According to the latest in a series of studies from the McKinsey Global Institute, throughout the 2020s, around 100 million employees in eight countries will be forced to move into new occupations, and in the process, many of them would be challenged to develop a ‘higher socio-emotional capacity to acquire new skills’
As medicos addresses the issue of the long-term impact of COVID-19 on the human body, organizational development professionals are assessing the long-term effects of the pandemic on work and workforce.
While the latest McKinsey Global Institute (MGI) study on the issue presents frightening statistics on migrating to new occupations, the most disheartening idea that emerges has to do with what it takes to make that migration successful.
Presenting a clutter, “The Future of Work After COVID-19,” as the report calls it, reflects the realities of eight countries – China, France, Germany, India, Japan, Spain, the United Kingdom and the United States.
As a result of changes in consumer behavior and business models, in these eight countries, “more than 100 million workers, or one in 16, may need to find jobs in new occupations by 2030 – and changes will require more advanced skills and increase retraining. challenge, ”an MGI press release quotes the report. “In India, 18 million workers may have to change occupations by 2030.”
Rise in power challenge
Working together and automation would increase, the study said.
The report explains, “Businesses have started to embrace automation and AI to reduce workplace density and cope with surges in demand, and this could accelerate as the economy recovers.” , indicates the report.
Workers will be challenged to develop themselves, many of them being forced to develop “technological skills and a higher socio-emotional capacity to acquire new skills”.
“The pandemic will make the challenge of requalification more formidable. Its effects will be the heaviest on the most vulnerable workers. This creates a new urgency for businesses and policy makers to help these workers acquire the skills they will need most in the future, ”says Anu Madgavkar, MGI partner and co-author of the report.
“The long-term effects of the virus may reduce the number of low-wage jobs available, which previously served as a safety net for displaced workers,” said Susan Lund, partner at MGI and co-author of the report. “In the future, these workers will need to prepare to find work in occupations with higher wages that require more complex skills, such as jobs in health care, technology, education and training,” social work and human resources. ” Many low-wage jobs, especially in food service, customer service and hospitality, are expected to fall like nine pins.
Areas of work that would be severely affected, recording permanent changes, include remote work, business travel, geography of work and automation.
Hybrid work models
“Companies are already designing hybrid remote work models, and MGI estimates that around 20 to 25 percent of workers in advanced economies could do their jobs most of the time from home,” the report says. “In India, around 5% of the workforce could potentially work remotely more than three days per week, although this share reaches 70% for key sectors such as financial services and information technology. ”
Reduction of business trips
As the workforce has grown accustomed to virtual meetings, the new behavior is ingrained in many areas of collaboration. According to the report, the change would reduce business travel by 20% on average across the eight countries. This trend would have “ripple effects for restaurants, hotels and airlines,” the report adds.
In 2020, in India, “grocery shopping and food delivery, online banking, telemedicine and streaming entertainment exploded,” and McKinsey surveys conducted over a period of time show that purchasing behaviors in India have exploded. line adopted due to the pandemic will become entrenched. .
“Seventy to eighty percent of consumers in India say they will continue to use these channels because of the convenience they offer,” the report says.
The report is available at: mck.co/futureofworkreport