The 10 Skills You’ll Need By 2020

Self-driving cars, artificial intelligence, quantum computing — these are no longer the fantasies of sci-fi authors or Hollywood directors. This is the reality of our future, and the future is almost here!

The World Economic Forum says we’re on the cusp of the Fourth Industrial Revolution (or Industry 4.0), and you don’t need to have seen Ridley Scott’s Blade Runner or Steven Spielberg’s A.I Artificial Intelligence to know that this next one is going to change everything.

Industry 4.0 will be marked by lightning-speed advancements and mind-boggling change as it brings together advances in digital, physical and biological technologies.

So as we look towards the future, it raises the question — what skills will we need to thrive in this brave new world?

By surveying the chief HR officers at some of the world’s leading companies, the World Economic Forum has released The Future of Jobs report revealing the top 10 skills you’ll need by 2020.

So strap yourself into the Delorean and rev up that flux capacitor. Let’s see what arsenal of skills the future demands of us!

1. Complex problem-solving

Topping the list as the most desired skill to have by 2020 is complex problem-solving ability — defined by the report as the capacity ‘to solve novel, ill-defined problems in complex, real-world settings.’

What does that even mean?

In a nutshell, it’s about having the mental elasticity to solve problems we’ve never seen before, and being able to solve them in a landscape that’s changing at breakneck speed and getting more complex by the minute!

In a world filled with what economists describe as ‘wicked’ problems — problems that are not ‘evil’, but considered wicked because they are near-impossible to solve due to incomplete, contradictory or ever-evolving requirements (think climate change, poverty or terrorism) — complex problem-solvers will be in hot demand.

As the report details, ‘More than one third (36%) of all jobs across all industries are expected by our respondents to require complex problem-solving as one of their core skills.’

Now, don’t worry! This doesn’t mean that you’ll be expected to solve the world’s problems. Having strong complex problem-solving skills is about being able to see the big picture, zero in on minute details, and move things around to make a difference.

Thankfully this is not a skill that anyone is born with. It’s something that gets honed over time, and is built on a strong foundation of critical and lateral thinking.

So how do you acquire this holy grail of all skills? According to some studies, problem-solving skills can be improved by playing a lot of video games!

As our world and the workforce continue to rapidly evolve, it’s clear that we all need to develop alongside it if we’re going to keep apace with the changes. As Doc Emmett Brown put it in Back to the Future, ‘Where we’re going, we don’t need roads!’

But you might need a roadmap! So arm yourself with these 10 skills to future-proof your career.

2. Critical thinking

Being a critical thinker will still be a valued skillset in the next four years, according to the survey. But what does critical thinking actually involve?

The answer is: logic and reasoning. Critical thinking involves being able to use logic and reasoning to interrogate an issue or problem, consider various solutions to the problem, and weigh up the pros and cons of each approach.

While IBM’s supercomputer Watson and its legal-savvy companion ROSS are giving humans a run for their money in the critical thinking department, organisations in 2020 will see critical thinkers as highly employable, and a welcome addition to any team.

3. Creativity

As the World Economic Forum senior writer, Alex Gray explains, ‘With the avalanche of new products, new technologies and new ways of working, employees are going to have to become more creative in order to benefit from these changes.’

‘Robots may help us get to where we want to be faster, but they can’t be as creative as humans (yet).’

Creativity is predicted to become a key skill in the future, so before you dismiss yourself as a ‘non-creative’ person, remember that creativity is not the exclusive domain of artsy types like musicians and writers.

If you’re able to connect the dots with seemingly disparate information, and throw all the ideas together to present something ‘new’, then you are a creative person.

The problem with the creative process is its inherent ‘non-process’ nature. There is simply no one way to creatively problem-solve something. In saying that, there are ways to unleash the creative within you by exercising curiosity and self-expression on a regular basis.

Some other things you can do include giving yourself time to let your thoughts wander (this is why some of our best ideas come to us in the shower!), making it a habit to sit down and create a body of work when you’re sleepy (because when your brain’s unfocused, it’s less inhibited), and using limitations as a starting point for creativity!

