London-based social mobility charities, The Brokerage Citylink and Tower Hamlets Education Business Partnership held a joint conference on Friday 27th January to explore what the world of work will look like by the year 2040. The conference brought together employers and educationalists of today to look towards the workforce of tomorrow and encourage collaboration across employers, educationalists and these expert organisation.
2040- what work will look like for the next generation
Business leaders from across London discussed the future of careers within professional and financial services, with perspectives given from businesses and educationalists on how employers and educators have a role to play in preparing tomorrow’s workforce.
The conference, 2040- what work will look like for the next generation, was hosted by Lloyd’s, who are a key supporter and partner of both charities.
Matthew Ryder QC, Deputy Mayor for Social Integration, Social Mobility and Community Engagement, opened the conference.
Speaking at the event, the Deputy Mayor said: “London is an amazing City of opportunity and we need to make sure it stays that way. Today’s children and young people will be London’s future – key workers, business leaders and entrepreneurs – people whose skills and capabilities will be the future of this great City. We, who are working now, need to make sure that we are creating the environment that they can then build on”.
Changing labour market needs
In a rapidly changing market, where it is estimated that 65%1 of children entering primary school today are likely to work in roles that don’t currently exist, leading corporates are already addressing changing labour market needs and how businesses and schools will need to adapt and prepare for life in the second half of the century.
Lord Willetts, Executive Chair of Resolution Foundation and former Minister for Universities and Science, delivered the keynote speech, highlighting that businesses continue to offer poor career routes to the 40% of young people who do not gain a graduate qualification.
Business perspectives were provided by Chris Beazley, CEO of London Market Group, who focused on the talent challenge for the London market, and Anthony Bruce, HR Partner at PwC, who spoke about trust, adaptability and leadership in 2040 workplaces.
How can we prepare ?
For educators preparing the next workforce there was an understanding that they will need to be responsive to the rapidly changing labour market and will need a more expansive curriculum, including incorporating digital technologies and taking every opportunity to get their students to engage with the world of work.
Businesses need to consider the way in which they engage with the workforce of tomorrow, millennials. Young people of today are using communication methods and styles that are so very different to that of other generations, meaning organisations must adapt to engage with the labour market of the future.
It was also raised that, increasingly, people are being treated more like consumers in the workforce which, if used correctly, could lead to better engagement with young people. Organisations can learn about and understand individuals and their employment preferences from the amount of data that is readily available from data agencies. From an organisations perspective, employers could tailor their offerings in a much more focused way. Technologies enable this to happen, but the behaviours, policies and laws would call for a debate around this with the government and employment organisation.
Collaboration
“We need to work collectively to understand and enhance the market’s employment experience and brand, matching early career experiences more closely to the preference of millennials to compete more effectively for the talent of the future” Chris Beazley, CEO of LMG
Their is a real need for specific collaboration between businesses and educationalists to give students an understanding of what the real working world looks like, enabling them to translate their knowledge and skills from the classroom to the boardroom.
About The Brokerage Citylink:
The Brokerage Citylink is a charity based in the City of London that works in partnership with employers, volunteers and schools to help young Londoners achieve their career potential by providing experiences of work, employability skills and jobs in financial, professional and related services. The Brokerage’s vision is a world where a young person’s ability and aspirations alone determine their career path.
See more information about The Brokerage Citylink at www.thebrokerage.org.uk
About Tower Hamlets Education Business Partnership:
Tower Hamlets EBP bridges the gap between students and the world of work. By working with employers, we deliver activities that enable students to learn more, do more and become more, building their confidence and key employability skills. For further information please visit: https://thebp.org/about-us/
1. The Future of Jobs and Skills, World Economic Forum
