Global workplaces are experiencing major changes due to factors like advancements in artificial intelligence (AI) and robotics, and the impact of demographic shifts in the workforce.
As part of our purpose of Helping people live their best lives, we aim to provide our customers with the tools they need to remain agile and equipped to navigate future events. Understanding the challenges and opportunities faced by the individuals and businesses that we support is, therefore, key. A new report entitled New Frontiers: Employers and the Evolving Workforce, by non-profit the Transamerica Institute and its Transamerica Center for Retirement Studies (TCRS), provides insights about the evolving dynamics and impacts of AI and a multigenerational workforce.
Embracing AI and robotics
AI and robotics are redefining industries, reshaping job roles, and boosting productivity. The report reveals that nearly 75% of employers are already integrating or plan to incorporate these technologies to drive innovation and efficiency. However, this evolution also presents challenges, as nearly 50% of employers acknowledged that their employees had concerns about AI's impact on job security.
“Employers’ visions for integrating these technologies have not fully translated into action plans for their workforce. But the message for workers is clear: Do your best to keep pace with changes that could affect your employability and identify alternative pathways, if needed,” said Catherine Collinson, CEO and president of Transamerica Institute and TCRS.
While 85% of employers feel responsible for helping their employees keep their job skills up to date, less than 50% cite talent development as a top workforce management priority. This means people need to take responsibility for their own development to remain adaptable in this changing environment.
Navigating a multigenerational workforce
The aging workforce represents another critical transformation in today’s workplace. Workers aged 65 and older are projected to become the fastest-growing segment from 2023 to 2033, yet only 26% of employers with job openings last year gave significant consideration to applicants aged 50 and above.
“Amid current labor shortages, employers may be overlooking an opportunity to expand their talent pool to include older workers. We currently have four to five generations in the workforce, bringing a powerhouse of diversity in skills, expertise, and perspectives,” added Collinson.
Moving forward together
While the nature of both workplace and workforces is changing rapidly, the report emphasizes that, no matter how advanced technology is becoming, workers of all ages remain an essential resource that employers need to survive and thrive.
“Without doubt, in today’s dynamic environment, both employers and workers must adapt accordingly. The future of work depends on everyone’s contributions,” she concludes.