Learn, unlearn, relearn
Today’s workforce is increasingly defined by its ability to learn, unlearn and relearn, with the pace of change impacting role design significantly. About two-thirds of today’s roles didn’t exist 20 years ago.
Mobility is increasingly internal
At the same time, hiring around the world has become sluggish and is in decline after recent heights.
But internal mobility is on the rise. Internal mobility rates globally have increased by 6% globally year-over-year, and this trend is expected to continue, including in Australia where internal mobility is up even more, with an increase of 7%.
There is also huge value simply in terms of cost savings in using internal mobility versus external hiring where possible if this means minimising total depart/replacements – with the cost of replacing a staff member being typically estimated at about 50% of salary.
TFOW key trends
In terms of the future of work, two key trends that stand out will both support internal mobility:
- lifelong learning, and
- digital literacy.
About 8 out of 10 global executives do plan to hire this year, and where there is recruiting , employers will be increasingly focused in on soft skills, with Generative AI (GAI) a massive growth area.
Embracing GAI?
It’s timely now for organisations to welcome GAI. About 8 in 10 global executives also see at least one way GAI will help their employees, with common expectations being that it will:
- reduce time spent on mundane but necessary job tasks,
- increase productivity,
- free up employees’ time for strategic and creative thinking.
It’s not just about technical productivity – LinkedIn research is suggesting that advantages of a focus on GAI include:
- employees skilled at using GAI are 5x more likely than others to develop skills like creative ideation, design thinking, and emotional intelligence,
- companies that have more employees skilled at using GAI also see a 4x higher leadership promotion rate and 5x higher overall promotion rate compared to companies with fewer such employees – supporting that internal mobility rate!
Some HR teams are onto it…
HR is one of the sectors starting to embrace AI to enable teams. For example with recruiting, AI allows recruiters to drop some administrative and repetitive tasks, and to substitute those tasks with augmentation or automation, which frees recruiters to focus more on engaging with hiring managers and candidates to enhance the process and make better, more informed decisions.
But many organisations not yet – time to move
Most organisations haven’t yet fully embraced GAI, creating a significant opportunity for those who move quickly to get on board.
– based on research including from LinkedIn