The Commonwealth Bank Jobs And Skills Of The Future Report.

Trends shapingjobs and skillsThe world of work is changing rapidly, largely driven by the development and uptakeof new technologies. As exponential growth continues in bandwidth, data storage andprocessing power, work can be done in many new ways. These powerful forces of changeare creating a dramatically different landscape for work, where traditional approacheswill be supplanted by new models for creating value and completing work.Driving forces of changeConnectivityMore work than ever before can now be doneanywhere and these capabilities will only continueto increase. There are now 3.5 billion people onthe planet who are connected to the internet,with another 2 billion more expected in the nextfive years. 12 All knowledge-based work can beperformed anywhere, with crowdsourcing tappinginto the best workers globally. In addition, physicaltasks are increasingly being performed remotely.For example, much of the mining machinery in thePilbara is operated by workers in Perth, over 1,000kilometres away. 13Machine capabilitiesThe pace of development in artificial intelligence(AI) and robotics has accelerated dramatically overthe last few years, enabling human work to bereplaced by task automation, driverless cars, AIdriven hiring processes and drone delivery, among amyriad of other innovations. The numbers of somejobs, such as fast food service and truck driving, arelikely to decline rapidly in coming years. As otherjobs evolve, the use of machinery for some tasks willenable workers to focus on their development ofmore uniquely human skills.New world of workConstant changeNearly all aspects of work will continueto change. Every job will be continuouslydeveloping as technology and organisationsrapidly evolve.CollaborationThis is not a time for a person to stand alone.To create value in a complex world we mustwork closely with others, bringing together ourunique skills.DiversityTo keep ahead, we must bring together diverseways of thinking, and we must be good atworking effectively with people who may bevery different from us.12.12Fluid workJobs will not be static, they will be alwayschanging, requiring people to contribute in theways that best tap into their talents.Keeping ahead of machinesMachines will be getting better all the time,taking parts of our jobs and shifting our focusforwards on things that only humans can do.Working with machinesThe future of work will be primarily abouthow people can collaborate effectively withmachines to do what neither can do alone.

Jobs of the futureEmerging trends and future trendsAdvances in digital, data analytics, automationand artificial intelligence are changing thejobs landscape rapidly. While some jobs willbecome obsolete, new jobs will be required.Those who develop transferrable and flexibleskills such as digital literacy, problem solvingand STEM will be well prepared for thechanging job market.Industries forecast toexperience employmentgrowth7Health care andsocial assistance16.3%Educationand trainingThe Department of Employment predicts thatjobs involving creativity, complex judgement,advanced reasoning, social interaction andemotional intelligence are likely to grow inthe decades ahead, and are less likely tobe affected by advances in automation andartificial intelligence14. Education remainscrucial. Employment for a skill level of aBachelor degree or higher is projected toincrease strongly by 10.3 per cent by 2018.Also forecast for growth is employment forskill level of Certificate II or III, projected toincrease by 7.4 per cent.613.3%Professional, scientific andtechnical services 9.9%Retail trade7.8%Construction8%*Department of Employment report, Tomorrow’s Digitally Enabled Workforce, 2016In the next decade.Australia’s workforce will be older and more culturally diverse. Nearly onein five Australians is expected to be over 65 years old in 2035.8Rapid advances are being made in artificial intelligence.Cloud computing has arrived, enabling lean start-ups to connect diversegroups of workers.Task automation, where the clear majority of human tasks are performedby robots, will create job opportunities and lead to need for skills that arevery different from those that exist today.Jobs and Skills of the Future Report1313.

