In our recent report, Shaping the Future, we outlined the four main megatrends predicted to shape the future, not only of society but of business.

• Climate change
• Shifting economic power
• Digitalisation
• Changing demographics

The last two in particular are significantly impacting the employment landscape, highlighting a lack of employees with the right skills to fill current and, increasingly so, future jobs as a result of new technology and a shift in the make-up of the population and workforce. 

With the situation compounded by the twin assault of Brexit and the pandemic, it’s fundamentally shifted employment patterns and, in some instances, accelerated the need for qualified workers.

Technological advancements

In our report, we highlight possible jobs of the future , many driven by new technology. Algorithm Bias Auditor anyone? But because the jobs don’t yet exist, there’s every chance that employees with the skills to do them don’t either.

With the proliferation of new technology, everything from automation to AI, it’s inevitable that it will continue to replace some jobs. According to NFTR, by 2023, the labour market will have changed substantially with two million jobs likely to be displaced due to the adoption of new technologies.

This is a group who are likely to need re-skilling so they can find another role within the same company or elsewhere, or upskilling, so they can continue to meet the demands of the new technology.

But as one door closes, another opens. Those who step through will be the ones with the right skills. Sure, AI may write the article, but who quality checks it? Who decides what it needs to write? And no, this article wasn’t written by AI in case you’re wondering, but realistically it could have been.

Shifting demographics

With people living longer as a consequence of better healthcare and lifestyle, it brings many repercussions, not least people now working for longer.

But that’s not only being driven by an opportunity and motivation to work to an older age, it’s also fallout from the pandemic. According to a Legal & General Retail Retirement Study, 1.45 million people plan to delay retirement by more than 3 years on average as a result of its financial impact.

However, the same study also notes that number will be offset by over a million people who saw the pandemic as an opportunity to revaluate their lives and retire early…and that’s a problem.

According to The Times, the UK Treasury, concerned with the level of ‘inactivity’ and its impact on economic growth, is looking at ways to reverse the trend and get those who can work back into work.

With speculation that senior UK ministers are pushing for over-50s to be exempt from income tax up to a year after returning to work, it’s clearly an issue high on the agenda – not just for the Government.

Earlier and later retirement both bring challenges for companies, whether that’s ensuring workers who stay on longer remain tech-savvy by upskilling them or replacing the skills of those ending their working life sooner than anticipated. 

Of course, people living longer affects some industries more than others. The health sector in the UK, for example, already facing a loss of workers since Brexit, must provide the extra care. Likewise, the construction industry will need to build the infrastructure that accommodates a growing population.

Attain, retain, retrain

In many cases, companies are finding it hard to adapt to the rapid changes and struggling to introduce the level of learning needed to close the skills gap in order to embrace new opportunities. 

Indeed, according to McKinsey & Company, 87 percent of organisations fully recognise the need to bridge their organisation’s skills gaps.

With the gap only going to widen if not addressed, it’s important that they do so, and quickly.

Not only does a skills gap mean a company can’t perform to the best of its abilities, but it also creates job dissatisfaction for employees lacking a sense of purpose with their inability to develop and contribute.

Introducing training and development can help upskill employees to continue doing their job confidently and competently, or re-skill them for a new one, and in doing so increase their chances of remaining with the company rather than resigning or retiring.

That’s reinforced by our research which revealed that those who said they received learning or development opportunities to further their career are 2x as likely to be committed to the company. 

That’s further confirmed by the LinkedIn Learning Report that found that 94 percent of employees would stay at a company longer if it invested in their learning and development.

But training isn’t only effective at retaining employees, but also in attracting them. With an already small pool of suitably skilled workers to fish in – forecast to only get smaller – the promise of receiving effective training is a selling point for prospective employees, especially amongst younger workers.

A Deloitte survey of Gen Z and Millennial employees suggested that when it comes to attracting staff, one of the top three reasons they take a job is because of the learning opportunities.

Three ways to reinforce your learning

Purpose + Meaning = Engagement.

With the skills gap growing, engagement in learning and development will be vital to the long-term sustainability of organisations. From our research, we know the key to engagement is helping employees, distributors or channel reps find purpose and meaning in their work. Therefore, your learning and development strategy needs to also clearly support this mission.

Three ways you can do this are by focusing your strategy on Motivation, Location and Personalisation. Click here to read more on how to integrate these elements into your strategy and elevate learning and personal development within your organisation.