Future Skills Report:

Professional Services

Private & Confidential

 Executive Summary
Report
Digital Technologies are having a disruptive effect on society in ways that To keep pace with change, Retailers will need to continually evolve their
would have seemed hypothetical. We are witnessing the Fourth Industrial proposition. Leveraging technology and developing the expertise required
Revolution, technology is more accessible than ever and this presents an to optimise these investments.
opportunity.
By 2030, McKinsey estimates that 400 to 800 million jobs will be displaced
One of these trends is the growth in Artificial Intelligence or AI. due to automation. Of this, 75 to 300 million will need to switch jobs to
Priorities
“AI is set to become the largest driver of tech spend over the next decade.”
and learn new skills.

With this change occurring businesses are aiming to understand what skills
Sarbjit Nahal – Managing Director, Bank of America they have today, and, what they will need in the future.

We can see disruptive forces in the industry, such as: Furthermore, according to the yearly CEO Talent Survey by PwC, now in its
22nd year – 79% CEOs are worried about the availability of key skills in
• Augmented/ Virtual Reality their organisations; his is a top 3 concern for them.
• Blockchain
• Artificial Intelligence In your sector alone, 50% of the workforce will require reskilling by 2022.
• Big Data Some high demand roles will be Software Developers, Data Scientists and
• 3D Printing Artificial Intelligence Professionals.
• BioTech
• Encryption We hope you enjoy this report and find it informative.
• Internet of Things
• Machine Learning

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 Mega trends impacting your industry

01 New Technology 02 Cloud Technology 03 Big Data

04 Mobile Internet 05 Economic Growth 06 Artificial Intelligence

3
 Technology adoption in your sector

App+Web Enabled Markets 74%

Bid Data Analytics 85%

Machine Learning 74%

Digital Trade 59%

IoT 74%

Cloud Computing 76%

Blockchain 50%

4
 Expected impact on your workforce

Modify locations of operation 54%

Reduce workforce due to automation 37%

Modify value chain 60%

Expand specialised contractors 51%

Expand the workforce 57%

Bringing Finance onboard for transition 37%

5
 Expected impact on your workforce

Emerging skills Declining skills

17% in 2018 37% in 2022 36% in 2018 18% in 2022

Big Data Specialists Data Entry Clerks
Digital Transformation Specialists Support Technicians
Training/ Development Professionals Customer Service Workers
Contract Workforce Managers Factory Workers
Software + Application Developers Management Analysts
Security Specialists Accountants/ Auditors
Innovation Specialists Business Services Managers
Process Automation Specialists Telemarketers

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 Average re-skilling needed

12
10
50
10

9
10

Less than 1 month 1 to 3 months 3 to 6 months

6 to 12 months Over 1 Year No reskilling needed

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 We Have a Choice

Layoff
• 24% Fewer Inventions
• 20% survivor decline in
job performance
• 31% more voluntary
turnover
Reskill
• Increased Revenue
• 40% lower product
development cycle time
• 32% improvement time
to revenue

*AT&T – Reskilling initiative 2013

**HBR (https://hbr.org/2018/05/layoffs-that-dont-break-your-company)
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 Skills measurement

We know it’s important We don’t do it

But

87% think it’s important to

measure skills 56% 56% don’t do any skill
measurement at all

76%
Less than
“There is room for
improvement in the way we
measure skills”
15% do any skill measurement
formally

More than
74% say measuring skills is just as
important as providing learning 1/3 measure skills “As needed” and
not on a regular cadence

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 Questions to Discuss…

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 69% of workers report that they do not have
adequate career building guidance Workers
What are my job
<10% of HR leaders have the required or career goals?
level of skills insight.

CHROs
What skills
How can do we need?
I measure What skills
Do you know what and prove
my skills?
do I need?

skills your people have? CEOs Where are

How are Do we have we strong
we doing? the skills we
Do you know what need to win?
or weak?

skills they need next?

What will
best build Where am
>80% of CEO’s sight a lack of Where can I
skills as the primary threat to those skills? I strong
growth and sustainability… best build the
skills I need? or weak?

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Thank you.
Ready to find out
more?
Visit
www.degreed.com

Email
conor@degreed.com

Call
+44 (0) 7772216054

References

McKinsey , Jobs Lost – Jobs Gained Report, 2017

The World Economic Forum, 2019
PwC CEO Talent Survey, 2019

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