Jobs of the futureFuture directionsThe upcoming shifts will shape the kinds of jobs that emerge in coming years.Technology will become pervasive, part of almost every aspect of our lives, meaning it must be usefuland intuitive to the point that it becomes almost invisible to us. However, constant change, newtechnologies and the many intersections of a networked world will make the world deeply complex andhighly challenging to understand. Many of us have already found we are becoming busier in an alwaysconnected world. Being time-poor creates demand for help, not just with our usual tasks around thehome, but new ones that are emerging.New, high-value job roles will emerge because of this change.Bionic interface designerTechnology will become not just something we use, but something thatenhances our capabilities. The aim of interface designers will be to enhancehumans and their control of powerful technology, from voice commands andemotion recognition through to thought control and operating remote robots forphysical tasks.Emotional experience expertAustralians are increasingly discerning about their experiences as customers.Highly empathetic people and advanced technologies will work closely togetherto design and deliver service and experiences that are not just effective, butemotionally engaging. Customer service will draw on the state-of-the-arttechnologies to help create positive emotions as well as value.Sense-makerMany jobs will be about making sense of change, of complexity, and of newtechnologies, to help executives, customers and individuals make better decisionsfor themselves. This requires pulling together ideas and information, andcommunicating them in a powerful way, often visually, to help change mindsthem in a powerful way, often visually, to help change people’s minds.Health and fitness optimiserHealthcare is shifting from focusing on curing sick people to making everyonehealthier. Some will focus on working with elderly people to track their health,shifting their behaviours where needed, and predicting when advanced care maybe needed. Others will help busy people be fit, analysing their activity data andmotivating them to keep on track towards their personal goals.Data insights minerThe amount of data available is exploding, yet on its own it is useless. Thereis enormous potential value in data, yet it requires skilled miners to dig deepto uncover insights that help individuals and managers. Miners should also beexcellent communicators, polishing and presenting their findings, so they can bereadily understood and acted upon.14.

Jobs of the futureSpotlight on Commonwealth BankWe’re investing in partnerships and programs with education providers to make sure our young peopleare prepared for the future. This includes support to increase participation in STEM education and toattract more women to IT.As a financial technology leader, we supportAustralia’s growing digital economy, with afocus on: Big data. Cyber security. Financial technology. The internet of things.But it’s not all about technology. Certainskills will remain just as important: Customer service - this is our most valuedskill and always will be, no matter whatchanges technology brings. Collaboration - one part of our values andone of our most important skills. Curiosity - you don’t have to be a digitalnative, but a mindset of curiosity and awillingness to test and learn are crucial.The technical capabilities of our people will continually evolve, but our commitment to the customers weserve and the communities we’re part of will always be just as important.Jobs and Skills of the Future Report15.

Skills and capabilitiesof the futureThe dramatic shifts in the landscape of work and jobs mean new capabilities and skills are required.Most importantly, everyone from truck drivers through to CEOs will need to be receptive to robotsand artificial intelligence as technology rapidly progresses.That means we must focus on the uniquely human capabilities that distinguish us from machines,such as creativity, imagination, emotional intelligence and empathy. We need to be able to learn andhave the attitudes and emotional strength to deal with constant change. Many jobs will emerge asa result of technological advances that will underpin our business and society. In a world driven bymachines the most valuable work will have a deeply human focus, helping to build a world whichsupports a high quality of life for all.16.

CapabilitiesSkillsCreativityDesignValue will not comefrom the old ways, onlythe new, making imaginationand creativity centralto tomorrow’scapabilities.We need to use designthinking to create uniqueresponses to individualresponses and developunderstanding of howthings work well forhumans.RelationshipsTechnologyEverything comesfrom people; we will needexceptional interpersonalskills to tap into people’stalents and collaborateefficiently.We need to understand thefundamentals of technologyand develop areas of specificexpertise, especially so we canwork well in conjunction withsophisticated machines.AdaptabilityAnalysisIn a rapidly changingworld we must be highlyflexible, able to deal withambiguity, work acrosscultures and shapeourselves to newsituations.There is a massive valuein information but it requiresinsight, perspective and theability to communicatewell to help drive betterdecisions.LearningBusinessWe must be life-longlearners with a deep appetitefor the new and the abilityto continuously gain anddevelop new knowledge.Understanding thefundamentals of business andfinance allows all skills to be mademore relevant, and enable goodideas to be readily built intoentrepreneurial ventures.Jobs and Skills of the Future Report17.17.

