What's Dominating the Future of Work

The areas dominating the "Future of Work" are identified in three key areas: How We Work,?Where We Work, and?Why We Work.?

A recent study highlights a pervasive challenge facing the pharmaceutical and life sciences industry, and that is a lack of talent.

The study found that 51 percent of CEOs of life sciences and pharma companies admit to greater difficulties attracting and retaining the right people, more than any other industry in the study

In fact, one of the greatest challenges on the horizon for pharmaceutical and life science companies is filling vacant positions and decreasing the time-to-fill for those positions.

In fact, one of the greatest challenges on the horizon for pharmaceutical and life science companies is filling vacant positions and decreasing the time-to-fill for those positions.

On average, pharma hiring decision-makers report they are currently 14 percent understaffed and have roughly 212 open positions at this time. Additionally, they report that it takes an average of 105 days, essentially 3 ? months, to recruit and hire non-executive positions.

These lengthy vacancies are quickly eating away at corporate profits. In fact, companies lose $500 a day for every job that stays vacant.2 given the average time-to-fill among pharma decision-makers is 105 days, and that amounts to $52,000 per vacancy.

The purpose of pointing out trends is to alert our subscribers to industry shifts and to help companies build more progressive workplaces.

I don’t have to tell you that the nature of work is in a state of constant flux - you live it, I live it.

What Are The Trends!

Automation, digital platforms and other technological innovations are changing jobs and businesses alike. The use of digital tools has also increased because of social distancing protocols brought about by the pandemic.

The pandemic may also change the projections about which careers are suitable as we move forward. Understanding the implications coupled with the long-term trends can help you and your employers move forward.

We are undergoing one of the most unprecedented moments in our long history of industrial development. Even way before the pandemic, it has been one of the?tightest labor markets ever?companies have seen there is a serious skills gap.

The labor market is seeing an intensifying digitalization across all industries. Even before the outbreak, digitalization is commonly associated with high salaries and work adaptability amidst massive automation programs. It relates to extremely irregular trends for wages and job growth.

With the rise of remote working and alternative workforces, the digitalization trend has gained more speed. And, thanks to the COVID-19 pandemic, it did not only become an aspiration but a survival mechanism.

The entry of people management, UX design, and analytical reasoning are among the most in-demand skills.

Businesses are recognizing the critical value of embracing modern technologies. This includes the significant use of applications like?efficient learning management platforms for employee training purposes.

People are acknowledging that some things are best done by people. These include adapting quickly to new problems or priorities, engaging in out-of-the-box thinking, and connecting with other people. Soft skills are valued?quite highly in today’s market.

In fact, the soft skills being valued include leadership and good communication skills in a time of crisis. And, the?top reasons?for companies not finding the right talents are market competition (43%), missing soft skills (36%), and missing technical skills (35%).

People study to earn degrees because college/university diplomas are crucial to starting careers. Educational systems had always focused on hard skills like science, math, and languages.

Soft skills like working in a team, punctuality, and communication had also been important. They’ve long considered only as secondary to hard skills. Such a status quo, however, is changing.

Soft skills are becoming more vital nowadays.

According to a?survey on global trends?conducted by LinkedIn, 92% of the surveyed HR professionals and hiring managers are now focused on?soft skills?because they are considered more important than hard skills.

Eighty percent - 80% - said that soft skills are important to help the business grow, and 89% said that the lack of soft skills was a let-down in the bad hires.

Dan Schawbel, New York Times Bestselling Author & Managing Partner of Workplace Intelligence, points out that in a PwC study 77% of employees are ready to learn new skills or completely re-train, and 74% see training as a matter of personal responsibility.

Meanwhile,?organizations?like JPMorgan Chase, Amazon, and PwC are investing millions or even billions of dollars to upskill their employees and help them adapt to the changing world of work”.

Automation, AI, and similar technologies caused these changes and are creating actual business cases that?hard skills are no longer enough. Soft skills make up for this void.

As several hard skills are diminishing, many soft skills main relevant. One programming language can be outdated, but problem-solving and work ethic will always be important.

A trend I see is that as professionals, we will regain control over our careers.

Amidst a period of unprecedented change that LinkedIn calls the Great Reshuffle, a reset is happening.

In the relationship between employers and employees, and between individuals and the role they want work to play in their lives. To help people better understand and regain control over their careers, I'm sharing LinkedIn’s Great Reshuffle Report.