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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

Worker Supply Remains Primary Obstacle to California Job Growth

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April Job Gains Revised Upwards In Latest Numbers

California’s labor market continued to expand at a steady pace in May (the latest data), with total nonfarm employment in the state growing by 42,900 positions over the month, according to an analysis released jointly by Beacon Economics and the UCR School of Business Center for Economic Forecasting and Development. April’s gains were also revised up to 44,600 in the latest numbers, a 3,200 increase from the preliminary estimate of 41,400.

While California has added jobs at a healthy pace in 2021 and 2022, as of May 2022, the state has recovered just 93% of the jobs that were lost in March and April 2020, and there are still 193,800 fewer people employed in California compared to February 2020. Total nonfarm employment in the state contracted 1.1% over this time compared to a 0.5% drop nationally. However, with a larger portion of its workforce to be recovered, California increased payrolls by 5.2% from May 2021 to May 2022, outpacing the 4.5% increase nationally over the same period.

California’s unemployment rate fell to 4.3% in May, a 0.3 percentage-point decline from the previous month, which was driven by an increase in household employment (+121,000). California’s unemployment rate remains elevated relative to the 3.6% rate in the United States overall. While growing by 75,000 in May, the state continues to struggle with its labor supply. Since February 2020, the California labor force has fallen by 232,100 workers, a 1.2% decline.

“The low unemployment rate in the state shows that worker supply remains the primary obstacle to job growth in California,” said Taner Osman, Research Manager at Beacon Economics and the Center for Economic Forecasting. “Moreover, a clear dichotomy has emerged, whereby labor markets in the state’s central communities have outperformed the coastal communities; the coast is routed in high cost and housing supply constraints and continues to experience labor market shortages.”

Industry Profile  

  • While a handful of sectors in California are now exceeding their pre-pandemic peaks, employment levels in the hardest hit sectors remain below their pre-pandemic levels and should continue to steadily gain back jobs over the coming months.
  • Leisure and Hospitality led payrolls gains in May, with payrolls expanding by 8,800. However, this industry still has a long way to go to recover all of the jobs lost due to the pandemic, with payrolls still down 8.4% since February 2020.
  • Other sectors posting strong gains during the month were Information (8,800), Construction (7,100), Health Care (6,600), Government (4,600), Manufacturing (3,700), Other Services (3,600), and Transportation, Warehousing, and Utilities (3,600).
  • Job gains were broad based in May with Retail Trade (-9,900) being the only sector to post significant losses during the month. Finance and Insurance (-500) and Mining and Logging (-300) also shed positions during the month, but the losses were minor.

Regional Profile

  • Regionally, job gains were led by Southern California. San Diego saw the largest increase, where payrolls grew by 6,700 (0.4%) during the month. Orange County (6,500 or 0.4%), Los Angeles (MD) (5,200 or 0.1%), the Inland Empire (2,600 or 0.2%), and Ventura (2,100 or 0.7%) also saw their payrolls jump during the month. The Inland Empire (123.4%) has experienced the strongest recovery in the region, measured by the percentage of jobs recovered from April 2020 to May 2022 relative to the jobs lost from February 2020 to April 2020. The IE is followed by El Centro (110.2%), San Diego (97.1%), Orange County (86.5%), Los Angeles (MD) (83.9%), and Ventura (79.8%).
  • In the Bay Area, San Francisco (MD) experienced the largest increase, with payrolls expanding by 2,700 (0.2%) positions in May. The East Bay (1,900 or 0.2%), San Jose (1,700 or 0.1%), and San Rafael (MD) (600 or 0.6%) also saw payrolls expand during the month. Since April 2020, San Jose (86.2%) has experienced the strongest recovery in the region, followed by the East Bay (83.8%), San Francisco (MD) (78.4%), Santa Rosa (76.5%), Napa (75.6%), Vallejo (67.4%), and San Rafael (MD) (62.6%).
  • In the Central Valley, Sacramento experienced the largest monthly increase as payrolls expanded by 3,200 (0.3%) positions in May. Payrolls in Visalia (500 or 0.4%), Fresno (400 or 0.1%), Merced (300 or 0.4%), and Yuba (200 or 0.4%) increased steadily as well. Since April 2020, Visalia (127.9%) has experienced the strongest recovery in the region, followed by Stockton (124%), Yuba (124%), Madera (112%), Merced (111.9%), Sacramento (110.8%), Redding (105.1%), and Fresno (104.5%).
  • On California’s Central Coast, San Luis Obispo added the largest number of jobs, with payrolls increasing by 1,100 (0.9%) during the month. Salinas (900 or 0.6%) and Santa Barbara (700 or 0.4%) also saw payrolls expand. Since April 2020, and San Luis Obispo (92.7%) has experienced the strongest recovery in the region, followed by Santa Barbara (89%), Salinas (82.2%), and Santa Cruz (80.5%).
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Career & Workplace

