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The 21st century job market presents many challenges for organisations of all sizes to manage a multigenerational workforce that is more demographically varied today. By 2025, it is expected that the majority of the baby boomer generation will retire, with the millennial generation dominating the workforce population and assume future leadership roles.
Furthermore, rapid technological advancements such as robotics and Artificial Intelligence (AI) will offer business organisations major cost savings and substantial productivity gains over the next decade. However, this will have significant negative implications on the labour market as AI-enabled technologies will render many skill sets and job profiles redundant. For instance, current in-demand occupations such as data scientists and application developers did not exist ten years ago.
Finally, with the emergence of China as an economic superpower and the rebalancing of power from the West to the East, this raises the question of where should people develop their careers? These coupled with a volatile, globalised, hyper-connected world present challenges to leaders in corporations, businesses, governments and the community. Faced with the fast-changing job environment, how should working professionals, recent graduates and students entering the workforce effectively navigate their careers? In addition, how should business leaders, entrepreneurs and governments work together to develop tomorrow leaders with relevant skills and mindset to lead effectively in a fast-changing and uncertain global landscape? |
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