4. People management

Irrespective of how many jobs get automated and how advanced artificial intelligence becomes, employees will always be a company’s most prized resource.

Human beings are more creative, better at reading each other, and able to piggyback off each other’s ideas and energy. But being human also means that we get sick, we get demotivated, and we get distracted.

So it’s vital that in the future, managers and team leaders know how to motivate their teams, maximise their productivity and respond to their needs.

Being a great manager has a lot to do with emotional intelligence, knowing how to delegate, and developing your own management style.

5. Coordinating with others

Social skills dominate the list again at number 5, and point to the emerging trend of companies putting more emphasis on strong interpersonal skills, and employees who play well with others.

Collaboration is crucial in any work environment and this is something that thankfully humans are still better at than robots!

‘Human interaction in the workplace involves team production, with workers playing off of each other’s strengths and adapting flexibly to changing circumstances,’ the WEF report explains. ‘Such non-routine interaction is at the heart of the human advantage over machines.’

Coordinating with others involves strong communication skills, an awareness of other people’s strengths and weaknesses, and being able to work with a range of different personalities.

6. Emotional intelligence

The overwhelming response from HR officers and company strategists was that when it comes to desirable skillsets, ‘overall, social skills—such as persuasion, emotional intelligence and teaching others — will be in higher demand across industries’ of the future.

Co-author of Emotional Intelligence 2.0, Travis Bradberry explains that emotional intelligence ‘is the other kind of smart.’ It’s that intangible ‘something’ that helps us tune into the kaleidoscope of human emotions, and measures how adept we are at adjusting our behaviour depending on the mood of a colleague, partner, family member, or even our own internal feelings.

Emotional intelligence literally informs every interaction we have. As Bradberry explains in an article for Forbes, ‘It affects how we manage behaviour, navigate social complexities, and make personal decisions that achieve positive results.’

It’s a social skill that’s particularly important to managers and leaders, and you’ll be glad to hear that you can give your EQ (emotional quotient) a boost!

7. Judgement and decision-making

The ability to make sound judgement calls and the knack for strong decision-making skills is forecast to move up the list to nab the seventh spot by 2020.

This isn’t surprising considering the sheer volume of data that organisations can now amass, and the growing need for employees who can sift through the numbers, find actionable insights, and use big data to inform business strategy and decisions.

How can you improve your decision-making skills immediately? Start getting a whole lot more comfortable with data. First, figure out what questions or problems you want to answer, then set aside time to explore new data tools and technologies that can help you collect this information. Once you have these two things, you’ll want to make Excel your best friend, learn how to manipulate the data and mine it for all it’s worth!

8. Service orientation

Defined as the ability to ‘actively loo[k] for ways to help people,’ having strong service orientation skills is all about shining a spotlight on consumers, and anticipating what their needs will be in the future.

As the WEF report points out, businesses in the energy, financial services and IT industries are ‘increasingly finding themselves confronted with new consumer concerns about issues such as carbon footprints, food safety, labour standards and privacy.’

From a skills perspective this means that businesses ‘will need to learn to more quickly anticipate these new consumer values, to translate them into product offerings and to become ever more knowledgeable about the processes involved in meeting these demands.’

Getting a grip on service orientation involves stepping into the minds of users and thinking about what they value, fear, and dislike; and developing new products or adapting services to future proof your company or brand.

9. Negotiation

With robots infiltrating the workforce and job automation flagged to become increasingly commonplace, social skills will be more important than ever in the future.

Why? Because we’re far better at social interaction and negotiations than robots are (for the time being, anyway).

Even people in purely technical occupations will soon be expected to show greater interpersonal skills, and being able to negotiate with your colleagues, managers, clients and teams will be high up on the list of desirable skills.

To find out how to become a better negotiator, here are five things great negotiators always do.

10. Cognitive flexibility

Cognitive flexibility is all about being a mental gymnast. If you think of your brain as a gymnast’s floor, and imagine all the different apparatuses (e.g. the rings, parallel bars, and balance beam) as the different ways of thinking (e.g. the creative brain, mathematical brain, critical thinking brain etc.) — cognitive flexibility is how quickly (and easily) you can swing, leap and twirl back and forth between different systems of thought.

