Global workforce on verge of upheaval: BCG report

Workforce dynamics across the world is undergoing an upheaval and one of the disruptive trends is automation which will rapidly replace both blue-collar and white-collar jobs, says a BCG report.

Rapidly evolving technologies, business models, demographics and workplace attitudes are triggering a tidal wave of change at the workplace.

Some of the major forces that will reshape the demand of talent in the near future include, automation, big data and advanced analytics, access to information and ideas.

The report said that automation is expected to replace assembly line and office workers even as companies would require increasing numbers of programmers and other highly skilled digital talent.

“As machines assume a greater role in the workplace —— turning virtual reality into the new reality of the working world — humans will clearly have to adopt,” the BCG report titled ‘Twelve Forces That Will Radically Change How Organisations Work’ said.

Other major changes likely to affect most labour markets include — ageing populations will lead to a labour deficit in most of the world’s 15 largest economies, which make up 70 per cent of global GDP.

Moreover, diversity and inclusion, often seen as ‘nice to have,’ will become a necessity. As the value of a diverse workforce increases, organisations are already turning to technology to help avoid bias in recruiting and hiring.

“The way we work a decade from now will be almost unrecognisable to today’s business leaders,” says Rainer Strack, a senior partner at BCG and a co—author of the report.

As part of the analysis, the report looked at 60 major trends, grouping them into 12 primary forces that affect both the demand for and the supply of talent. These forces will require leaders to rethink even basic assumptions about their workforce, it said.