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Career & Workplace

The Workforce of the Future: Navigating Industry 4.0

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The Workforce of the Future: Navigating Industry 4.0

By Bansree Parikh, Business Banking Market Executive for Bank of America in the Inland Empire

Tech innovation is prompting transformation so significant it’s often referred to as a fourth industrial revolution, or Industry 4.0. Industry 4.0 technologies range from facial recognition software to voice-activated virtual assistants and self-driving delivery trucks, to name a few. According to a study from the UC Riverside School of Business Center for Economic Forecasting and Development, the Inland Empire can be successful in growing its tech workforce by linking to its anchor industries, such as logistics, agriculture and green tech. Cities like San Diego and Austin have succeeded by focusing efforts on one or two key industries that already play a significant role in their respective economies. There is clear opportunity for growth in this sector, and businesses that embrace these technological advances will reap the rewards of increased efficiency and, ultimately, boost their bottom lines.

Here are a few insights into how businesses and employees can capitalize on the future of work:

Who will do the work?

With the rise of automation technologies like self-service ordering kiosks in restaurants, cashier-less convenience stores and driverless vehicles, they are even taking the place of some customer-facing positions. Yet, tech innovations are also creating new jobs and opportunities for employees. Employers should start thinking about preparing for roles that offer higher value work and require greater skill – such as those positions that will be needed to service new technologies. As automation becomes more prevalent, businesses shouldn’t lose sight of the human qualities that have enabled them to succeed.

How will work get done?

While some jobs will become fully automated, other positions will require a unique blend of technology and human touch. Workers will need to up-level their talents to qualify for higher-skilled positions. According to the World Economic Forum’s 2018 Future of Jobs report, no less than half of all workers are expected to require significant reskilling or upskilling over the next three years. Businesses should consider offering employees the resources and training support they’ll need.

When will we do our work?

For many, the meaning of work-life balance has changed to be less about a distinct separation between work and personal life and more about being able to easily pivot between the two, no matter whether in the office or on the go. The workforce of the future will demand speed, convenience and ease of use from the technology they use to do their jobs, the same as they expect from the products they use in their personal lives.

The workforce of the future

Digital transformation is inevitable. While the many changes may seem daunting, automation was created to enhance our lives, and this will be as true in the workplace as in our personal lives.

Bansree Parikh is a Business Banking Market Executive for Bank of America.

The Inland Empire Business Journal (IEBJ) is the official business news publication of Southern California’s Inland Empire region - covering San Bernardino & Riverside Counties.

Career & Workplace

California Continues to Struggle with Labor Supply as Employment Expands Modestly

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State’s Unemployment Rate Remains Highest In Nation

California’s labor market expanded modestly in April, with total nonfarm employment in the state growing by 5,200 positions over the month, according to an analysis released today by Beacon Economics. March’s gains were revised down to 18,200 in the latest numbers, a 10,100 decline from the preliminary estimate of 28,300.

As of April 2024, California has recovered all of the jobs that were lost in March and April 2020, and there are now 314,300 more people employed in the state compared to February 2020. Total nonfarm employment has grown 1.8% over this time compared to a 3.9% increase in the United States overall. California increased payrolls by 1.2% from April 2023 to April 2024, trailing the 1.8% increase nationally over the same period.

The state’s unemployment rate held steady at 5.3% in April 2024, unchanged from the previous month. California’s unemployment rate is the highest in the nation and remains elevated relative to the 3.9% rate in the United States as a whole. The state continues to struggle with its labor supply, which remained essentially unchanged in April (declining by a negligible 100). Since February 2020, California’s labor force has fallen by -246,200 workers, a -1.3% decline. In comparison, over the past twelve months the nation’s labor force has increased by 0.8%. 

