Five Generations Working Together

The future of work will be complex, exciting and technologically sophisticated – and a new study finds that most companies aren’t prepared for it.

Oxford Economics and software firm SAP teamed up on the study, called Workforce 2020, which found that companies lack the vision and tools to manage the most diverse and dynamic workforce the world has ever seen.

According to the study, the workplace of 2020 will have five different generations working together, spread out over the world. Workplace teams will mix an amazing range of skills and backgrounds. They will be in different time-zones, and live in diverse cultures.

Yet, many companies seem to lack vision where this changing workplace is concerned. In fact, the study found that two-thirds of businesses have yet to make significant progress toward building a workforce that reflects the changes needed to meet future business objectives.

For instance fewer than one-third of the executives surveyed said they are giving special attention to the particular wants and needs of millennials. Less than half of employees surveyed said their employers are actively training them to use the technology they will need to master to succeed.

It’s no wonder, then, that only 31 percent of the executives fill key job vacancies from within the company. Many admit that their management team lacks the skills to manage talent or inspire and empower employees.

Perhaps it’s equally not surprising that 83% of executives say they’ll be using more contingent, intermittent or consultant employees in the future. Why not, when they’re failing to train their existing employees for the work of the future? Companies need to step up and meet the needs of the future by investing in their employees today.