We’ve never experienced as many workplace changes simultaneously as we are right now. Hybrid models are the new norm, workers have gained the upper hand in the employee-employer relationship, and many of us are rethinking what we want to do and the steps we’ll need to take to get there. Perhaps most notably, the Great Reassessment has created a clear call to action: employees are no longer settling for dead-end jobs, but instead searching for meaningful professions.
Consequently, it’s safe to say that on the whole, careers in the 2020s are different. Change comes with a lot of exciting opportunities, but it also means that leaders will need to recalibrate their strategies and embrace new ways of thinking.
Exactly what kinds of shifts can we expect? And what will this mean for our path forward? There’s still a lot of mystery surrounding careers of the next decade, but our own Jeff Schwartz (VP of Insights and Impact in gloat) is here to shine a light on what we’ll need to do to set ourselves up for success. And he’s pulling some leading HR voices into the discussion, including Lucrecia Borgonovo, Chief Talent and Organizational Effectiveness Officer at Mastercard, Jean Pelletier, VP of Digital Talent Transformation at Schneider Electric, Judith Konermann, Global Head of Strategic Workforce Planning at Philip Morris International, and Jennifer Pierce, VP, Talent Management and DE&I at Walmart.
Here’s what they think leaders need to know about careers in the 2020s:
The Next Balancing Act is About Flexibility and Connectivity
The days of strict 9-5 work schedules and clocking in the hours have come to a close. Now, employees are looking for a lot more autonomy, and they’re expecting some decision-making power, both in where and when they’re working.
Transitioning away from cultures that prioritize in-person connections above all else may be a bold move for some organizations, but it’s likely to pay off. Gartner found that 43% of respondents believe that flexibility in working hours has enabled them to achieve greater productivity. However, while workers might want their employer to take a step back on the scheduling front, that doesn’t mean they’re content with being out of the loop entirely.
In fact, as workforces continue to disperse, leaders are going to need to go the extra mile to make sure people feel connected, both to one another and to the work that they’re doing. Transparency around the opportunities that are available and the steps needed to harness them is going to be crucial to fueling successful careers during the decade of disruption.
Pelletier describes the importance of nailing this balancing act, noting,
She also pinpoints a new challenge in our hybrid world: making sure remote workers are getting access to opportunity at the same rate as their in-office peers. Pelletier credits Open Talent Market, Schneider Electric’s talent marketplace, with ensuring that career progression transcends all boundaries and barriers.
Upskilling is Part of Every Professional Journey
The world is moving fast, and careers are going to have to keep up. In recent years, many businesses have begun moving into adjacent industries and reinventing themselves in order to stay competitive.
As business priorities change, the roles designed to support them will inevitably evolve as well. Most employees will need to learn new things, as the World Economic Forum predicts that by 2025, upskilling will be required for half of the globe’s workforce. Pierce pinpoints this as a priority, noting, “We know that careers like cashiers are going to be impacted by technology, so we’re thinking about ‘how can we bring those skills inside the organization and upskill you to a new role so that we can prepare you to be ready for the future?’”.
It’s going to fall on leadership to ensure their people are prepared for the fast-moving future of work. What can you do to set everyone up for success? Konermann explains the key to keeping pace is making sure employees have the insights needed to engage in meaningful conversations about their professional journeys. She asks,
Leaders are going to need to be able to answer those questions to ensure their workforce is prepared for their next chapter.
New Generations, New Mindsets
It’s impossible to talk about careers of the 2020s without mentioning some of the groups of people that will shape them most: millennials and Generation Z. By 2030, workers born between the mid 1990s and 2010 will make up one third of the workforce, Bloomberg notes. So what kinds of changes should businesses make to prepare for this influx of new talent?
Instead of focusing solely on generational differences, Pierce reminds us that we’re all looking for the same things from our employers at the end of the day. “Ultimately, we’re all searching for purpose, mastery, and autonomy. We’re all searching for a life well-lived,” she explains. What sets the newest generation of employees apart is not their aspirations and expectations, but rather their mindsets as they enter the workforce. As Pierce explains,
Since it’s clear that Generation Z employees are entering the workforce with a desire to learn and grow, business leaders will need to ensure new development opportunities are always within reach. “There’s what I like to call ‘the semester system impact’”, Pierce notes. “Every four months you finish a course, so in the work world, now every four months you want a new job.” While traditional work models might not be set up that way, gigs can offer an enticing alternative. With a talent marketplace, employees can seek out ad-hoc projects and part-time opportunities that enable them to expand their horizons while staying within your organization.
Skills Dictate Compensation Decisions
Borgonovo points out another career topic that has been getting a lot of attention: how salaries are going to evolve as we begin working in new ways. She explains, “There has been a lot of conversation about how compensation is going to change. In the past, we’ve had these super hierarchical models, where people felt valued if they continued to move up in the organization.”
But now that careers are no longer ladders, but instead webs of vertical and horizontal opportunities, Borgonovo asks, “How do we enable this sustainable lattice from a compensation perspective?”
Since business priorities are evolving rapidly and the need for upskilling is reaching a peak, there’s no doubt that organizations are going to put a premium on in-demand skills. As Konermann puts it, “Skills are the new currency. The new question is how do we deal with that in the organization and how will we pay people accordingly?”
While it may be too early to arrive at a definitive answer, Jeff and our panel of HR leaders have a few pieces of advice to offer. First and foremost, it’s a challenge that will require insights from across the organization. As Jeff explains, “Careers are a wicked problem. For wicked problems, we need a diverse group of leaders and professionals working on it. It’s not just an HR problem, it’s something everyone needs to work on.”
It’s also a change that promises to transform the nature of HR as a profession. In a world where skills are the new currency, we’re going to need leaders to oversee the exchange of talent and manage the supply and demand of capabilities. “If skills are the new currency, I think markets are the new pricing mechanism,” Jeff says.
Right now, we’re all weighing the pros and cons of major decisions that are going to shape how our organizations function in the new world of work. Ultimately, sticking with the status quo is likely the most dangerous choice. As Jeff reminds us, the question we all need to walk away with is, “Are we doing enough things differently to move forward in the age of disruption?”
Writtne by Nicole Schreiber-Shearer, Gloat