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Global Human Capital Trends 2023

Deloitte have just released their 2023 Global Human Capital Trends report and it’s well worth a read. The TL:DR version is that work is becoming boundaryless and to navigate this we will shift away from employer/employee towards partnership models of work.

They identify three ‘New Fundamentals’ which basically redefine business-as-usual; they suggest first that we should ‘activate our curiosity’ and approach each decision as an opportunity to experiment, that we need to cocreate work relationships with new boundaries (which conflicts a little with the idea of the boundaryless world), and finally that social impact is more important than ever.

What does all this mean for young people trying to navigate a complex transition to the new boundaryless world?

One of the sections talks about the ‘end of jobs’ – where skills will replace traditional ‘jobs’ giving us both business agility and worker autonomy. Deloitte suggest that employers will hire more for skills than for tenure or previous work experience, because this allows them to secure the talent they need to complete projects, rather than just filling stock standard jobs.

My thoughts are that this report shines a light on the significant labour market changes that are emerging.

Young people who are preparing to enter this market will benefit if they can articulate and demonstrate their skills and strengths to employers who are more concerned about what you can do now than who you’ve worked for in the past. For this reason, it’s so exciting to see the work that’s being done around creating new ways to display a student’s achievements, such as the work being done by the New Metrics project at the University of Melbourne led by Sandra Milligan.

It’s also important that young people are supported to build the skills they need to exercise their agency as workers – which is where career management education programs come in. These are skills that help us identify our rights, understand our options, and actively manage our careers, so we avoid being pushed around the pinball machine, whizzing from one side to the other at the mercy of our employer.

There’s a lot to unpack in this report, if you’d like to start exploring you can find it here.

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