Are you ready for tomorrow’s workforce?

It’s harder than ever for CEOs to find and keep the right people in the right place at the right time. The “war for talent” remains both a challenge and a source of continuing uncertainty, with 63% of CEOs telling us they are somewhat or extremely concerned about the availability of key skills. Yet, 61% haven’t yet acted on their plans for change.

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The risks you face

  • A drop in the working-age population is decreasing the availability of desirable talent.
  • An aging workforce presents employers with healthcare, benefits and productivity issues.
  • The rapid industrialisation of some emerging economies is wooing educated nationals back home, leading to rising labour costs for some developed economies.
  • Perceived corporate resistance to cultural change can repel desirable younger talent.
  • The elimination of jobs by technology creates social risks.
  • A growing mismatch of skills, needs and location will require considerable adaptability in talent, cultures, and attitudes — as well as government support.

Resilience practices

  • Use big data and big modelling to understand demographic trends and risks, and to identify new sources of labour.
  • Adapt Enterprise Risk Management to encompass demographic and other social risks.
  • Use technology to reimagine the workplace. Technology allows flexibility, mobility and “virtuality” — factors that can attract untapped resources and a new generation of workers.
  • Follow the talent to new markets — or back to old ones.
  • Engage with local educational institutions to help nurture the skills — and attract the talent — of tomorrow.

Ask yourself…

  • Are our ERM processes able to capture changing demographic patterns and measure the risk to our business?
  • How effectively could we leverage our governance and controls systems to enable virtual working?
  • Does our corporate culture enable employees to develop trusted relationships, even across virtual networks?
  • As we adopt new virtual, cross-geographical employment models, are we complying with all relevant employment, fiscal and immigration laws?
  • How well do our corporate values, culture and conduct match those of tomorrow’s workforce?

Read more

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Resilience article: How can resilience prepare you for environmental and social change?

Resilience article: Tapping into female empowerment

PwC’s NextGen: A global generational study

Talent mobility 2020 and beyond

Risk resilient or risk resistant to the trends that will transform?

Are you ready for tomorrow’s workforce?
It’s harder than ever for CEOs to find and keep the right people in the right place at the right time. The war for talent remains both a challenge and a source of continuing uncertainty, with 63% of CEOs telling us they are concerned about the availability of key skills. Yet, 61% haven’t yet acted on their plans for change.

How will you face the looming demographic talent crisis?