To give you a gist of what it means, here is a quick narration -
Employee perspective — Over the last 5 years the composition of the workforce has changed dramatically to 80%+ Gen Y and by 2025, the millennial generation (Gen Z) would also be 5–10% of the workforce. This workforce is largely not impacted by the bias of their parents’ generation. They are widely independent in their thinking and want to discover life & careers by themselves. They do not shy away from changing careers, unlike their predecessor generation. Career counselling is a profession that is likely to go downhill next decade, with the changing outlook of the new workforce. Career discovery is the in thing. Tools and methodologies that allow the workforce to discover their own career paths, new skills to be acquired and enables them on that path, will be the future.
Employer perspective — With the advent of AI (Artificial Intelligence), ML (machine learning) & Robots (or bots), the expectations from the new Gen Y and millennial workforce is changing rapidly in the employer’s mind too. Economic value creation is the new normal. Is my employee creating enough value for what I pay him/her is the key question in every employer’s mind? Is there a way I can determine that? The future of employability of a candidate or prospective employee is in talent economics. With progressive thinking startups (such as Planet Ganges) out there to uber the market with disruptive ideas & approaches, employers will soon be able to assess which are those employees who add value (financially in terms of revenue & margins) vs. how they are being paid (viz. market benchmarks). This will greatly change the dynamic of employment going forward. If employees do not add skills to stay relevant to the changing world, while there will be jobs but people will not get them. Sun set on days of body shopping & cost arbitrage is now a real possibility.
Published in December Edition of Human Capital by Anand Bhaskar as a Guest Author