Education of the futureThe education landscape is changing to meet the demands of the future,with the emergence of new subject areas such as robotics and coding.While technology is vital, literacy and numeracy are still as crucial as ever.As a nation, we must continue to increase participation and excellence inSTEM fields.Flexible classroomsLarger class sizes with multipleteachers who can flex betweensmaller and larger units.RobotsVarious types ofrobots will be deployedin the classroom, from‘microprocessors on wheels’to humanoids that can fosterpersonal connections withstudents.18.Virtual realitySkills learnt by experiencingreal life scenarios virtually.Digital tabletsand writeable desksStudents sharing work bypresenting on large screens inthe classroom.E-learningTeaching in an online,interactive world.New learningspacesInnovative learning spacesdesigned to encouragecreativity and prepare studentsfor the future workforce.

The teachers’ viewSarah MathewsSharyn AngelChad BlissMaster Teacher, BrisbaneBayside State College, QLD.Commonwealth Bank TeachingAward Fellow 2017.Deputy Principal, ShailerPark State High School, QLD.Commonwealth Bank TeachingAward Fellow 2017.Principal, The Canobolas RuralTechnology High School, NSW.Commonwealth Bank TeachingAward Fellow 2017.“Teaching is now much moreof a team sport; teachers arestarting to plan together anduse evidence-based practices.“Coding and robotics are twosubject areas that did not existeven two years ago. Theseactivities are going to be invery high demand in manyemployment areas over thenext 20 years.“Students still have a traditionaljob mind-set, however, moststudents will be going into jobsthat don’t exist yet. While theymight say they want to be adoctor or a lawyer, our goal isto introduce them to thinkingthat they can do anything theywant to do.“While classic careers liketeaching, science and law arestill popular, students are nowreally starting to think ‘whatcan I do for myself?’. We’veseen a shift in students wantingto utilise social media andthe digital world – Instagram,Facebook – to build theirprofiles and start their ownbusinesses, which leads to areal interest in developing theirdigital skills while at school.“You have to explicitly teachkids how to relate to each other.In today’s society there is a lotless time spent talking due totechnology – less friend time,less family time. Ultimately,teachers are now also teachingkids basic learning behavioursas well as educationalexpectations for a task.”“Health and engineering aregoing to be the careers with alot of growth in the next tenyears so we’ve introduced aNexus Academy which looks atfunnelling maths and scienceinto degrees and careers inthese high-paying areas.“Literacy and numeracy stillneed to be the backbone ofany great education institution.Every school needs to maintainthis focus. We can’t let theimportance of technologyobscure that message.”“All of the research tells us thatGen Z is going to have 10 to 15careers over their 50 years inthe workforce. Students needto be prepared to look at whatis and isn’t currently out there,and have an open mind aboutwhat their careers will look like– school is a place where weteach skills that you will need inlife, not just content.”Jobs and Skills of the Future Report19.

Education of the futureLooking further into the future of education, we may see a radical restructuring of how we learn, not just inschools and universities, but throughout our lives.Classrooms will continue to exist, enhanced through the use of a wide range of new tools, technologies andmethodologies. Education will also become an ongoing part of everyone’s lives, and embedded into our employment, helping us improve our skills and capabilities while we work.CharacteristicsCredentialsFormal degrees and diplomas will continue tobe important in the future, however, they willbe less necessary. Algorithms are increasinglyable to analyse data about your work andstudy to indicate your capabilities in a workenvironment, often better than a formalacademic qualification can.PervasiveaccessibilityLearning will be availableto everyone at all times: atwork, home and everywherethey spend time.Real worldrelevanceEveryone learns differently.Algorithms will uncover ourpreferences so all learning isdesigned for the individual.Education will prepareus for the real world byfocusing on understanding howknowledge will be applied,and the emotional andrelationship ysImmersiveexperienceVirtual reality andother tools will allow us toexperience lifelike situationsand the ability to practiceskills in simulations beforewe need to apply themin real life.Teachers will remain centralto education, but they will beaugmented by technologyPeer learningto draw on the best toolsavailable.Education will shift fromlearning from experts tolearning with people who arelike you; learning together asthe world changes.20.Some employers are identifying high-potentialcandidates with software that assesses howspecialists in a field have contributed to theirprofession and how their peers view them.Rather than multi-year degrees, we will oftenget recognition for shorter learning journeys.Education institutes will begin to offer ‘nanodegrees’ that show competence in a specificdomain.We may move to a world in which employerslook more to the information they can gatherabout individuals’ knowledge, work andattitudes than to their official certificates.Money managementWhere once childrenbuilt their money skills byobserving their parentspay for goods withcash, children will learnimportant money lessonswithout touching cash, andbuying decisions will bemade with the tap of a cardor smartphone.