The more limber you are, the easier it becomes to see new patterns, and to make unique associations between ideas. It sheds new light on the concept of having a ‘nimble’ mind!

So how do we flex our cognitive muscles? By learning new things and in particular, learning new ways of thinking. If you’re ‘not a creative type’, make it a point to learn an instrument, take up hip-hop dancing or try your hand at an art class. If you’ve got the soul of a creative, but your eyes glaze over when you hear words like ‘financial markets’ or ‘the economy’, make it your mission to read The Economist or The American Economic Review.

Expand your interests, read outside your comfort zone, and embrace people who challenge your worldviews. Your career (and your brain) will thank you for it.

Reference: Careerfaq

Types of motivation

Some of the important types of motivation are as follows:

1. Achievement Motivation:

It is the drive to pursue and attain goals. An individual with achievement motivation wishes to achieve objectives and advance up on the ladder of success.

Here, accomplishment is important for its own sake and not for the rewards that accompany it. It is similar to ‘Kaizen’ approach of Japanese Management. This motivation is more important for professionals.

2. Affiliation Motivation:

It is a drive to relate to people on a social basis. Persons with affiliation motivation perform work better when they are complimented for their favorable attitudes and co-operation. This motivation is of greater use where money cannot be used to motivate, especially minimum-wage employees and contingent professionals.

3. Competence Motivation:

It is the drive to be good at something, allowing the individual to perform high quality work. Competence motivated people seek job mastery, take pride in developing and using their problem-solving skills and strive to be creative when confronted with obstacles. They learn from their experience. Specialists, like heart surgeons would feel motivated if they get chances to operate upon unique cases.

4. Power Motivation:

It is the drive to influence people and change situations. Power motivated people create an impact on their organization and are willing to take risk to do so. Ms Mayawati, Chief Minister of UP, is power motivated.

5. Attitude Motivation:

Attitude motivation is how people think and feel. It is their self- confidence, their belief in themselves, and their attitude to life. It is how they feel about the future and how they react to the past.

6. Incentive Motivation:

It is where a person or a team reaps a reward from an activity. It is “you do this and you get that”, attitude. It is the type of rewards and prizes that drive people to work a little harder. Most of the unorganized job workers get motivated when they are offered more money.

7. Fear Motivation:

Fear motivation coercions a person to act against will. It is instantaneous and gets the job done quickly. It is helpful in the short run. Managers following Theory x come into this category. Within Uniform service, this kind of motivation is very popular.

Theories X and Y : Human Motivation and Management

Theory X and Theory Y was an idea devised by Douglas McGregor in his 1960 book “The Human Side of Enterprise”. It encapsulated a fundamental distinction between management styles and has formed the basis for much subsequent writing on the subject.

Theory X is an authoritarian style where the emphasis is on “productivity, on the concept of a fair day's work, on the evils of feather-bedding and restriction of output, on rewards for performance … [it] reflects an underlying belief that management must counteract an inherent human tendency to avoid work”. Theory X is the style that predominated in business after the mechanistic system of scientific management had swept everything before it in the first few decades of the 20th century.

Theory Y is a participative style of management which “assumes that people will exercise self-direction and self-control in the achievement of organisational objectives to the degree that they are committed to those objectives”. It is management's main task in such a system to maximise that commitment.

Theory X assumes that individuals are base, work-shy and constantly in need of a good prod. It always has a ready-made excuse for failure—the innate limitations of all human resources. Theory Y, however, assumes that individuals go to work of their own accord, because work is the only way in which they have a chance of satisfying their (high-level) need for achievement and self-respect. People will work without prodding; it has been their fate since Adam and Eve were banished from the Garden of Eden.

Theory Y gives management no easy excuses for failure. It challenges them “to innovate, to discover new ways of organising and directing human effort, even though we recognise that the perfect organisation, like the perfect vacuum, is practically out of reach”. McGregor urged companies to adopt Theory Y. Only it, he believed, could motivate human beings to the highest levels of achievement. Theory X merely satisfied their lower-level physical needs and could not hope to be as productive. “Man is a wanting animal,” wrote McGregor, “as soon as one of his needs is satisfied another appears in its place.”

