Tag: workforce

Transferable Skills

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According to the IFTF (Institute for the Future), the workplace is changing drastically due to the developing technology, economy, environment, and politics. This can sound intimidating. How can your students prepare for a new work environment?  No need to fear, here are ten transferable skills that will help your students (and you) have an advantage no matter  their career field!

Click on the blue text below to learn more about each transferable skill:

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Evolving Environment

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As we have mentioned throughout this month, the workforce is rapidly changing and it is only expected to continue changing in the upcoming years. According to the United States Bureau of Labor Statistics in 2006, the total labor force is expected to grow 0.6 percent per year from 2016 to 2026. This evolving environment brings forth a vibrant collaboration that encourages change and new ideas. Here are some changes that the workplace can expect within the next couple of years as explained by Deloitte.

Age
Age groups 65 and above are projected to increase exponentially within the next couple of years. The main cause of this is the very low birth rate as Millennials are focused on their career instead of start families.

Diversity
It is no doubt that the workplace is becoming more diverse in terms of gender, ethnicity, culture, religion, sexual preference and identification, etc. As you will see, Hispanics are projected to have the fastest rate of growth in the labor force and the percentage of whites in the workforce were projected to decline slightly.

Education
In recent years, more people have pursued higher education, which includes young adults and middle-aged individuals who have decided to acquire credentials.

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Employment Types

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As mentioned in our previous blog post, we are currently facing a transforming landscape of the workforce. Full-time salaried jobs are decreasing. According to NPR, 1 in 5 jobs in America is held by a worker under contract, and it is expected that within a decade contractors and freelancers could make up half of the American workforce.

Here is a list of some types of employment that are changing our work environment:

  • Full-time contracts are the most common employment type. These contracts are for permanent positions working around 40 hours per week. Workers get paid a salary or hourly wage and allow holidays off, personal time off, vacations and parental leave.
  • Part-time contracts are very similar to full-time contracts; however, workers work for less hours a week and have a more flexible schedule.
  • Fixed-term contracts are for a specific amount of time and usually are based on a certain project being done. Workers get same benefits as permanent contracts and are likely to be extended to a permanent contract.
  • Temporary contracts are similar to fixed-term contracts; however, they are usually not expected to become permanent employees.
  • Temp agency workers are hired by staffing agencies and are also usually paid by the staffing agencies. The agencies are responsible for the worker’s benefits. This employment can eventually lead to a permanent position.
  • Freelance/contractor employees are basically self-employed and are responsible for their own benefits. They manage their own schedule and only work for a set amount of time or until a project is completed.

So why is employment becoming more flexible? The Millennial Effect states that millennial employees want a job that allows them to better manage their work-life balance. Employees also want opportunities to expand and work on various projects. Additionally, technological advances make it easier for employees to work remotely or handle multiple tasks at once. Therefore, these employers save resources such as office space, time and money. It is a win-win scenario for both employees and employers.

Join us at World Future Forum for more research findings and best practices on Workforce Skills & Demands!