Workforce Transformation: The $15 Trillion Question | Community Health

Workforce transformation refers to the significant changes occurring in the nature of work, driven by technological advancements, shifting workforce demographics, and evolving societal values. With an estimated 75% of the global workforce expected to be comprised of millennials by 2025, companies are being forced to adapt to new expectations around flexibility, purpose, and development. The World Economic Forum predicts that by 2022, over a third of the desired skills for most jobs will be comprised of skills that are not yet considered crucial to the job today. As a result, the global workforce transformation market is projected to reach $15.4 trillion by 2028, growing at a CAGR of 15.4%. However, this transformation also raises important questions about job displacement, skills training, and the potential for exacerbating existing social inequalities. As companies like Amazon, Google, and Microsoft invest heavily in upskilling and reskilling programs, it remains to be seen whether these efforts will be enough to mitigate the negative consequences of workforce transformation. According to a report by McKinsey, companies that invest in workforce transformation are 2.5 times more likely to experience significant financial returns than those that do not.