There are parallels with Abraham Maslow's hierarchy of needs, and Maslow was indeed greatly influenced by McGregor. So much so that he tried to introduce Theory Y into a Californian electronics business, but found that the idea in its extreme form did not work well. All individuals, he concluded, however independent and mature, need some form of structure around them and some direction from others. Maslow also criticised Theory Y for its “inhumanity” to the weak, and to those not capable of a high level of self-motivation.

In his comic classic “Up the Organisation”, Robert Townsend wrote powerfully in support of Theory Y:

People don't hate work. It's as natural as rest or play. They don't have to be forced or threatened. If they commit themselves to mutual objectives, they'll drive themselves more effectively than you can drive them. But they'll commit themselves only to the extent they can see ways of satisfying their ego and development needs.

Leadership Styles

Different types of leadership styles exist in work environments. Advantages and disadvantages exist within each leadership style. The culture and goals of an organization determine which leadership style fits the firm best. Some companies offer several leadership styles within the organization, dependent upon the necessary tasks to complete and departmental needs.

A leadership style is a leader's style of providing direction, implementing plans, and motivating people. There are many different leadership styles proposed by various authors that can be exhibited by leaders in the political, business or other fields. Daniel Goleman (2000) in his article "Leadership that Gets Results” talks about six styles of leadership

1. Autocratic

The autocratic leadership style allows managers to make decisions alone without the input of others. Managers possess total authority and impose their will on employees. No one challenges the decisions of autocratic leaders. Countries such as Cuba and North Korea operate under the autocratic leadership style. This leadership style benefits employees who require close supervision. Creative employees who thrive in group functions detest this leadership style.

Several studies have confirmed a relationship between bullying, on the one hand, and an autocratic leadership and an authoritarian way of settling conflicts or dealing with disagreements, on the other. An authoritarian style of leadership may create a climate of fear, where there is little or no room for dialogue and where complaining may be considered futile.

2. Participatory /Democratic

Often called the democratic leadership style, participative leadership values the input of team members and peers, but the responsibility of making the final decision rests with the participative leader. Participative leadership boosts employee morale because employees make contributions to the decision-making process. It causes them to feel as if their opinions matter. When a company needs to make changes within the organization, the participative leadership style helps employees accept changes easily because they play a role in the process. This style meets challenges when companies need to make a decision in a short period.

Characteristics of Democratic Leadership

·         Honest

·         Competent

·         Forward looking

·         Inspiring

·         Intelligent

·         Broad minded

·         Courageous

·         Straightforward

·         Imaginative

Research has found that this leadership style is one of the most effective and creates higher productivity, better contributions from group members and increased group morale. Democratic leadership can lead to better ideas and more creative solutions to problems because group members are encouraged to share their thoughts and ideas. While democratic leadership is one of the most effective leadership styles, it does have some potential downsides. In situations where roles are unclear or time is of the essence, democratic leadership can lead to communication failures and uncompleted projects. Democratic leadership works best in situations where group members are skilled and eager to share their knowledge. It is also important to have plenty of time to allow people to contribute, develop a plan and then vote on the best course of action.

3. Laissez-Faire

The laissez-faire leadership style is where all the rights and power to make decisions is fully given to the worker. This was first described by Lewin, Lippitt, and White in 1938, along with the autocratic leadership and the democratic leadership styles

A laissez-faire leader lacks direct supervision of employees and fails to provide regular feedback to those under his supervision. Highly experienced and trained employees requiring little supervision fall under the laissez-faire leadership style. However, not all employees possess those characteristics. This leadership style hinders the production of employees needing supervision. The laissez-faire style produces no leadership or supervision efforts from managers, which can lead to poor production, lack of control and increasing costs.

This is an effective style to use when:

·         Followers are highly skilled, experienced, and educated.

·         Followers have pride in their work and the drive to do it successfully on their own.

·         Outside experts, such as staff specialists or consultants are being used.

