How to Leverage Future Skills in a Circular Economy

As Australian organisations continue to grapple with digital disruption, increased competition from globalisation, and the changing nature of work, the concept of a circular economy has emerged as a promising solution.

Instead of the traditional, linear model of ‘take, make, use, dispose’, a circular economy is designed to be regenerative and restorative, keeping valuable resources in use for as long as possible.

For any organisation to fully realise the economic and social benefits of a circular economy, it needs people with the right set of skills.

While the number of occupations experiencing a skills shortage in Australia has almost doubled over the past year, there’s good news. Future skills can be taught.

What’s holding organisations back?

In considering the skills your organisation will need for the future, it may be useful to dispel a few myths first.

As Deloitte Australia’s Chief Executive Officer Richard Deutsch explains, there’s clearly some anxiety about the future of work.

However, ‘Businesses need to be brave, not afraid. [Certain] myths aren’t just wrong, they’re potentially damaging if we allow them to take hold and lead to our making the wrong choices. People, and their unique interpersonal and creative skills, will be central to the future of work.’

It’s an optimistic framework. But let’s conceptualise a future of work that could look like this. One that is human. And one that is underpinned ­­– not displaced – by technology.

What skills does the workforce of the future need?

As we continue to scale the exponential curve of technological advancement, it’s clear digital literacy falls under the umbrella of future skills worth focusing on.

Research from the Australian Government’s National Skills Commission reveals that technical skills in data analysis, programming, digital marketing and technology will be in high demand; more employees will continue to work alongside new technology and take on new roles that require advanced technical skills.

On the flip side of the coin are the ‘human’ skills, that technology just can’t automate.

This includes soft skills, such as adaptability, creativity, critical thinking, problem-solving, communication, collaboration and emotional intelligence.

Competition for people with in-demand technical and soft skills like these isn’t likely subside anytime soon. So many Australian organisational leaders are turning their attention to investing in their people through upskilling and reskilling: a core concept in line with a savvy talent engagement strategy and the principles of a circular economy.

How can developing future skills support your talent strategy?

According to PwC, organisations are always looking for bright, new talent – but looking to internal candidates could be a smart move.  

You may already recognise that providing people with opportunities for upskilling has strong correlations with increased productivity and efficiency, job satisfaction and retention. But creating more opportunities for people to develop future skills has corresponding benefits for talent attraction too.

Not only will you be shoring up your organisation’s capabilities with in-demand skills, you’ll also be strengthening your employer brand reputation as one that invests in, and values its team members.

If you’re a senior leader considering this approach, training employees with future skills doesn’t need to be difficult or complex.

How can organisations teach future skills?

As a useful first step, you may like to evaluate how your organisation aligns with current trends and demands of the workspace of the future, and evaluates soft skills, such as learning and adaptability.

Overall, organisations that facilitate a culture of learning and development are better positioned to thrive in a circular economy.

To provide your team members with opportunities to enhance their technical and soft skills, take into account:   

• Formal and on-the-job training – enable team members to shadow, or be mentored by experienced colleagues, take on new responsibilities, or work in cross-functional teams.
• Self-directed and remote learning – provide team members with access to online resources, tutorials, e-books, and online learning platforms to steer their personal learning goals; regardless of their location.
• Conferences and seminars– encourage your people to attend learning events to represent your organisation, stay up to date with the latest industry trends, and network with other professionals.
• Gamification – making learning fun and engaging by creating a game-like environment for employees to upskill, while receiving reward and recognition.

Creating a culture of continuous improvement is one powerful framework for building a sustainable, resilient organisation, armed with future skills.

While this approach may require senior leaders to undertake a mindset shift from short-term goals to a long-term focus, embrace change, and encourage experimentation, exploration and risk-taking, it all comes full circle.

Investing in and engaging your existing talent through upskilling leads to incredible opportunities for retention and productivity, which can contribute to your organisation’s overall talent attraction capabilities.

So enable employees to develop future skills. Equip your people with the to drive innovation and growth. Communicate and offer incentives to employees who take the initiative to upskill. Most importantly, emphasise the importance of lifelong learning to promote a culture of continuous development in your organisation.