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New research shows that global business models are changing rapidly and fundamentally, requiring policymakers, businesses and employers’ organizations to innovate, adapt and become more agile.
According to research conducted by the International Labour Organization (ILO) Bureau for Employers’ Activities (ACT/EMP) and the International Organization of Employers (IOE), the skills gap is a major issue, with 78% of business executives saying that schools are failing to meet the needs of future employers.
More broadly, the report identifies five trends that are radically changing how businesses around the world do business, regardless of size, industry or location: technological innovation, global economic integration, climate change and sustainability, demographic and generational shifts, and a global shortage of skilled labor.
The report, Changing Business and Opportunities for Employers and Business Organisations, emphasises that businesses cannot tackle the challenges alone but should develop collective solutions through employers and business membership organisations (EBMOs).
“Technological innovation is by far the most impactful trend and is fundamentally changing the way businesses add value to their products and services,” said Deborah France-Massin, director of ACT/EMP. “At the same time, we’ve found that the widespread penetration of technology has increased demand for ‘human’ skills such as creativity, problem solving, communication and collaboration.”
“The report confirms that companies, as well as business and employers’ organizations that embrace connectivity and digitalization will be the winners in this competitive landscape,” said Roberto Suárez Santos, Secretary-General of the International Organisation of Employers.
Survey Results
56% of respondents believe that technological innovation is the global trend that will have the greatest overall impact on business.
76% of the companies surveyed acknowledged that technological innovation has opened up new markets for them.
Global economic integration is increasing the harmonization of corporate governance, tax/regulatory and business environments around the world, which has a significant impact on companies, with 40% of companies reporting that this has had a significant impact on their company.
Some 37% of executives said increasing global economic and political uncertainty was a major trend.
62% of European companies and 58% of Asian companies report that a decline in the working-age population will have a significant impact on their business.
45% of businesses in Latin America and the Caribbean and 39% in Africa say the youth bulge will have a considerable impact on them.
51% of companies say policymakers are increasingly requiring companies to comply with environmental targets,
40% of companies in high-income countries and 45% in upper-middle-income countries report that their employees and consumers demand more sustainable working environments and corporate values.
78% of executives say updating schools and education curricula to meet the needs of the economy will provide them with the skilled workforce they need. This sentiment is particularly strong in emerging markets, rising to 79% among Latin American respondents and 86% in Africa.
SMEs are the most active supporters of change in the skills agenda, with 84% of small businesses supporting updating the education system to meet skills needs.
The role that employers and business organisations will play in these coming changes is a key element of the report’s discussion on the future of work.
The study is based on detailed surveys of hundreds of business executives, extensive research and consulting with EBMO.
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