MT Magazine March/April 2025

FEATURE STORY

THE WORKFORCE ISSUE

16

reason to think that ‘talent wars’ will end anytime in the next three years. In fact, in an ever more complex world with ever more complex technology available, the people who have the right skillsets, mindsets, and attitudes will likely continue to be in high demand.” While many company leaders think learning and growth opportunities are both readily available for their employees, the PwC survey shows otherwise: Only 47% of employees say their company offers adequate opportunities to learn new skills, and 30% don’t think their companies offer upskilling opportunities. Instead, they go outside to find those skills. Said another way: Fewer talent factories exist than people think. Offering the workforce the means to build a future generates positive results: Employees are 1.7 times more likely to stay and are 2.3 times more engaged in their work. And they even contribute to making the company a talent factory: They are 2.4 times more likely to recommend their company to other people. These are figures from the “Future of Jobs Report” 2025 prepared by the World Economic Forum. They represent 1,000 employers of more than 14 million workers across 22 industry clusters and 55 economies. While the numbers encompass a variety of industries from both established and emerging economies, they are likely directionally correct. NUMBERS TO KNOW

What Do People Actually Want? One of the things the PwC researchers discovered is a tendency for leaders at organizations to inaccurately assess what they’re offering their workers. That is, while 96% of business leaders think what they offer is special, 25% of their employees disagree. Abbatiello explains, “Organizations respond to what they believe is what the workers need and are asking for versus looking at preferences of the different demographics or archetypes or personas of the workforce.” For example, PwC researchers found that there are differences in what people who make less than $75,000 per year want compared to those who are making more (although Abbatiello points out that everyone wants to make more money). What’s more, not having a clear understanding of the preferences can cost a company more money than it needs to spend; Abbatiello says they’ve found, for example, that some companies, not understanding the preferences of their workers, can overspend from $1,000 to $3,000 per annum on health and

Global unemployment rate. The lowest since 1991. 4.9%

plan to prioritize workforce upskilling. 85%

plan to hire staff with new skills . 70%

plan to reduce staff with less relevant skills. 40%

anticipate a decline in talent availability from 2025 to 2030. 42%

rank analytical thinking as their most sought-after skill. 70% think employee training will enhance company productivity. 77% think digital access will transform their business by 2030. 60%

foresee a decline in demand for manual dexterity, endurance, and precision. 24% of skill sets among workers will become outdated by 2030. (Lower than 2023 by 5%.) 39%

2030 (Projected)

2025

Percentage of work performed mainly by technology

22% 34%

Percentage of work performed mainly by technology and people

30% 33%

Percentage of work performed mainly by people

47% 33%

An estimated 81.5% of the decline will result from automation.