As millennials and Gen X ascend into executive positions, discussion becomes increasingly rife about the supposed difficulties in effectively managing Gen Z workers. Workplace issues, such as a strong work-life balance, with immediate feedback on work performance, have been criticized, yet one has to understand that the Gen Z cohort already constitutes a great part of the workforce. So, with projections that Gen Z will constitute 30 percent of the workforce in Asia by 2030, it can only mean that their role in further defining work in the future is inevitable.

Equally essential is the fast-changing aspect of artificial intelligence (AI) and technologically related things affecting today‘s workforce. Between 2023 and 2028, 44 percent of employee skills will involve some disruption due to AI. Such alarming information will not only need to be addressed within one‘s organization but will also be a global concern. According to an IBM study, those organisations that are not already reskilling their workforce will need to prepare for the day when 40 percent of their employees will need reskilling to embrace AI within three years. This is not displacement but the development of new capabilities that enable people to outperform others who remain static.

That said, what solutions can enable a continually adaptable and employed future workforce to remain adaptable and employed?

The shortage of talent and gaps in skills

In recruitment, a severe talent shortage compounded with a growing skills gap is a challenge that recruiters worldwide are grappling with. These interrelated issues have become the most important hiccup in the hiring industry today, affecting businesses, small and large, and in all sectors. Recruiters attempting to attract, engage, and retain the best candidates often find themselves dealing with a small pool of qualified candidates and a mismatch between the skill sets job seekers possess and those that employers desire.

In the wake of rapid technological change, many traditional job roles have been disrupted, keeping employees in urgent need of re-skilling. Studies show that globally, 69 percent of employers are finding it difficult to fill these open positions with candidates who are qualified with the right set of skills. Gaps in skills can often become a significant answer to the talent shortage when observed that many potential candidates might possibly be good; however, they don‘t offer very specific skills, certifications, or relevant experiences to perform effectively on the job.

This opens up opportunities for new jobs and industries that require specialised skills. As reports have shown, the demand for professionals in areas like AI, machine learning, cybersecurity, and data analytics has been rapidly increasing. Unfortunately, educational and training institutions have found it hard to keep pace, and the industry has an ever-shrinking pool of workers, usually lacking the needed technical competencies.

The importance of multigenerational upskilling and reskilling

In several developed countries, a slowly ageing workforce is a factor in the talent shortage. With the baby boomers retiring, a significant gap is emerging—especially in skilled trades and leadership, for which younger professionals don‘t seem adequately prepared to fill. One consequence is that this loss of advanced employees also means losing valuable experiential knowledge and expertise that otherwise would have helped in ameliorating this widening gap in skills.

Considering the multigenerational needs of learning is the best way to secure a resilient workforce, younger employees demand a radically new approach to learning experience through technology, whereas older professionals prefer more structured programs. It is, therefore, important to find an intersection between these two to equip companies with the leverage of a diverse workforce.

Younger professionals are armed with digital and analytical skills, while their mid-career and senior counterparts yearn to be reskilled to fit into the relevance chain in their respective occupations. Upskilling and reskilling of existing employees create a talent pipeline for organizations to fill emerging roles with newly skilled resources. Thus, companies that establish continuous learning among their core values will benefit from improved adaptability and talent retention.

Providing training that is future-proof and industry-relevant

Continuous learning and development is an invaluable form of training, which should provide a good opportunity for employees to improve their on-the-job skills. While training would improve effectiveness at work, it should be weighed against the costs and returns on investment. For the current generation of employees, which is Gen Z, 42 percent of them are interested in learning new skills; however, only 44 percent of them believe that their employers provide them with the opportunity and resources to do so.

These figures go beyond simple data, they reflect the aspirations of a workforce navigating the challenges of the digital era. When upskilling opportunities are limited, it not only hinders personal development but also slows down overall organizational advancement. In terms of having a template for training courses, it can be a challenge for companies to constantly provide training annually. This issue has been taken into notice and a lot of both government and private bodies are beginning to provide a simpler option.

In a recent report, Malaysia has unveiled key enhancements to its training and development efforts, which serve as a guide for HRD Corp-registered employers and training providers on claimable expenses, maximum claim limits, and eligibility criteria under the human resource development levy. Other than this, private companies like OpenAcademy are also offering tailored training programmes with experts in their respective fields, with extensive years of industry experience. These changes are believed to offer employers and employees more flexibility while also fostering growth in the training sector.

Investing in a future-ready workforce

With the myriad challenges employees are likely to face and the emerging digitised workforce, reskilling and upskilling have become critical to remaining in business. An employee is indeed considered the most valued asset of any organization. Therefore, without proper training and development, individuals may find it hard to implement their potential in their respective roles. Higher job satisfaction and retention are the result of employees having the skills and competencies to do their work well.

Training and development are means to improve workers‘ performance and to create growth in efficiency, productivity, motivation, innovation, and overall satisfaction. Being able to adequately identify suitable learning and training opportunities makes an organization stand out, given the competition of today‘s global market. By having access to government assistance and industry programs in coordination with private bodies, organisations should be allocating the right training and development programs that would help achieve a wide variety of goals.

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