Connect with us

Business

Help Wanted: The Future of Work in Advanced Economies

The McKinsey report “Help Wanted: The Future of Work in Advanced Economies” launched earlier this year discusses two worrying trends – a global skills shortage and a global jobs crisis.

Avatar

Published

on

China plant

The McKinsey report “Help Wanted: The Future of Work in Advanced Economies” launched earlier this year discusses two worrying trends – a global skills shortage and a global jobs crisis.

It articulates a fundamental supply and demand problem in advanced economies, brought about by a mismatch of skills needed and skills available. On the one side we have 200 million people looking for work, and on the other we have companies and industries crying out for skilled labour.

To ensure that we can stimulate economic growth by meeting employment demands, we need to ensure that development of human capital is at the top of every company’s agenda. We must unlock the pools of untapped potential across geographies and demographic groups – from women, remote workers and older workers to the disabled, refugees and unskilled youth.

But how do we do this?

There is growing evidence that shows one of the keys to meeting this gap is the provision of meaningful opportunities in the workforce.

Providing meaningful opportunities requires two key conditions to be met. The first is focusing on the opportunity side of the equation – giving opportunities to people who might otherwise not have them.

From a demand perspective, this is about making workplaces more flexible and inclusive and removing unconscious biases about their ideal worker. Companies create opportunity by providing flexible work environments to allow workers to work remotely across geographies and to allow employees to balance their other responsibilities.

On the supply side, it is about skills and training. Companies and countries can enlarge their recruitment pool by investing and reskilling employees and providing training to people who may not yet be suitable for the jobs of the future. And it is about creative approaches to hiring, such as through internship programmes that give people an opportunity to prove themselves when they might not have the more conventional experience or background.

However, as we take more creative and inclusive solutions to meeting skills demands, we also need to look at the second half of the meaningful opportunity equation – the meaningful half. This goes beyond staff benefits and investing in training and development to ensuring that the everyday work experience is meaningful.

In their book The Progress Principle, Teresa Amabile and Steven Kramer argue that the most significant impact on engagement is providing opportunities for employees to make progress in meaningful work.

Their research study of 12,000 diary entries shows that even small wins boost “inner work life” – the constant flow of emotions, motivations and perceptions that constitute a person’s reaction to the workday.

Meaningful work is work that employees perceive as contributing value to something or someone who matters (such as other team members, their manager or family). Managers can fundamentally influence employees’ perceptions of meaningfulness through their everyday actions and words, and whether they are “nourishing” or “inhibiting” the employees’ work and perception of progress.

Bringing these two things together – creating better opportunities coupled with more meaningful work environments – gives us a new approach to think about in human capital development.

It is about drawing from the maximum possible talent pool, and ensuring that employees at every level are engaged and improving their performance. Meaningful work provides an incentive to nourish skills and training, and the opportunities brought on by skills and training provide a greater platform for undertaking meaningful work.

Creating a work environment of meaningful opportunities is more easily said than done. But the prize – better employees for companies and better jobs for employees – is surely worth it.

Author: Geraldine Chin Moody is a senior executive in the legal and financial services sectors and a board member of UN Women Australia. In 2011 she was named as a Young Global Leader by the World Economic Forum.

See original article:

Meaningful opportunities: Meeting the needs of the workplaces of the future

Comments

Business

Thailand’s automotive sector expected to produce 1.4m cars this year

This increase in output is a result of the recovery of domestic and export markets, with the annual output for 2021 expected to be around 1.4 million.

National News Bureau of Thailand

Published

on

Thailand Automotive Institute (TAI) anticipates the overall output from Thailand’s automotive sector this year to be around 1.4 million cars. They are, however, still cautious over automobile exports until at least March this year, due to the resurgence of COVID-19 cases around the world.

(more…)
Continue Reading

Banking

Can Fintech drive a strong post-COVID-19 recovery in Asia?

The pandemic has highlighted the power of digital technology. Now is the time to harness this power for inclusive growth so that communities, especially in poor and remote areas, can survive the crisis and thrive.

Asian Development Bank

Published

on

To say 2020 has been a challenging year is a massive understatement. The COVID-19 pandemic has quickly undermined development gains from recent decades and slowed growth in many Asian economies.

(more…)
Continue Reading

Business

Asia’s supply chains to be tested by COVID-19 vaccine delivery

The global logistics company DHL estimates that global vaccine coverage will take around 200,000 pallet shipments and 15 million deliveries in cooling boxes as well as 15,000 flights.

Asian Development Bank

Published

on

The enormous logistical challenge of vaccine distribution will be aided by trade and supply chain finance guarantees.

(more…)
Continue Reading

Latest

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,634 other subscribers

Trending