9:00 AM - 10:00 AM Innovation Overload – Technology, Jobs and the Future Room: Meeting Room 202A Speaker: David Smith This is not your grandfather’s job market where one could work and retire from one company after 40 years. Your father and your company have probably not fared that well either. The fast pace of technology change and productivity improvements, in an increasingly competitive market, have forced companies to change their strategy, frequently upgrade and improve their products or services, and adjust their workforce. Downsizing, outsourcing, automation, financial pressures, short-term demands, and failed strategy all contribute to the challenges. The pace of technology innovation is increasing so fast that many have a hard time choosing where to focus and how to discover what is new. Most delay action and then miss the window to innovate. The growth of complex systems and a global infrastructure has changed the decision and education process. The ability to adapt to real-time and continuous learning will provide an advantage for professionals of the future. A future focus and focused innovation will drive the next generations of products and services. This talk explores the future of work and how it impacts companies and you.
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Innovation Overload – Technology, Jobs and the Future
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9:00 AM - 10:00 AM
Innovation Overload – Technology, Jobs and the Future
Room: Meeting Room 202A
Speaker: David Smith
This is not your grandfather’s job market where one could work and retire from one company after 40
years. Your father and your company have probably not fared that well either. The fast pace of
technology change and productivity improvements, in an increasingly competitive market, have
forced companies to change their strategy, frequently upgrade and improve their products or
services, and adjust their workforce. Downsizing, outsourcing, automation, financial pressures,
short-term demands, and failed strategy all contribute to the challenges.
The pace of technology innovation is increasing so fast that many have a hard time choosing where
to focus and how to discover what is new. Most delay action and then miss the window to innovate.
The growth of complex systems and a global infrastructure has changed the decision and education
process. The ability to adapt to real-time and continuous learning will provide an advantage for
professionals of the future. A future focus and focused innovation will drive the next generations of
products and services.
This talk explores the future of work and how it impacts companies and you.
David Smith
Technology, Jobs and the Future
Work
“No other technique for the conduct of life attaches the individual so firmly to reality as laying emphasis on work:
For work at least gives one a secure place in a portion of reality, in the human community.”
Sigmund Freud
The product of work contributes to health, well-being and
economic & social stability.
Changes to the Future of Work
Source: Employment Policy Foundation analysis and
projections of Census/BLS and BEA data.
Millions of People
Expected Labor Force and Labor Force Demand
Growing Shortage of U.S. Workers
0
50
100
150
200
250
20
02
20
04
20
06
20
08
20
10
20
12
20
14
20
16
20
18
20
20
20
22
20
24
20
26
20
28
20
30
Labor Needed
Labor Available
Female Labor Force Participation
(as a Percent of the Female Population Age 15+),
1990-2011
Screeching to a Halt:
Growth in the Working-Age Population
Source: Deloitte Research/UN Population Division (http://esa.un.org/unpp/) It’s 2008: Do You Know Where Your Talent Is?
Why Acquisition and Retention Strategies Don’t Work, p.6
-50%
0%
50%
100%
150%
200%
Mexico Brazil India China South Australia Canada US Netherlands Spain France UK Russia Italy Japan Germany
Korea
1970-2010
2010-2050
5% 5%
-9%
18%
48%
15%
-20%
0%
20%
40%
60%
80%
16-24 25-34 35-44 45-54 55-64 65+
Age of Workers
Percent Growth in U.S. Population by Age: 2000-2010
Dramatically Different Patterns of Growth
by Age
1. Declining number of mid-career workers
2. Few younger
workers entering
3. Rapid growth in the over-55 workforce
Source: U.S. Census Bureau
. . . Continuing Into the Future
Age of Workers
Percent Growth in U.S. Workforce by Age: 2000-2020
US UK France Canada Japan Germany Italy China India
1960 2000
Why? The Baby Boom Pattern
Source: U.S. Census Bureau International Data Base
1930 1940 1950 1960 1970 1980 1990
4.5
4.0
3.5
3.0
2.5
2.0
Birt
h in
Mill
ions
The Boom Years: 1946-1964
Skill Mismatch Ahead in the U.S.
Over the next decade, only 30% of US 20 year/olds will obtain a college degree, but 2/3’s of new jobs will require a college degree
Key skill sets will be in critically short supply:
- # students that declared their major in computer science has declined for past 4 years—now 39% lower than in 2000
- Other shortages: engineering, physical & biological sciences
A growing number of high school dropouts
Fewer high school graduates with vocational training
Labor “imports” decreasing due to security restrictions and opportunities in rapidly developing countries
Source: In part, The Seventh-Annual Workplace Report, Challenges Facing the American Workplace, Summary of Findings,” Employment Policy Foundation,
2002; India Daily, October 12, 2005, citing McKinsey & Co. Research; Computing Research Association, March 2005; Information Week, August 16, 2004; Holding
on to Global Talent: Foreign-born stars are heading home. How to keep them working for you” by Anne Fisher, Fortune Magazine,
October 19, 2005. Organization for Economic Co-operation and Development
When I was growing up, my parents used to say to me, "Tom, finish your dinner. People in China and India are starving."
Today I tell my girls, "Finish your homework. People in China and India are starving for your jobs."
Source: “The New York Times' Thomas Friedman on
Globalization,” CIO Magazine, March 25, 2005
—Thomas Friedman, The World is Flat
U.S. 21st Century Workforce Challenges
Chronologically older
Limited availability
Key skills lacking
Global & Virtual
Diverse
- Race
- Gender
- Age Generations
- Culture
Source: Testimony by Tamara J. Erickson to the U.S. Senate Committee on
Health, Education, Labor and Pensions, May 2005
Source: Based in part on “Meeting the Challenges of
Tomorrow's Workplace,” CEO Magazine, 2005
Four generations (cultures) are being asked to coexist in the