effective ways to build valuable skills for future labor markets. Build Human Capital Countries can, for example, utilize tertiary education and adult learning more effectively. Countries can also boost human capital by ensuring that schooling results in learning. Important adjustments in skills to meet the demands of the changing nature of work are also likely outside compulsory schooling and formal jobs. Countries can, for example, utilize tertiary education and adult learning more effectively. Probable Solutions: To prepare for the changing nature of work
- 13. Indian Government has started the following initiatives : Established National Skill Development Corporation for development of Human Capital Initiated various programs like Make in India and Digital India to create equal opportunity of employment for informal and formal skills Initiated Direct Transfer Benefits to ensure benefits are transferred to the deserving with minimal or no deviation E-Governance in Government departments for efficient management and monitoring
- 14. As per the Mckinsey report, 40% of jobs which will be lost due to automation amount to only 7% of the global wages Work communication giant A & AT has invested in its workforce with its future ready reskilling program costing $200 - $250 million a year, with training they need to prepare for roles that have future. As per the India Skills Report 2019 - Cities with highest employability are: Bengaluru, Chennai, Guntur, Lucknow, Mumbai, New Delhi, Nasik, Pune & Visakhapatnam Female employability has increased from 38% last year to 46% in the current year. This has great impact on the businesses as well as the Nation. Talent Reboot – Catching Skills for Changing Businesses Source – India Skills Report 2019
- 15. The changing future of work needs us to wear the hat of linking sectoral programs together with sustenance and evolving across political cycles. Of course with Artificial Intelligence (A.I.) combined with our Emotional Intelligence (E.Q.) like a Chameleon to adapt to this changing future.