On November 7th, “Workforce 2020 – Colliding Trends and a New Game” was the subject of CEO Trust’s NYC Chapter event at the stylish Terrace Club in midtown, adjacent Rockefeller Center. The event kicked off with a look at the fascinating short video, “How Will the World be in 2020?,” which offered a glimpse into many demographic and technological changes to come.
Our expert panel: Doug Blitzer, Director of Talent Acquisition & Development at Tribridge; Andrew O'Connor, President of A.J. O'Connor Associates, Inc.; and Maureen McGurl (Moderator), Principal at Sutton Place HR Consulting Group. Afterward, participants were invited to test their knowledge on US & global workforce trends during the interactive “Future Work" challenge. Our panelists then discussed evolving trends and methods to handle the challenges of an ever-changing global workforce.
Predictions & projections include that, by the year 2020:
- There will be five generations in the workforce, with employees ranging in age from 16 to 70+ working side by side in many organizations
- One in four US workers will be 55+, with the 55+ demographic being the fastest growing demographic group in the workforce
- 50 billion devices will be connected to the Internet – more than 6 devices per person on earth
- 75% of jobs will require a two- or four- (or more) year degree, special postsecondary occupation certificate, or apprenticeship, as the global economy shifts to more of a “knowledge economy”
- Almost one in four US workers will be of Hispanic or Asian origin
- Contingent workers may constitute as much as 50% of the global workforce
Strategies our panel presented for handling the challenges of this ever-changing global workforce included:
- Strengthen and develop traditional leadership skills & competencies, such as emotional intelligence, conflict management/resolution, and change readiness
- Develop newer competencies, such as learning agility, global mindset, 360 communication skills, and digital proficiency
- Consider one-on-one executive coaching for leaders and high-potential employees for targeted, accelerated development
- Accelerate the development of newly-appointed executives and newly-formed teams through assimilation/integration coaching
- When hiring and striving to retain Millennials, know and focus on what’s important to their demographic, including:
- Opportunities for mentoring and participation in special interest community groups within the organization
- Worker character traits such as self drive and ability to learn
- Providing career experiences that offer opportunities for learning and building competencies & foundational skills
- Creating a strong corporate culture and sense of corporate values
- Encourage the development of a shadow management committee made up of high-quality employees who meet with management regarding concerns facing the company
Our panel shared information, ideas, and best practices drawing on their expertise and experience with individuals, teams, and corporations. Attendees gained insight into how to address the changes to come proactively in order to attract, hire, train, and retain the very best team members possible. All on hand came away with concrete strategies for providing productive and satisfying work environments for an increasingly heterogeneous workforce.