Embracing Change: The Future of Work and the Transformative Power of Workforce Development
Introduction
The hospitality industry is constantly evolving and changing, driven by consumer preferences and new technologies. The workforce must adapt to these changes if businesses are to thrive. But how do we prepare our workers for the future?
This white paper explores how businesses can embrace change by embracing workforce development. We also look at how the public-private partnership can work together to develop a strong talent pipeline by investing in people and skills that will drive innovation within the industry.
The Future of Work
The future of work is an expansive and complex topic, influenced by a wide array of factors. The most obvious ones are technology, demographics and business strategy; but there are also public policy considerations that must be examined when looking at how our economy will change over time.
In addition to these macro factors shaping our future workforce needs, there are also economic conditions to consider: When unemployment rates are low or rising quickly (or both), employers have less incentive to invest in training programs that would benefit their employees’ long-term career prospects–they can simply hire someone who doesn’t require such training instead.
Changing Demographics of the Workforce
The workforce is changing. It’s getting older, more diverse and better educated.
In a recent report from the Bureau of Labor Statistics (BLS), we see that the median age of American workers continues to rise as more baby boomers stay in the workforce longer than previous generations did–it’s now 42 years old compared with 39 years old in 1995. In addition, while women make up almost half of employees overall today (46{b863a6bd8bb7bf417a957882dff2e3099fc2d2367da3e445e0ec93769bd9401c}), they make up an even greater share among those aged 55-64 years old: 65{b863a6bd8bb7bf417a957882dff2e3099fc2d2367da3e445e0ec93769bd9401c}.
The BLS also notes that racial minorities have increasingly been moving into management roles over time–up from 7{b863a6bd8bb7bf417a957882dff2e3099fc2d2367da3e445e0ec93769bd9401c} in 1980 to 15{b863a6bd8bb7bf417a957882dff2e3099fc2d2367da3e445e0ec93769bd9401c} today–and educational attainment levels are climbing steadily as well; among full-time workers aged 25+ who hold bachelor’s degrees or higher degrees increased from 20{b863a6bd8bb7bf417a957882dff2e3099fc2d2367da3e445e0ec93769bd9401c} in 1979 to 35{b863a6bd8bb7bf417a957882dff2e3099fc2d2367da3e445e0ec93769bd9401c} by 2018; this increase has been driven primarily by women completing college degrees at higher rates than men over time
Businesses Must Adapt to Digital Transformation
If you’re a business owner, the future is here. Digital transformation is happening now and it’s important to understand how it will affect your company. In order to succeed in this new world, businesses must adapt their strategies and processes to accommodate digital transformation.
Digital transformation is more than just embracing technology; it also means adopting new ways of thinking about what makes up your business model and how you engage with customers–whether they’re internal or external stakeholders. While this process may seem daunting at first glance, there are many ways for companies both large (or small) scale to start making changes today so that they can thrive tomorrow when everything changes again!
How Do We Prepare Our Industry for the Future?
It’s important to invest in people and skills, because they are the key ingredients of workforce development. A strong public-private partnership is needed to prepare our industry for the future, and examples of how this can happen include:
- Investing in training programs that teach new technologies and methods of working (e.g., agile software development)
- Promoting apprenticeship programs for young people who are interested in pursuing careers in tech or other areas within your company’s industry
The Role of the Public-Private Partnership in Workforce Development
In order to prepare workers for the future, public-private partnerships are essential.
Public-private partnerships can help develop the skills needed for future jobs, connect people with jobs and provide training that will get them there.
This is the time to transform how we approach workforce development, investing in people and skills that will drive the future of our industry.
This is the time to transform how we approach workforce development, investing in people and skills that will drive the future of our industry.
As we move into an era where technology is rapidly changing the way we work, it’s imperative that as employers, we invest in our future by providing opportunities for individuals to gain new skills at all stages of their careers. We need to ensure that workers have access to high-quality talent development programs so they can stay competitive on a global scale — whether it’s through online learning platforms or apprenticeships with local businesses.
Conclusion
We are living in a time of unprecedented change. The world is becoming more digital, and this will have profound impacts on all aspects of society and industry. The workforce is no exception–and if we don’t change how we approach it now, we’ll be left behind.