The New Talent EconomyCareer transparency and skills

forecasting to future-proof your workforce

Anne FultonTALENT FUTURISTFOUNDER - FUEL50 CAREER PATHING

talent chasmHow do cross the

Mega trends driving the new talent economy#1 WorkForce demographics

#2 Technology drivers

#3 The new social contract

#4 Modern forms of work mobility

# 5 New work models

McKinsey predict a 95MShortage of medium and high

skilled workers by 2030MC K I N S E Y – I N F O G R A P H I C O F T H E Q UA R T E R , 2 0 2 0

50% of the workforce will be millennial by 2020

Fuel50 Career Agility and Engagement Research Paper , 2017

30%of work could be

displaced globally by 2030

due to automationM C K I N S E Y G L O B A L I N S T I T U T E – J O B S L O S T , J O B S G A I N E D R E P O R T ( 2 0 1 7 )

#2 Technology Drivers

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Robot future You Tube clip here

Tech skills in demand in 2020

• Cloud Computing

• Artificial Intelligence

• UX Design

• Video and Audio Production

• Game Development

T H E F U T U R E O F WO R K

Technical Skills

• Animation

• Machine learning

• Extended Reality (VR and AR)

• Quantum Computing

• Data Visualization

Soft skills in demand in 2020

• Creativity

• Collaboration

• Adaptability

• Persuasion

• Time Management

T H E F U T U R E O F WO R K

Soft Skills

3 -10 X

The benefit magnitude of automation means that the ability to staff, manage and lead increasingly

automated organizations becomes an important competitive

differentiatorTA N G A N H U P, A S S O C I AT E D I R E C T O R ( S M U - X ) , S I N G A P O R E M A N A G E M E N T U N I V E R S I T Y

The “me-too” forcefield

#3 The New Social Contract

Millennials rate development the#1 job benefit.

C A R E E R D E V E LO P ME N T I S K E Y TO R E T E N T I O N

6%

6%

8%

14%

19%

22%

0% 5% 10% 15% 20% 25%

Greater vacation allowance

Retirement funding

Free private healthcare

Cash bonuses

Flexible working hours

Training and development

Millennials in the workforceFor Millennials, “Training and development” is the most coveted job benefit

Percent indicating job benefit in first placeSource: Human Capital Trends 2017, Deloitte Consulting, LLP

Source: Career + learning journeys WEBINAR, Josh Bersin. Nov 2018

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Take your seatanywhere….

#4 Work Mobility Drivers

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The 2020 career challenge:A disrupted career landscape

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Tenure

Stretch assignments

Experiences

70 / 20 / 10Agile

New Work Patterns

GigsProjects

Lean

ReverseMentoring

TeamWork

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#4 Work Mobility Drivers – wirearchies not hierarchies

Skills anxietygoes both ways

globally believe the biggest challenge their organization faces in meeting their

strategic objectives is having a sufficiently agile workforce

80% of CEO’s

Skills anxietygoes both ways

New LinkedIn Research Shows that the #1 desire of employees today is to know “what are the

fastest growing skills in my current job” (74%)

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74% of employeesbelieve it’s their ownresponsibility to update theirskills rather than relying onany employerP W C – W O R K F O R C E O F T H E F U T U R E : T H E C O M P E T I N G F O R C E S S H A P I N G 2 0 3 0 ( 2 0 1 7 )

Skills transparency needs to be a two way street

42%of employees

are requesting better visibilityand transparency about

career pathing opportunitiesH R E X C H A N G E N E T W O R K

86% of your employees believe their skills and talents are under-utilized

….And are motivated to contribute beyond their current role

Fuel50 Career Agility and Engagement Research Paper ,

The link between workforce skills transformation and career pathing…

Virtuousgain cycle

Succession & Talent Pipe Intelligence

Workforce SkillsVisibility

Career PathTransparency

Two sides of the same coin…

Career pathtransparency

Workforceskills intelligence

Creating an Inclusive Talent Economy in your organization

1. Build transparency:Fairness and inclusiveness will follow

2. Build a culture of talent citizenship

3. Democratize the talent experience

4. Create an inclusive talent marketplace

5. Enable a culture of talent sharing

6. Focus on workforce agility

Rules for the new talent economy

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We explored the tenure data of 57,000 users of Fuel50 over a

12 month period

Career Transparency reduces turnover by 60%

AVERAGE

TURNOVER RATE

25%

VS

FUEL50 USERS ’

TURNOVER RATE

10%

WORKFORCE RESKILL ING

252,000 skills development actionsacross 55,000 users

who logged in 304,236 times

Increase in internal talent mobility since deploying Fuel50’s career pathing solution

MIKE MARTIN , INGERSOLL RAND

65%

Preparing for 2030D O N ’ T LO S E T H E BAT T L E – MA K E TA L E N T D E V E LO P ME N T A MAT T E R O F U R G E N C Y

• Create a level of skills transparency that drives and supports the organization you want to become

• Understand the skills you have now and the gaps to the skills to build your future organization

• Strengthen innovation, creativity, empathy and leadership capabilities in your business alongside critical technology skills.

• Build and nurture adaptability by harnessing a flexible talent mix, new ways of working and self-driven learning, and radically different career paths that support an agile way of working

• Create a mind-shift for leaders and employees to grow and curate targeted talents

THANK YOU …Your Questions?

Join our research community atgo.fuel50.com/wpex