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Human Age 2.0: Future Forces at Work
New Ways of Working are Emerging, Yet Inequality and the Skills Gap are Widening.
ManpowerGroup calls for new thinking in the labour market to capitalise on opportunities created by technological disruption and to address polarisation of the workforce
AUSTRALIA: 21 January 2016 – The polarisation of the labour market is widening according to ManpowerGroup (NYSE: MAN) in its report published today: Human Age 2.0: Future Forces at Work. A perfect storm of structural and cyclical forces, from shifting demographics to rapid globalisation and technological revolutions, coupled with a highly uncertain business environment, is knocking labour markets out of sync. The result: High unemployment alongside unfilled jobs, rising productivity with stagnant wages, and economic recovery with declining upward mobility for many. The skills of the workforce are out of pace with business needs.
Bridget Beattie, Executive Vice President Asia Pacific Middle East at Right Management said, “In this time of certain uncertainty, a new world of work is emerging. Only those organisations with the agility and talent to adapt and capitalise on these new conditions will remain competitive. That is why having the right talent at the right time is more crucial to businesses than ever before. However, the shifting demographics and dynamics of the workforce, the growing power of employees, and the impact technology has had on the world of work is challenging even the most tried and tested talent management strategies of the past. In the Human Age 2.0, organisations need a different approach to workforce strategy if they are to win the talent war.”
“The time is ripe for disruption and new thinking in the labour market,” said Jonas Prising, ManpowerGroup Chairman and CEO. “The Human Age 2.0 need not be a battle of human versus robot. New jobs are being created, with many individuals able to take on more fulfilling roles, but they will require the training to do so. The Haves, those with in demand skills that can become more productive using new tools — in industries like IT or engineering — will continue to see wages increase. The Have Nots, with low or outdated skills, will see wages stand still or decline as that kind of work increasingly gets simplified or automated. Ultimately, the future is bright with opportunities and growth, but continued learning and skills development for human capital is essential.”
Klaus Schwab, founder of the World Economic Forum mirrors Prising: “In the future, talent, more than capital, will represent the critical factor of production. This will give rise to a job market increasingly segregated into ‘lowskill/lowpay’ and ‘highskill/highpay’ segments, which in turn will lead to an increase in social tensions.
This new age of work will require a new playbook, and employers will need agility and talent to succeed. To download The Human Age 2.0: Future Forces at Work, visit: http://www.rightmanagement.com.au/wps/wcm/connect/right-au-en/microsites/human-age-2.0-future-forces-at-work
Jonas Prising, Chairman and CEO, will lead ManpowerGroup’s delegation to the World Economic Forum’s Annual Meeting January 20-23, 2016 in Davos, Klosters, Switzerland. The delegation includes Jeffrey Joerres, Executive Chairman Emeritus; Mara Swan, Executive Vice President, Global Strategy and Talent, and Stefano Scabbio, President Mediterranean and Eastern Europe.
Jonas Prising is Trustee of the Gender Parity Global Challenge; Mara Swan is CoChair of the Global Agenda Council on Gender Parity; Jeffrey Joerres is Chair of the Future of Jobs Global Agenda Council.
Throughout the week, ManpowerGroup will be leading panel discussions including “The Future of Work in the Fourth Industrial Revolution” and “Progress Towards Parity” with Melinda Gates of the Bill & Melinda Gates Foundation.
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ManpowerGroup® (NYSE: MAN) is the world’s workforce expert, creating innovative workforce solutions for more than 65 years. As workforce experts, we connect more than 600,000 people to meaningful work across a wide range of skills and industries every day. Through our ManpowerGroup family of brands – Manpower®, Experis®, Right Management ® and ManpowerGroup® Solutions – we help more than 400,000 clients in 80 countries and territories address their critical talent needs, providing comprehensive solutions to resource, manage and develop talent. In 2015, ManpowerGroup was named one of the World’s Most Ethical Companies for the fifth consecutive year and one of Fortune’s Most Admired Companies, confirming our position as the most trusted and admired brand in the industry. See how ManpowerGroup makes powering the world of work humanly possible: www.manpowergroup.com
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