Industry Profile  

  • At the industry level, job gains were mixed in April. Health Care led the way with payrolls expanding by 10,100, an increase of 0.4% on a month-over-month basis. With these gains Health Care payrolls are now 13.6% above their pre-pandemic peak.
  • Other sectors posting strong gains during the month were Transportation, Warehousing, and Utilities (3,700 or 0.4%), Leisure and Hospitality (3,100 or 0.2%), Government (2,600 or 0.1%), Education (1,800 or 0.4%), Retail Trade (1,000 or 0.1%), and Wholesale Trade (400 or 0.1%).
  • Payrolls decreased a handful of sectors in April. Construction experienced the largest declines, with payrolls falling by -6,000, a contraction of -0.6% on a month-over-month basis. Note that this decline was largely due to late season storms affecting construction projects across the state.
  • Other sectors posting significant declines during the month were Manufacturing (-5,300 or -0.4%), Professional, Scientific, and Technical Services (-3,600 or -0.3%), Real Estate (-700 or -0.2%), Finance and Insurance (-700 or -0.1%), Administrative Support (-600 or -0.1%), and Information (-600 or -0.1%).

Regional Profile

  • Regionally, job gains were led by Southern California. Los Angeles (MD) saw the largest increase, where payrolls grew by 5,700 (0.2%) during the month. The Inland Empire (2,600 or 0.2%) and San Diego (1,200 or 0.1%) also saw their payrolls jump during the month. However, payrolls fell in Orange County (-2,700 or -0.2%), Ventura (-500 or -0.2%), and El Centro (-2,200 or -0.3%). Over the past year, El Centro (1.9%) has had the fastest job growth in the region, followed by the Inland Empire (1.5%), Ventura (1.4%), Orange County (1.1%), San Diego (0.8%), and Los Angeles (MD) (0.6%).
  • In the Bay Area, the East Bay experienced the largest increase, with payrolls expanding by 2,600 (0.2%) positions in April. San Rafael (MD) (200 or 0.2%) and Napa (100 or 0.1%) also saw payrolls increase during the month. However, San Francisco (MD) (-1,700 or -0.1%), Santa Rosa (-600 or -0.3%), and Vallejo (-600 or -0.2%) experienced payroll declines during the month. Over the past 12 months, Vallejo (3.0%) enjoyed the fastest job growth in the region, followed by Santa Rosa (2.3%), Napa (2.2%), San Rafael (MD) (1.6%), the East Bay (0.9%), San Jose (0.2%), and San Francisco (MD) (-0.8%).
  • In the Central Valley, Sacramento experienced the largest monthly increase as payrolls expanded by 900 (0.1%) positions in April. Payrolls in Yuba (400 or 0.8%), Bakersfield (300 or 0.1%), Fresno (300 or 0.1%), and Visalia (100 or 0.1%) increased as well. However, payrolls fell in Stockton (-500 or -0.2%), Modesto (-200 or -0.1%), Merced (-200 or -0.3%), Redding (-100 or -0.1%), and Hanford (-100 or -0.2%). Over the past year, Madera (5.7%) had the fastest growth, followed by Yuba (4.2%), Merced (3.7%), Modesto (3.6%), Sacramento (2.5%), Hanford (2.4%), Redding (2.3%), Fresno (2.2%), Visalia (2.1%), Stockton (2.0%), Chico (1.5%), and Bakersfield (1.1%).
  • On California’s Central Coast, Salinas (200 or 0.1%) and Santa Cruz (200 or 0.2%) added the largest number of jobs during the month. Santa Barbara (-100 or -0.1%) saw payrolls decline. From April 2023 to April 2024, Salinas (1.9%) has added jobs at the fastest rate, followed by Santa Cruz (1.6%), Santa Barbara (0.8%), and San Luis Obispo (0.5%).
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Career & Workplace

Inland Economic Growth & Opportunity (IEGO) Announces 2024 Priorities

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Strategic Vision: Prioritizing Sustainable Growth and Enhanced Opportunities in the Inland Region

The Inland Economic Growth & Opportunity (IEGO), a collaborative organization dedicated to fostering economic growth, has announced its 2024 strategic priorities designed to create a vibrant, inclusive, and sustainable economy for Southern California’s Inland Empire. Among its immediate priorities include its role in Governor Newsom’s California Jobs First regional jobs strategy.