·         Followers are trustworthy and experienced.

This style should not be used when:

·         The leader cannot or will not provide regular feedback to their followers

4. Transactional

Managers using the transactional leadership style receive certain tasks to perform and provide rewards or punishments to team members based on performance results. Managers and team members set predetermined goals together, and employees agree to follow the direction and leadership of the manager to accomplish those goals. The manager possesses power to review results and train or correct employees when team members fail to meet goals. Employees receive rewards, such as bonuses, when they accomplish goals.

Transactional leaders focus on increasing the efficiency of established routines and procedures. They are more concerned with following existing rules than with making changes to the organization.

A transactional leader establishes and standardizes practices that will help the organization reach:

·         Maturity

·         Goal-setting

·         Efficiency of operation

·         Increasing productivity

5. Transformational

The transformational leadership style depends on high levels of communication from management to meet goals. Leaders motivate employees and enhance productivity and efficiency through communication and high visibility. This style of leadership requires the involvement of management to meet goals. Leaders focus on the big picture within an organization and delegate smaller tasks to the team to accomplish goals.

Schultz and Schultz identify three characteristics of a transformational leader

·   Charismatic leadership has a broad field of knowledge, has a self-promoting personality, high/great energy level, and willing to take risk and use irregular strategies in order to stimulate their followers to think independently

·         Individualized consideration

·         Intellectual stimulation

6. Paternalistic

The way a paternalistic leader works is by acting as a father figure by taking care of their subordinates as a parent would. In this style of leadership the leader supplies complete concern for his followers or workers. In return he receives the complete trust and loyalty of his people. Workers under this style of leader are expected to become totally committed to what the leader believes and will not strive off and work independently. The relationship between these co-workers and leader are extremely solid. The workers are expected to stay with a company for a longer period of time because of the loyalty and trust. Not only do they treat each other like family inside the work force, but outside too. These workers are able to go to each other with any problems they have regarding something because they believe in what they say is going to truly help them.

Source: wikipedia

SWOT Analysis

Definition, Advantages and Limitations

 

A study undertaken by an organization to identify its internal strengths and weaknesses, as well as its external opportunities and threats.

SWOT is an acronym for Strengths, Weaknesses, Opportunities and Threats. By definition, Strengths (S) and Weaknesses (W) are considered to be internal factors over which you have some measure of control. Also, by definition, Opportunities (O) and Threats (T) are considered to be external factors over which you have essentially no control.

SWOT Analysis is the most renowned tool for audit and analysis of the overall strategic position of the business and its environment. Its key purpose is to identify the strategies that will create a firm specific business model that will best align an organization’s resources and capabilities to the requirements of the environment in which the firm operates.

In other words, it is the foundation for evaluating the internal potential and limitations and the probable/likely opportunities and threats from the external environment. It views all positive and negative factors inside and outside the firm that affect the success. A consistent study of the environment in which the firm operates helps in forecasting/predicting the changing trends and also helps in including them in the decision-making process of the organization.

An overview of the four factors (Strengths, Weaknesses, Opportunities and Threats) is given below-

1.    Strengths - Strengths are the qualities that enable us to accomplish the organization’s mission. These are the basis on which continued success can be made and continued/sustained.

Strengths can be either tangible or intangible. These are what you are well-versed in or what you have expertise in, the traits and qualities your employees possess (individually and as a team) and the distinct features that give your organization its consistency.

Strengths are the beneficial aspects of the organization or the capabilities of an organization, which includes human competencies, process capabilities, financial resources, products and services, customer goodwill and brand loyalty. Examples of organizational strengths are huge financial resources, broad product line, no debt, committed employees, etc.

2.    Weaknesses - Weaknesses are the qualities that prevent us from accomplishing our mission and achieving our full potential. These weaknesses deteriorate influences on the organizational success and growth. Weaknesses are the factors which do not meet the standards we feel they should meet.