JobsSkillsof theFutureReportJobsandandSkillsof theFutureReport21.21.

What you can do todayAll change brings challenges and opportunities. Given the exceptionalpace of change in the world today, no-one can expect a job for lifeor even a consistent role for many years. Everyone will need toconsistently enhance their skills and move on to new roles to keep pacewith the world. We can heed basic guidelines that will serve us and ourlivelihoods as we move forward.IndividualsTake the time to planyour futureCarefully chooseyour expertiseFuel your appetitefor learningWe all need to be our own futurists. Ina busy world, we must carve out propertime to consider how our skills andour dreams will fit with an economythat is swiftly changing. We must worktoday to prepare ourselves for thejobs and opportunities of the future,transitioning from our past career toour future careers.Our livelihood tomorrow will be shapedby what we study today. To stand out,we should aim to excel at one or twospecific areas of work, at which wecan become an ‘expert’. It is importantto follow your passion, but also toconsider whether the skills you aredeveloping will still be valuable in five,10 or 20 years’ time.We all need to keep learningthroughout our lives to keep ahead inthis fast-changing world. Rather thanthis feeling like a chore, we need tomake learning something we want todo. Discover what you most want tolearn about, and design it to be as funand social as you can.Learn howto learnNurture humancapabilitiesPrepare for futurejobs, not today’s jobsThere is no more vital capability forthe future than the inclination andability to learn. Many children start toassociate learning with tedium. Theyneed to discover the joy of learningby focusing on what they love best,whether it appears useful or not,and actively develop the habits androutines that will allow them to applytheir learning skills to any topic theychoose.While specific skills in STEM andother areas will be in demand fromemployers, the most valued attributeswill be personal capabilities such asadaptability, resilience, optimism,creativity, emotional intelligence andjudgment. Learning skills is critical forchildren, developing into well-roundedadults is even more important.Careers advisors are one avenue toseek guidance when preparing for yourfuture, however, as we live in a constantstate of change it’s also important to doyour own research to consider whethercareers you might pursue may still existin decades to come, and where the newwork of the future may emerge.Families22.

OrganisationsEnvisage your successfulfuture organisationDesign work to tapyour employees’ potentialHire for human capabilities,enable continuous learningToday’s companies will fail if theysimply try to eliminate some jobs andadd others. Every single work role willchange in the future, shifting to drawmore on uniquely human capabilities.Becoming tomorrow’s successfulorganisation requires a clear vision ofthe skills and roles you will require, andplanning how to transition your currentteam from where they are to wherethey need to be.As human capabilities come to the fore,organisations should aim to tap thebroadest possible scope of their staff’scapabilities. In a flexible organisation,the best ideas and skills can come fromanywhere, bringing out everythingpeople can contribute. Well-designedcollaboration will create outcomes thatindividuals could notachieve alone.Find people who are flexible,imaginative, empathic and hungryto learn. The best way to attract themost talented is to give them theopportunity to learn continuously. Offerformal learning, but also design work,so your staff develop their knowledgeand skills every day.Foster a growthmindsetIn a rapidly changing world, childrenas well as adults of all ages mustunderstand that they can develop andincrease their capabilities throughstudy and perseverance. What we learnfrom our experiences is not what weare able to do, but how we can getbetter at creating our own personalsuccess.Prioritise financial acumenEnsure children understand the value of money from a youngage by talking about your own money situation with them: howit is earned, spent, invested or donated. Provide opportunities forchildren to earn pocket money by doing jobs around the home, andopen a fee-free savings account for them to save a portion of

About Commonwealth Bank Commonwealth Bank is Australia’s leading provider of integrated inancial services, including retail, premium, business and institutional banking, funds management, superannuation, insurance, investment and share-broking products and services. Since opening its doors in 1912, Commonwealth Bank has grown to more than