“As one of the California Jobs First statewide collaboratives, IEGO is committed to engaging a wide ranging and diverse group of stakeholders in our economic development focus so that we can improve the quality of life for all residents across the region,” said IEGO Executive Director Matthew Mena.

IEGO’s strategy is critical. While Inland Southern California remains one of California’s top job growth markets, it also ranks as having the lowest average weekly wages according to employment data for the nation’s 50 largest county job markets as reported by the US Bureau of Labor Statistics.

The IEGO 2024 priorities are designed to counter that trend and encourage greater business investment, including:

California Jobs First: IEGO will develop Inland Southern California’s regional jobs strategy to create quality jobs and a more accessible economy as part of Governor Newsom’s very intentional, inclusive approach to economic and workforce development to maximize state resources and investments by empowering communities to chart their own futures. Much of the funding will support career development projects from capacity building to industry-specific programs, and new job training.

Center of Excellence: As one of the state’s designated Center of Excellence, IEGO will support the region’s community colleges and their partners by providing research on the local labor market, including information on job growth, wages, demographics, top employers, education, and skill requirements, as well as education outcomes for industries and occupations critical to the Inland Empire’s economy. This data will help inform the development of new community college programs, curriculum, and partnerships that the colleges pursue in their efforts to prepare residents for high-paying, fast-growing jobs that Inland Empire businesses need today and in the future. 

Regional Marketing: IEGO will work to ensure that the region is well positioned to benefit from public and private investment and is fully recognized for its economic strength and opportunity. In this way, IEGO can enhance the delivery of public and private resources to the two-county region.

“There’s real opportunity for the IEGO Center of Excellence to lead deeper economic and workforce research. One of the immediate areas is our Top 50 Jobs report. We want to better identify the best job opportunities and pathways for workers in struggling families to make ends meet and build wealth,” said Andy Hall, who is leading report development for the Center of Excellence.

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Career & Workplace

The City of Rancho Cucamonga Recognized as U.S. Best-in-Class Employer by Gallagher 

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Gallagher’s Best-in-Class Benchmarking Analysis Identifies U.S. Organizations That Excel in Optimizing Employee and Organizational Wellbeing 

The City of Rancho Cucamonga participated in Gallagher’s 2023 U.S. Benefits Strategy & Benchmarking Survey and was identified as an organization that excelled in implementing successful strategies for managing people and programs. The City of Rancho Cucamonga was recognized for its comprehensive framework for strategically investing in benefits, compensation and employee communication to support the health, financial security and career growth of its employees at a sustainable cost structure. 

Designations like Gallagher’s Best-in-Class Employer help current and potential employees understand and appreciate an organization’s workplace culture and people strategy; important differentiators as employers compete for talent in today’s labor market. 

“This award is a testament to the collective dedication and unwavering commitment of our team, reflecting the high standards we uphold in fostering a workplace that thrives on innovation, belonging, and employee well-being.” Robert Neiuber, Senior Human Resources Director, City of Rancho Cucamonga. 

A U.S. Best-in-Class Employer, the City of Rancho Cucamonga was assigned points based on its relative performance in: 

  • Plan horizons for benefits and compensation strategies 
  • Extent of the wellbeing strategy 
  • Turnover rate for full-time equivalents (FTEs) 
  • Completion of a workforce engagement survey 
  • Use of an HR technology strategy and its level of sophistication 
  • Difference in healthcare costs over the prior year 
  • Use of a communication strategy 

The City of Rancho Cucamonga understands that high employee expectations haven’t budged in the changing labor market and have regularly examined their formula to attract and retain talent,” said William F. Ziebell, CEO of Gallagher’s Benefits & HR Consulting Division. “In doing so, the City of Rancho Cucamonga utilizes data, workforce feedback tools and clearly defined policies to provide competitive benefits and experiences that their employees value.” 

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