Change is happening in employment in all sorts of ways and much more change is on the way. Both employees and employers need to anticipate some of this change. (It will be impossible to anticipate it all, and it is in these unforeseen changes that opportunities for workers and employers will largely arise. Think social media.)
An employment crisis is brewing. Recent research on the impact of artificial intelligence and automation estimates that there will be 38 million jobs lost in the U.S. by the year 2030. Without significant interventions, this could translate into a 23.5% unemployment rate—equivalent to the peak unemployment rate during the Depression in 1933. Those hit hardest will be the 87 million people in frontline and early career jobs. The consequences are potentially devastating for our economy and for millions of individuals and families.
The most immediate and powerful solution lies with companies. Employers can begin to compete with the changing nature of work and automation by upskilling existing talent and providing creative pathways for advancement. This investment pays for itself; companies that have restructured their hiring, management, and training of entry-level workers have seen dramatic reductions in turnover and increases in productivity.