Work Disrupted: Building a Reinvention-Ready Workforce
The Greater Vancouver Board of Trade's 'Work Disrupted: Building a Reinvention-Ready Workforce' event featured a detailed presentation and a panel discussion that delved into these critical topics and discussed strategies for future readiness.
Featuring Vancouver Airport Authority's Richard Beed, CPHR BC & Yukon's Naz Kullar, PwC Canada's Jean McClellan and Carolyn Rush, BC Hydro's Carolynn Ryan and Purdys Chocolatier's Paul Taylor, the event focussed on multiple PwC surveys including the Hopes and Fears 2023 survey. The survey brings to light the issues facing workers and the impact of current workforce strategies, including the desire for employment changes, financial dresses, reskilling obstacles, and the implications of AI for their roles.
In an era where Canadian workers are grappling with financial and workload pressures and a significant portion is considering changing employers, it has become crucial for organizations to address their employees' concerns. Understanding and acting on these issues helps attract and retain talent and leverage their skills and energy to propel the business forward. Organizations face challenges around labour and talent and pressures to boost productivity amidst digital disruption.
Kicking off the event, Jean McClellan, National Workforce platform and Consulting Strategy Leader, PwC Canada, opened the event by introducing the breadth of PwC's research, including the Hopes and Fears survey, the CEO survey, and the AI Jobs Barometer. Jean set the stage for the discussion by sharing insights from these studies, emphasizing the unprecedented change CEOs are witnessing and the urgent need for workforce upskilling.
- CEO Concerns: 45% of CEOs believe their businesses will need drastic reinvention to survive the next decade, with a significant gap between their objectives and actual resource allocation.
- Employee Sentiments: Only 27% of Canadian employees feel a significant change in their skill set is necessary, highlighting a potential disconnect in perceptions of upskilling needs.
- Trust and Overwhelm: 47% of Canadians distrust their employers, 78% feel overwhelmed, and 23% are highly likely to change employers this year.
The panel discussion brought together industry experts to explore the survey findings in depth. From employee attraction and retention to workplace flexibility and integration, the panel discussed adapting to AI and digital skills, leadership and trust building, and engagement with post-secondary institutions.
The panellists shared practical examples from their own experiences. Emphasis on overcoming the Great Resignation and low attrition includes focusing on apprentice training and building their model to ensure a skilled workforce while showcasing an inclusive workplace and reducing barriers for new employees. Additionally, the importance of flexibility and workplace integration for office staff is highlighted, with core hours and flexibility around personal schedules improving productivity and engagement. Encouraging employees to use their time in the office purposefully fosters a sense of community. Recognizing the need to develop AI skills and integrate them into workflows, there is an emphasis on continuous learning and upskilling to remain competitive, encouraging curiosity and experimentation with AI tools like ChatGPT to avoid job displacement.
Initiatives to build leadership skills, accountability, and trust within the organization include programs to connect leaders with employees and foster a supportive environment, focusing on resilience and mental health support through tools like the "battery check." Efforts to attract future talent by engaging with students and promoting co-op programs, utilizing current part-time employees who are students for potential full-time roles post-graduation, and exploring ways to provide work exposure to young people and new Canadians who may not have access to further education are also key components..
Key findings from the survey:
- Economic Viability and Transformation:
A third of workers believe their company won't be economically viable in ten years without significant changes, mirroring the concerns of 39% of CEOs globally. Gen Z workers, in particular, are pessimistic about their company's long-term survival. - Employee Mobility and Financial Hardships:
Despite economic uncertainties, 26% of workers plan to change jobs within the next year, up from 19% in 2022. Financial stress is rising, with 14% of employees struggling to pay bills and 42% having little left after covering expenses. - Skills Gap and AI:
There is a growing need for specialist skills, with 53% of jobs requiring such training, up from 49% last year. Workers are generally optimistic about AI, with 31% believing it will boost their productivity.
The discussion highlighted the importance of upskilling and building trust within organizations, stressing that successful reinvention depends on the collective support and engagement of the workforce.
Want to learn more about the insights discussed? Dive deeper into the findings with PwC's Hopes and Fears 2023 survey here.