For over a decade, investors have been working to improve their collective understanding of how companies manage and support their workforce, often broadly referred to as human capital management (HCM). As the focus on the importance of labor in value creation has grown, other market participants and allies – including researchers, foundations, and others – have joined the push for higher-quality information regarding human capital in the marketplace. Â
We propose taking the conversation a step further by considering these challenges in the context of the massive transitions underway throughout the global workforce. Climate risk and policy prescriptions to mitigate these risks, combined with a rapid adoption of new machine learning and artificial intelligence technologies, have brought an extraordinary level of urgency to improving workforce data structure and quality, while the current data infrastructure remains poor. For example, counting how much of the labor force works as contracted/gig workers has proven elusive, with estimates ranging from less than 1% to over 30%. We also lack good data on requisite skill sets and the extent to which skill sets for existing jobs that may no longer exist can be leveraged for new jobs. This has major implications for workers, families, communities,investors, and civil society.Â
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We have already identified data deficiencies for the workforce overall in our last convening and named the most pressing problems/deficiencies, while noting some of the regulatory avenues open (and currently in motion) to help mitigate the problem. Now, we explore how we can best tackle these data quality and availability challenges to effectuate a productive, effective, equitable, and inclusive workforce transition.
Key themes for the 2024 summit will encompass:
Adapting to rapid technological shifts, such as machine learning and artificial intelligence
Acknowledging the impacts of climate risk on the global workforce
Understanding the gig economy dynamics and future employment trends
Protecting the privacy and dignity of the workforce in the face of invasive new tools and technologies
Pursuing workforce data improvements in light of the evolving needs of civil society and investment decisions
Sean Coughlin
UAW