So what can the labor flow of 500 million people on LinkedIn tell us about the structure of the global economy? Quite a bit according to a first of a kind study conducted by researchers at Indiana University and LinkedIn. One example: there are strong ties in the flow of labor between the credit card and airline industries. Learn more here.
At least 30% of the activities associated with the majority of occupations in the United States (including knowledge workers) could be automated according to a McKinsey Global Institute Report. Even though we can’t predict all the changes that will occur in the future, we do know there are things you can do to be prepared. Read 5 ways work will change in the future via Forbes.
According to the just-released 2018 Employer Needs Survey, 50 percent of North Carolina businesses report hiring difficulties and 60 percent of NC STEM-related and manufacturing companies experience the same. A recent Deloitte study estimates 2.4 million positions may go unfilled over the next decade.
Immersive technologies, such as virtual reality (VR), augmented reality (AR) or mixed reality (MR) [collectively called XR], are being used to address the skills gap behind those numbers. Charlotte-based Lowe’s finds VR particularly useful for simulating the numerous home environments a sales or service representative may encounter. Global shipping giant DHL Supply Chain reports an average 15 percent or greater improvement in productivity in its warehouses utilizing AR glasses, while also reducing onboarding and training time by 50 percent.
What does this mean for employee training? Read more on: A Virtual View of the Skills Gap Dilemma.
About Our Guest Writer
- AI is here to stay (6 out of the 15 emerging jobs are related to AI in some way).
- Basic business operational functions are on an upsurge.
- Soft skills – oral communication, leadership and time management – account for the largest skills gap.
The December 2018 issue of Consulting Magazine is now available. Access is easy (and, best of all, complimentary)! Simply register to become a free ALM digital reader, and you’ll receive free access to Consulting Magazine Online and the digital edition.
The current issue highlights the women leaders in consulting who are making a big impact on the industry. Be sure to read the “ShortTakes” interview on page 4 where PwC’s Vice Chairman and Advisory Leader, Mohamed Kande, discusses the impact of the Fourth Industrial Revolution. Read the December issue here.
Coworking office spaces represent a fundamental shift in the way people work, and the coworking industry is disrupting the commercial real estate industry in a very BIG way. The future of work is a huge topic of discussion every week at Croixstone, and the shift in how people work is what incentivized us to relocate our offices from our business loft in South End to Industrious in Uptown Charlotte nearly one year ago. Learn why companies like Spotify, Lyft, Hyatt and Chipotle have joined Croixstone in calling Industrious home across the United States. Click here.
Robotic Process Automation (RPA) is the use of a software robot or “bot” that replicates the actions of a human to execute tasks across multiple computer systems. According to a 2015 Accenture report, robotics is predicted to automate or eliminate up to 40% of transactional accounting work by 2020. Read this 2017 newspaper article from the StarTribune in Minneapolis to learn more about how robotic software is sweeping large accounting firms and their clients.
This past summer, Morgan Stanley published research on the growing global gig economy. The study shared that the USA’s freelance workforce has grown three times faster than the overall workforce. Freelancers today represent about 35% of the total U.S. working population, and Morgan Stanley shared that this number could represent more than 50% of the nation’s workforce by 2027. Read a high-level overview of the study to learn more about the drivers behind today’s gig economy.
Croixstone Consulting places a heavy focus on serving the middle market. The middle market represents nearly 20,000 companies across the USA that generate approximately $10 trillion of the $30 trillion of annual gross receipts in the country. Middle market CEOs recently gathered at the annual “CEO Connection Mid-Market Convention” at Wharton to discuss critical mid-market issues and challenges. Read this article from Forbes to understand what’s on the mind of today’s middle market CEOs.
The Bureau of Labor Statistics (BLS) recently released the 2017 Contingent Workforce Supplement, its first since 2005. The report estimates that in May 2017, 3.8% of the U.S. workforce, or 5.9 million workers, held contingent jobs. Is the contingent workforce growing? Well, it depends on who you ask. Learn more here.