Industry Insights
Industry Insights is back with the latest news and events transforming industries and shaping the future. We cover regional trends impacting key sectors, a global disruption and its implications for our connected systems, and insights into the evolving job market.
What’s happening in Engineering, Energy, and Tech
A new report suggests Europe's lack of tech talent is severely restricting progress, particularly in the critical technology sectors. Despite strong research and development, the EU is not effectively converting advancements into manufacturing and commercialisation, missing out on economic opportunities. The region needs increased investment to close the technology gap and compete effectively on the global stage.
The region is undergoing rapid digital transformation with significant tech adoption boosting economic growth. Despite a recent venture capital decline, major tech firms are pouring investments into Asia. With continued investments from global IT leaders, Asia is becoming a vital player in the tech industry, particularly in AI, cloud computing, and digital infrastructure.
Three Mile Island, the site of the US's worst nuclear accident in 1979, may reopen due to the growing energy demands of AI developers and other technology sectors. The push to reactivate dormant nuclear plants is supported by the White House and industry groups, highlighting a shift from the previous trend of plant closures due to competition from natural gas and renewable energy sources.
Electricity demand is surging globally, marking one of the fastest growth rates in the past two decades. Economic growth, heatwaves, and increased use of electric technologies like EVs and heat pumps are key drivers. Attention is also turning to data centres as AI pushes up power needs, with the IEA gearing up for the 'Energy for AI & AI for Energy' initiative.
Tech disruptions sparked by software update highlight the fragility of globally connected technology
A faulty software update from CrowdStrike disrupted worldwide services, affecting airlines, banks, hospitals, and other sectors. The incident highlights the risks of the over-reliance on a few tech providers, where a single failure can lead to widespread outages, and underscores the need for rigorous testing and update procedures.
Trends shaping tomorrow’s world
A report from learning technology company D2L reveals a strong link between effective training programs and employee retention. Despite this, only about half of employees have pursued formal education or training outside of work in the last five years. They cite time constraints and lack of motivation as significant barriers. As technology advances, skill-building is increasingly seen as a critical priority by L&D professionals.
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In early 2024, salary budgets declined globally, with the US seeing less than half a point drop and the UK having the most significant decreases. This trend is expected to continue into 2025, with reduced growth projections, even in higher-growth areas like China. The shift in compensation reflects a strategic focus on cost management and financial prudence.
A Resume Builder study reveals that 3 out of 10 online job listings are not intended for real hiring. About 39% of hiring managers admit to posting such "ghost jobs" in the past year, originating mostly from HR and upper management. Fake listings imply company growth, which manipulates employee perceptions and misleads job seekers. The tactic also raises ethical concerns that can harm an organisation’s reputation.
Global mobility, remote working, skill shortages, and the impact of technology and automation are the top trends affecting job markets around the world. HR professionals need to be proactive in addressing these challenges to support their teams effectively.
Expert perspectives
Barbie Brewer, former VP of Talent at Netflix, now serves as a "Fractional Chief People Officer," highlighting a growing trend where companies, facing rapid change, seek experienced leaders for part-time or project-based C-suite roles.
This conversation from the McKinsey Talks Operations podcast explores talent management challenges that include labour shortages and evolving generational needs.
What’s next?
The energy, engineering, and technology sectors are at the forefront of innovation and change. Those who can keep up in this dynamic environment will shape the future.
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