Weaknesses in an organization may be depreciating machinery, insufficient research and development facilities, narrow product range, poor decision-making, etc. Weaknesses are controllable. They must be minimized and eliminated. For instance - to overcome obsolete machinery, new machinery can be purchased. Other examples of organizational weaknesses are huge debts, high employee turnover, complex decision making process, narrow product range, large wastage of raw materials, etc.

3.   Opportunities - Opportunities are presented by the environment within which our organization operates. These arise when an organization can take benefit of conditions in its environment to plan and execute strategies that enable it to become more profitable. Organizations can gain competitive advantage by making use of opportunities.

Organization should be careful and recognize the opportunities and grasp them whenever they arise. Selecting the targets that will best serve the clients while getting desired results is a difficult task. Opportunities may arise from market, competition, industry/government and technology. Increasing demand for telecommunications accompanied by deregulation is a great opportunity for new firms to enter telecom sector and compete with existing firms for revenue.

4.        Threats - Threats arise when conditions in external environment jeopardize the reliability and profitability of the organization’s business. They compound the vulnerability when they relate to the weaknesses. Threats are uncontrollable. When a threat comes, the stability and survival can be at stake. Examples of threats are - unrest among employees; ever changing technology; increasing competition leading to excess capacity, price wars and reducing industry profits; etc.

Advantages of SWOT Analysis

SWOT Analysis is instrumental in strategy formulation and selection. It is a strong tool, but it involves a great subjective element. It is best when used as a guide, and not as a prescription. Successful businesses build on their strengths, correct their weaknesses and protect against internal weaknesses and external threats. They also keep a watch on their overall business environment and recognize and exploit new opportunities faster than its competitors.

SWOT Analysis helps in strategic planning in following manner-

·         It is a source of information for strategic planning.

·         Builds organization’s strengths.

·         Reverse its weaknesses.

·         Maximize its response to opportunities.

·         Overcome organization’s threats.

·         It helps in identifying core competencies of the firm.

·         It helps in setting of objectives for strategic planning.

·      It helps in knowing past, present and future so that by using past and current data, future plans can be chalked out.

SWOT Analysis provide information that helps in synchronizing the firm’s resources and capabilities with the competitive environment in which the firm operates.

Limitations of SWOT Analysis

SWOT Analysis is not free from its limitations. It may cause organizations to view circumstances as very simple because of which the organizations might overlook certain key strategic contact which may occur. Moreover, categorizing aspects as strengths, weaknesses, opportunities and threats might be very subjective as there is great degree of uncertainty in market. SWOT Analysis does stress upon the significance of these four aspects, but it does not tell how an organization can identify these aspects for itself.

There are certain limitations of SWOT Analysis which are not in control of management.

These include-

·         Price increase;

·         Inputs/raw materials;

·         Government legislation;

·         Economic environment;

·         Searching a new market for the product which is not having an overseas market due to import restrictions; etc.

Internal limitations may include-

·         Insufficient research and development facilities;

·         Faulty products due to poor quality control;

·         Poor industrial relations;

·         Lack of skilled and efficient labour; etc

How do you use your SWOT analysis?

Better understanding the factors affecting your initiative put you in a better position for action. This understanding helps as you:

                                       i.      Identify the issues or problems you intend to change

                                     ii.      Set or reaffirm goals

                                    iii.      Create an action plan

As you consider your analysis, be open to the possibilities that exist within a weakness or threat. Likewise, recognize that an opportunity can become a threat if everyone else sees the opportunity and plans to take advantage of it as well, thereby increasing your competition.

Finally, during your assessment and planning, you might keep an image in mind to help you make the most of a SWOT analysis: Look for a "stretch," not just a "fit." As Radha Balamuralikrishna and John C. Dugger of Iowa State University point out, SWOT usually reflects your current position or situation. Therefore one drawback is that it might not encourage openness to new possibilities. You can use SWOT to justify a course that has already been decided upon, but if your goal is to grow or improve, you will want to keep this in mind.

In Summary,

A realistic recognition of the weaknesses and threats that exist for your effort is the first step to countering them with a robust set of strategies that build upon strengths and opportunities. A SWOT analysis identifies your strengths, weaknesses, opportunities and threats to assist you in making strategic plans and decisions.

Source: business study net