We live in an era where machines automatically teach themselves, connected vehicles easily communicate with each other and smart systems swiftly respond to and anticipate consumer needs.
Emerging technologies such as Internet of Things, Artificial Intelligence, Blockchain, and Augmented Reality/Virtual Reality are disrupting traditional business models. Moreover, they are disrupting every industry.
In the wake of these developments, business leaders are faced with a key challenge: The Employers face a global skills crisis that could hold back the economic promise of the emerging technologies.
THE SKILLS GAP IS GROWING
As you see from the chart, there is a significant difference between the technology investment and the skills developed related to that technology. An organization with significant skill gaps will not be able to grow or compete and might risk of not meeting customer demand. As the new technology advances, the need for skill requirement changes. The size of the existing pool of skilled workers are not enough to meet the demand of intelligent technologies.
For example: There is a massive shortage of people skilled in AI and IoT, according to the above statistics. Organizations need to focus on the technical and ‘human’ skills needed to future-proof their workforce.
THE PARADOX OF SKILL
Most of the enterprises have started adopting innovative technologies and digital business models to fulfill relevant needs of the customers. Even though, these technologies disrupt the nature of work, business leaders still lack the ability to reskill their own workforces.
Key Skills Needed with the Advent of Innovative Technologies
Many of them believe that by training more engineers, raising the number of diversified skilled workers, or hiring more data scientists will help to overcome skill crises. However, creating large cohorts with precise skills will not help.
THE PATH FORWARD: BRIDGING THE SKILLS GAP
Traditional learning and training systems are ineffective and not equipped to address the new skill demand. The growing importance of new skills demands new learning approaches. They are not taught in the classrooms. It can only be learned through personal experience and practices, over an extended period.
Corporate learning systems paired with new technologies will redefine the roles and tasks of employees. This allows pioneering businesses to enhance people’s capabilities and the value of the work they do.
For example, in hospitals, if nurses use intelligent systems to manage paperwork responsibilities, they can spare more time for patient care. This shift indicates a rise in empathy and communication skills, while administrative work will decline.
3 Ways to Solve the Skill Gaps
1. Accelerate Experiential Learning
In corporate, experiential techniques include design thinking in the boardroom, simulation training for technical roles, on the job training initiative, apprenticeships etc.
For decades, aircraft pilots are given experiential simulation training, which allows them to experience and practice dangerous and stressful situations in safety.
Emerging Technologies such as AR, VR and AI can help organizations provide experiential learning.
Virtual Reality is an attractive experiential tool. It immerses users in a new world via a special 3D headset. It allows organizations to create inexpensive experiential learning opportunities that boost engagement and improve outcomes.
According to the National Training Laboratory, retention rate of VR learning is 75%, while for lecture style learning were at 5% and reading rates were at 10%.
Augmented Reality (AR) allows people to see data as they work, facilitating on-the-job training.
Artificial Intelligence can offer guidance, insights and feedback; making learning experience more immersive, engaging and personalized for employees. Chatbots, for example, can work as subject-matter experts.
2. Focus on Individual Learning
Most of the organizations focus on hiring employees with specialized skills. However, there is a need to put emphasis on broadening the variety of skills within each worker.
For example, the US Navy teaches a wide range of cognitive and non-cognitive skills to its officers. They are taught both interpersonal and social skills before they are put into positions of responsibility, in or out of combat. They use virtual reality which allows officers to learn to handle not just technical issues, but the interpersonal skills required to handle sensitive or challenging situations.
3. Empower Susceptible Learners
Older workers make less participation in training than younger ones. The organization’s learning system must focus on the workers who are vulnerable to disruption from technological change. These types of workers must be identified and targeted for interventions. Equipping seniors with the skills required to stay productive will become a priority.
For example, the firm can introduce a blockchain course to empower employees to get familiar with the technology as blockchain increasingly plays a significant role in business.
Our consultants can answer every challenge with innovation to unlock trapped value within your organization. Get in touch with our dedicated emerging technology consultants at Cygnet Infotech on +1-609-245-0971 or firstname.lastname@example.org