Talent as a Priority in Any Era of Technology

History always seems to repeat itself. In the late 18th century, steam changed the world forever. It was harnessed for power that could fire pistons, a feat of engineering that became a hallmark of the Industrial Revolution. This radically transformed nearly every aspect of life—in particular, creating an unprecedented demand for workers with new skills to transition into a modern economy.

Over two centuries later, we find ourselves at the forefront of a similar, yet far more complex transition. As we enter the Fourth Industrial Revolution—spurred on by rapid digitalization—it’s evident that nearly every aspect of human life will be transformed yet again. In fact, it’s already happening.

Machine learning algorithms, artificial intelligence, augmented and virtual realities, and robotics technologies have begun to usher in a new world economy that threatens to leave many workers underskilled and unprepared. One can’t help but wonder: in terms of job skills, how will humans keep pace with their inorganic counterparts?

Actually, finding and hiring top talent to help companies keep pace with innovation is already a pain point for many business leaders. Studies show that 77% of CEOs see hiring for key skills as the biggest threat to their businesses and 82% of Fortune 500 companies don’t believe they’re in a position to recruit highly talented candidates. Furthermore, 83% of HR professionals in the U.S. have reported difficulty recruiting qualified candidates in the past year and 52% say the skills shortage has worsened over the last two years.

Additionally, according to a Korn Ferry report, by 2030 there will be a global human talent shortage of more than 85 million people, a deficit that will be felt across all industries.

If these patterns continue, it will come at a significant cost.

The Future of Work and Its Impact on Recruiting

According to the 2018 Future of Jobs Report from the World Economic Forum (WEF), an average of 71% of total work hours were performed by humans in 2018, compared to 29% by machines, as measured across 12 industries. By 2022, this average is expected to have shifted to 58% work hours performed by humans and 42% by machines.

Ratio of human-machine working hours, 2018 vs. 2022 (projected)

However, with innovation comes the demand for new skill sets and roles to be filled. The WEF’s research also predicts that the role of talent acquisition will play a critical role in filling the 133 million new roles that will emerge over the next few years, facilitating “the new division of labour between humans, machines, and algorithms.”

Examples of stable, new and redundant roles — all industries