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Finance Research Paper: Navigating the Future of Work in Canada

Skill Clusters

Based on the skills clusters in the RBC report, my current skills fit into several categories. My current skills are aligned with those of solvers, facilitators, and providers. The RBC Future Skills Report defines “solver” skills as ones that emphasize management skills and critical thinking (RBC, 2018, p.7). These skills have little chance of disruption. As an individual with solver skills, I excel in critical thinking and problem-solving. These skills have been honed through academic and professional experiences, with apparent evidence that these skills are essential in several of my work requirements. The RBC future skills framework these skills will remain relatively important even with changes in technology. With years of work-based experience on the value of quick and effective solutions in almost any workplace, I have become adept at analyzing complex issues, identifying solutions, and implementing effective strategic solutions. In addition, this role also includes assessing the efficacy and sustainability of other solutions, making it possible to provide managerial-level oversight on other individuals’ strategic solutions and collaborate to optimize outcomes. Therefore, these skills are critical, and I will seek to improve and harness them further in my career progression.

My skills also fall under the “facilitator” category. This category prioritizes emotional intelligence. Even though this category is projected to have the most significant surplus in the labor market, the RBC framework indicates only a moderate risk of disruption. The reason for resilience against surplus elements is that this category includes “supporting people’s wants or needs,” implying that demand will likely be sustained and significant growth will occur with new technologies (RBC, 2018, p.14). My facilitator role has enhanced my capacity for communication and collaboration, which are also critical soft skills for leadership. With this outline of skills, I think my role as facilitator, especially in my workplaces, has been beneficial and has provided a foundation I can rely on for any role that requires coordinating with diverse teams.

Finally, my skills fall under the “provider” cluster. The provider cluster is the most complex in my perspective because it requires specific analytical skills. According to the RBC framework, this cluster is most likely to face the most significant shortages in the coming decade (RBC, 2018, p. 13). With more than 840,000 new provider jobs required, my background in developing strong analytical skills and attention to detail will be vital (RBC, 2018). The overbearing objective of this cluster will be regarding the capacity to deliver high-quality outcomes and meet stakeholder expectations.

Based on my assessment of the skills and their clusters in the RBC framework. I think that several of my skills require development, including any skills that fall under the crafters and technician clusters. Even though both clusters face significant risks of disruption, staying updated with industry trends under the crafters’ cluster and understanding how automation and other technologies like AI will affect my current technical skills under the technician cluster will have beneficial outcomes.

Future Work

Future work based on the RBC Report has several complexities I need to know about. The first thing I need to know about future work is how problem-solving skills will evolve with industry and technological evolution. For instance, how solutions considered innovative in the current world may be obsolete in the future. With this, even though I consider myself proficient in problem-solving as illustrated in the “solver” cluster. The second thing I need to know is how critical thinking will be reflected in a world characterized by vast data. Even though I am adept at critical thinking now, I may need to upgrade areas of my technical skills to achieve positive outcomes in the future. The third thing I need to know about future work is how my academic background and professional experiences have prepared me for the management challenges of the future. Although the RBC report forecasts an increase in demand for critical thinking skills, it is unclear whether critical thinking skills will be sufficient to satiate the management issues of the future. The fourth thing I need to know about future work is the place for creativity, especially considering the influence of generative AI. For instance, in a recent marketing campaign project I worked on, I proposed a creative concept that resonated with the target audience. However, I am not sure whether this will be considered sufficient in the future and how I will be able to integrate with newer technologies. A fifth complexity I need clarification regarding future work is people management. This aspect coincides with the sixth question on how to coordinate in a future that appreciates diverse teams in the future. In both of these last two elements, I need further development in areas like performance management and conflict resolution when working with remote teams.

General Comments on Canada 2030

My general comment on Canada 2030 is that it promises a future that appreciates optimality in most workplaces. With technological advancements in the current world, including elements like generative artificial intelligence, it is clear that labor demand will be very different in the next decade. Reacting to changes in the labor market is necessary for every individual seeking employment and career progression. My current skills have been beneficial for my current status and my work. However, there is an apparent need to up-skill and reinforce the strengths I have identified with my current competencies.

The developments that will be achieved in this future have significant potential. However, a paramount concern is how the labor market will reflect the need for equitable access to opportunities for skill development and upskilling, including education. This concern is relevant because while displacement is expected with technological developments, individuals must be provided adequate opportunities to react to these changes.

References

Royal Bank of Canada (RBC). (2018). Humans Wanted. https://www.rbc.com/dms/enterprise/futurelaunch/_assets-custom/pdf/RBC-Future-Skills-Report-FINAL-Singles.pdf.

 

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