5 must reads for your weekend

We keep our ear to the ground for the interesting stats, insights and discussion points you need to feel in the know.?

?1. Looking to leave your job? ?

Nearly half (43%) of employees at private enterprises said they are likely to leave their employer in the next 12 months, according to the EY 2022 Work Reimagined Survey – a significant rise from 2021, when the figure stood at just 7%. But the challenge is not just with the employee - employers face an ongoing skills shortage that shows no sign of abating quickly. And whilst there is no end in sight to the ongoing economic, geopolitical, health and climate challenges we face, the past few years have made one thing abundantly clear: uncertainty and change are the new constants. So how can businesses define the right course of action? One way is to build resilience. Leading organizations that build a resilient and flexible workforce can adapt to new ways of working; the culture of this workforce is one where “failing quickly” is encouraged, as is taking onboard learnings from past experiences to drive continuous improvement and adaptability. But what else??

How to escape the rollercoaster of constant strategic reprioritization?

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2. Hospital treatment, in your own home?

Hospitals are under pressure, trying to treat an older, sicker population with fewer health workers and increasing costs to governments and consumers. But research from around the world suggests that shifting from hospital to home treatments - for certain conditions - could reduce patient suffering, as well as costs. For example in Italy, a telehealth program for elderly patients with congestive heart failure was able to reduce costs by 65%, while also decreasing emergency department visits and readmissions within 30 days. Researchers in the Netherlands estimated that between 19% to 32% of care could be moved from the hospital to the home. But they also highlighted that while the number of ward nurses could reduce, hospitals would need to invest in telehealth nurses and the devices needed to operate virtually. However, once this integrated model could be scaled hospital wide, the system experienced savings. Too many pilots across the globe hint at the potential for virtual and remote care.? Aloha McBride, EY Global Health Leader, shares five key takeaways for global health organizations.?

Virtual and in-person care merge for a healthier, sustainable future?

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3. More than an escape from reality ?

Virtual Gucci bags? NFT marriage certificates? Snoop Dog has a metaverse mansion? It’s no surprise that businesses are struggling to get their head around the metaverse and how we can truly benefit from it.?

You’ve probably heard this multiple times but the metaverse really is becoming an essential element of business. The metaverse has found its way to the business agendas of C-suites around the world, with a market size of USD93.9 billion as of 2022. And that’s predicted to continue growing by upwards of 40% per annum through 2030. As the world saw with e-commerce and AI, all companies are likely to be forced to compete in the metaverse in the near future, whether they intend to or not. Takashi Miura, Partner, Technology, Media & Telecommunications at EY, tells us how to prepare for that competition.?

Seven keys to success in the metaverse??

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4. Talent in short supply?

Even though the global economic outlook looks uncertain and some organizations - most notably companies in the technology sector - have been reducing headcount, the overall labor market remains tight. Around the world, CEOs are weighing cost management options in relation to people - with 42% considering a move to contract employment and more than a third (36%) considering a restructuring or reduction of workforce. But this isn’t new - in line with previous recessions, the pressurized labor markets have been a hallmark of previous downturns as companies managed costs. But, almost three years after the COVID-19 pandemic hit, companies around the world are still concerned that the talent they need is in short supply. There is opportunity ahead – as the number of CEOs focusing on managing talent costs is outnumbered by those focusing on ways to retain talent and find the skills they need for the future. From looking to expand their current talent pool to adopting to the new working realities that have emerged in a post-pandemic world, CEOs are adapting so they don’t lose talent.??

The CEO Imperative: How will CEOs respond to a new recession reality???

5. Closing the learning poverty gap?

2020: the year schools closed, and students were sent home to study. The COVID-19 pandemic resulted in a tremendous shock to global education. That same year, UNESCO data showed only 54% of low-income countries provided distance learning during school closures, compared with 91% of high-income countries, where online classes were offered. Further research shows the largest learning losses were suffered by children in low-income countries. According to the latest publication by The World Bank, The State of Global Learning Poverty: 2022 Update, learning poverty has increased by a third in low- and middle-income countries, with an estimated 70% of 10-year-olds unable to understand a simple written text – up from 57% before the pandemic. So how can digital collaborations help close the learning poverty gap? Take one example - EY and Teach For All have been collaborating to develop a digitally capable generation of teachers delivering learnings grounded in the real needs of students. From improving literacy rates to building new digital delivery platforms designed to upskill teachers, EY and Teach For All are leveraging the power of technology to help young people and underserved groups acquire the necessary skillsets for the future. As the UN’s International Day of Education reminded us this week, “to invest in people, prioritize education.”??

How digital collaborations can help close the learning poverty gap?

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If you do one thing:?

Remember that the best ideas often come from the quietest person in the room. ?