Addressing the challenges and necessary adaptations in the workforce due to two significant shifts: the "skills tsunami" and the "silver tsunami."
1. Skills Tsunami: This term, coined by Madgavkar, refers to the substantial changes in the skills that workers will need due to rapid technological advancements, particularly in AI. As technology evolves, employees must develop new capabilities to remain relevant and effective in their roles.
2. Silver Tsunami: This term describes the impending wave of retirements as a large number of older workers leave the workforce. This results in a loss of institutional knowledge, experience, and perspective, creating a gap that companies need to fill.
To address these challenges, companies must focus on supporting and nurturing their employees. Key strategies include:
- Increasing Internal Mobility: Helping current employees learn new skills and move into different roles within the company to adapt to changing demands.
- Performance Management: Regularly assessing and improving employee performance to ensure that they are developing the necessary skills and contributing to productivity growth.
Kweilin Ellingrud highlights that continuous productivity growth is crucial, which means producing more output with the same or fewer inputs. This improvement in productivity is essential for raising living standards over time and is a positive trend globally.
Companies that successfully manage these aspects—skill development, performance management, and productivity growth—are likely to be the most successful in navigating these shifts.
Example 1: Tech Innovators Inc.
CEO and Executives:
- Expectations: Drive the vision and strategy of the company, make high-level decisions, ensure financial stability, and adapt quickly to technological advancements like AI.
Middle Managers:
- Expectations: Act as the bridge between executives and employees, manage teams, implement strategies, and foster a culture of continuous learning and skill development.
Software Developers:
- Expectations: Stay updated with the latest programming languages and AI technologies, produce efficient and innovative code, and collaborate on projects to drive productivity growth.
Support Staff:
- Expectations: Provide administrative and technical support to ensure smooth operations, assist in internal mobility programs, and help manage performance data.
Interns and Entry-Level Employees:
- Expectations: Show eagerness to learn, adapt to new tools and technologies, contribute to projects with fresh ideas, and participate in skill-building initiatives.
Example 2: Green Energy Solutions
CEO and Executives:
- Expectations: Lead sustainable initiatives, secure funding for green projects, and navigate regulatory landscapes while steering the company toward productivity growth.
Middle Managers:
- Expectations: Oversee project implementation, manage cross-functional teams, and ensure that green initiatives align with productivity and sustainability goals.
Engineers and Scientists:
- Expectations: Develop and optimize renewable energy technologies, stay abreast of scientific advancements, and innovate to reduce costs and increase efficiency.
Customer Support:
- Expectations: Educate customers on green energy solutions, handle inquiries and complaints efficiently, and provide feedback to engineering teams for continuous improvement.
Technicians:
- Expectations: Maintain and repair green energy systems, participate in training programs to stay updated on new technologies, and support engineers in implementing solutions.
Example 3: Global Finance Corp
CEO and Executives:
- Expectations: Ensure financial health and compliance, navigate economic changes, and incorporate AI for better decision-making and efficiency.
Middle Managers:
- Expectations: Manage financial analysts and advisors, implement strategies to improve productivity, and support internal mobility by identifying skill gaps and training needs.
Financial Analysts:
- Expectations: Analyze market trends, use AI tools for predictive analytics, provide insights to support investment decisions, and continuously update their financial knowledge.
Client Services:
- Expectations: Provide exceptional customer service, understand client needs, offer tailored financial solutions, and support the company's productivity goals through efficient service delivery.
Administrative Staff:
- Expectations: Handle documentation and compliance tasks, support the finance team with accurate data management, and participate in productivity and performance improvement initiatives.
Example 4: HealthCare Plus
CEO and Executives:
- Expectations: Lead healthcare innovation, secure funding and partnerships, and ensure regulatory compliance while adapting to advancements in medical technology and AI.
Middle Managers:
- Expectations: Oversee hospital or clinic operations, manage healthcare professionals, and ensure the implementation of AI-driven solutions for better patient care.
Doctors and Nurses:
- Expectations: Provide high-quality patient care, stay informed about medical advancements, and utilize AI tools to enhance diagnostic and treatment accuracy.
Support Staff:
- Expectations: Assist medical staff, manage patient records, ensure smooth administrative operations, and participate in ongoing training to improve service delivery.
Technicians:
- Expectations: Maintain medical equipment, support the implementation of new technologies, and ensure all equipment meets safety and operational standards.
Example 5: Retail Giants Ltd.
CEO and Executives:
- Expectations: Drive strategic initiatives, adapt to market changes, incorporate AI for better customer insights, and maintain financial stability.
Middle Managers:
- Expectations: Manage store operations, supervise staff, ensure efficient inventory management, and support training programs to improve employee skills.
Sales Associates:
- Expectations: Provide excellent customer service, use AI tools to understand customer preferences, and contribute to sales targets and productivity goals.
Logistics and Warehouse Staff:
- Expectations: Manage inventory and supply chain processes, ensure timely product delivery, and use AI-driven tools for efficient logistics management.
Cashiers and Customer Service Representatives:
- Expectations: Handle transactions efficiently, resolve customer issues, support sales initiatives, and participate in training programs to improve service quality.
Each company's success hinges on the ability to navigate technological advancements, support continuous learning, and maintain productivity growth across all levels of the workforce.
Ref https://finance.yahoo.com/news/both-skills-tsunami-silver-tsunami-100000629.html
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