2. Revolutionize training and development
By one estimate, automation could lead to the displacement of between 400 million and 800 million workers globally by 2030. But the reality is that it’s not jobs that are going away – it’s tasks. As businesses deploy new technologies to automate certain tasks, it also creates a major opportunity for workers with the right skills and mindset to solve more complex challenges. This means training the workforce for the digital age is critical for both businesses and workers to prosper.
This is why businesses are fundamentally rethinking their approaches to career development in the digital age. At EY, we're working to help ensure that our people can succeed in a world where they’ll be working with technology that hasn’t even been invented yet with a model for career development and performance called LEAD. Now our people talk to their managers every 90 days about where they want to take their career. Then, together, they make a plan to achieve it. Often, this will mean taking a course in data analytics, artificial intelligence, or another in-demand skill.
We’ve also created a program, EY Badges, which offers people a step-by-step process to learn these new skills and become experts in new areas. If they want to become proficient in data analytics, for example, they can earn a badge by taking a course, getting hands-on experience that demonstrates what they learned, and then bringing that new knowledge to others by coaching a colleague or publishing an article on the topic. People can display their badges as part of their credentials both inside and outside the organization, which opens up new opportunities, and increases their long-term professional value. That way, digital disruption and new technologies don’t have to be threats, but opportunities to continue to grow as a professional.
3. Harness big data to promote inclusive capitalism
Big data and advanced analytics are giving us unprecedented amounts of information regarding the performance and impact of businesses around the world – and we can use that information to make economic growth more inclusive.
In 2016, the world generated more than 16 zettabytes of data (that’s 16 followed by 21 zeros), according to the International Data Corporation (IDC) – and that number is expected to skyrocket (pdf) to 163 zettabytes by 2025. To put this into perspective, in 2009 the entire internet measured just half a zettabyte.
As a result, we are seeing rapid growth in the big data and business analytics industry.That’s important for inclusive growth because it can help us better measure the day-to-day value that companies create for stakeholders across society, including their workers and communities. We can measure how investments in areas like human capital contribute to a company’s growth. And when businesses are able to quantify the value of these kinds of investments, they’re empowered to keep making them.
While there are a number of ongoing efforts to measure long-term value creation, there is still no standard way of doing so. That’s why EY and the Coalition for Inclusive Capitalism have teamed up with 33 companies, asset owners and asset managers with $27 trillion in assets under management on the Embankment Project – an ambitious effort to create new and better metrics for measuring long-term value creation. The exact metrics are still being determined, but we are discussing everything from investments in talent to environmental, social and governance practices. If we want to advance the cause of inclusive growth, measuring how these elements add to a company’s bottom line is critical, and big data gives us the ability to do just that.
From innovation to inclusiveness
These are just a few of the ways that innovation is already helping to promote more inclusive economies. Ultimately, it’s clear that new technologies are going to affect virtually every company, every industry, and every part of the global economy. As we prepare for the future, it’s critical that we work together to demonstrate that innovation is not just disruptive, but inclusive, too.
This article originally appeared on World Economic Forum Agenda.
Summary
Organizations need to work together to prepare for the future, and make innovation inclusive as well as disruptive.
