The World Economic Forum’s latest and third edition of The Future of Jobs Report emphasizes the highly uncertain outlook for the labor market and that the future of work has been accelerated.
In its preface, the report authors comment that:
“This year, we find that, while technology-driven job creation is still expected to outpace job destruction over the next five years, the economic contraction is reducing the rate of growth in the jobs of tomorrow. There is a renewed urgency to take proactive measures to ease the transition of workers into more sustainable job opportunities.”
What can organizations do to support the workforce as part of this digital transformation?
We worked with a global investment bank which wanted to transform the way its technology team brought new products and services to market. It recognized that customer expectations were changing. To remain competitive, the bank knew it needed to transition to a more agile, skilled and responsive workforce which reflected the fast-paced financial environment.
Like most financial services firms, it had relied on a linear, waterfall product development model with teams separated into functions. However, this traditional approach was hindering the ability to swiftly adapt to customer expectations, to quickly bring new products to market and to keep employees focused on the key problems being solved. The firm was not looking to hire in new talent, but to support its current employees to develop their careers and move into the new roles of the future.
How Did Aon Work with the Bank?
Aon created a development center to identify those with the skills and qualities needed for roles in the agile model of working. Making use of Aon’s talent assessment tools enabled the participants’ behaviors and competencies to be understood – and how these might be best developed and used in the new roles of the new structure. The insights gave managers the facts they needed to hold personalized developmental coaching sessions with employees. It meant that employees could understand how their workstyle preferences impact the roles for which they are most suited and how best to develop.
Hundreds of employees have been through the development center which will ultimately have the ability to assess 8,000 employees.
The program manager emphasized the reasoning behind the project, saying: “We are helping everyone to understand that we are investing in our people. This is not a selection process. We are not going to draw a line and reduce our workforce. We want to help our people transform. Whenever you are going through a massive change, you must be ultra-transparent with your employees. That is probably the one thing they appreciated the most – the transparency.”
Read more about our Digital Readiness talent assessments here.
About the AuthorFollow on Linkedin Visit Website More Content by Aon's Assessment Solutions