California Workforce Expands in Latest Numbers but Labor Supply will Continue Constraining Job Growth

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March Job Gains Revised Upwards In Latest Numbers

California’s labor market continued to expand at a steady pace in April, with total nonfarm employment in the state growing by 41,400 positions over the month, according to an analysis released jointly by Beacon Economics and the UCR School of Business Center for Economic Forecasting and Development. March’s gains were also revised up to 74,400 in the latest numbers, a 14,200 increase from the preliminary estimate of 60,200.

While California added jobs at a healthy pace throughout 2021 and has done the same so far in 2022, as of April, the state has recovered just 91.3% of the jobs that were lost in March and April of 2020, the onset of the pandemic. There are now 239,900 fewer people employed in California compared to February 2020. Total nonfarm employment in the state has contracted 1.4% since that time compared to a 0.8% drop nationally. With a larger portion of its workforce still to be recovered, California increased payrolls by 5.6% from April 2021 to April 2022, well above the 4.6% increase nationally over the same period.

California’s unemployment rate fell to 4.6% in April, a 0.2 percentage-point decline from the previous month. The decline was driven by an increase in household employment (+150,000). Still, the state’s unemployment rate remains elevated relative to the 3.6% rate in the nation overall. While growing by 111,800 in April, California is continuing to struggle with its labor supply. Since February 2020, the state’s labor force has decreased by 299,600 workers, a 1.5% decline.

“Labor supply remains the biggest constraint to job growth in the state,” said Taner Osman, Research Manager at Beacon Economics and the Center for Economic Forecasting. “And as employers seek to ramp up employment during the seasonally strong summer months, worker scarcity will continue to place upward pressure on wages in the state.”

Industry Profile  

  • At the industry level, the largest jobs gains continue to occur in the sectors hardest hit by the pandemic. While a handful of sectors in California are now exceeding their pre-pandemic peaks, employment levels in the hardest hit sectors remain below their pre-pandemic levels and should continue to steadily gain back jobs over the coming months.
  • Leisure and Hospitality led payrolls gains in April, expanding by 20,100. Payrolls in Leisure and Hospitality still have a long way to go to recover all of the jobs lost due to the pandemic however, with payrolls still down 8.7% compared to February 2020.
  • Other sectors posting strong gains during the month were Professional, Scientific, and Technical Services (7,300), Government (4,600), Retail Trade (4,500), Transportation, Warehousing, and Utilities (4,200), Administrative Support (3,100), Manufacturing (2,600), and Information (1,800).
  • While job gains were broad-based in April, the Construction (-13,200) sector posted significant losses during the month. Health Care (-500), Other Services (-100), and Mining and Logging (-100) also shed positions, but the losses were minor.

Regional Profile

  • Regionally, job gains were led by Southern California. Los Angeles (MD) saw the largest increase, where payrolls grew by 9,600 (0.2%) during the month. The Inland Empire (8,000 or 0.5%), San Diego (4,500 or 0.3%), and Orange County (4,300 or 0.3%) also saw their payrolls jump during the month. The Inland Empire (122.6%) has experienced the strongest recovery in the region, measured by the percentage of jobs recovered from April 2020 to April 2022 relative to the jobs lost from February 2020 to April 2020. The IE is followed by El Centro (108.5%), San Diego (94.4%), Orange County (83.9%), Los Angeles (MD) (83.5%), and Ventura (75.0%).
  • In the Bay Area, San Francisco (MD) experienced the largest increase, with payrolls expanding by 4,900 (0.4%) positions in April. San Jose (4,300 or 0.4%), the East Bay (2,100 or 0.2%), Santa Rosa (500 or 0.2%), and Vallejo (300 or 0.2%) also saw payrolls expand during the month. Since April 2020, San Jose (85.8%) has experienced the strongest recovery in the region, followed by the East Bay (82.3%), Santa Rosa (77.3%), San Francisco (MD) (77.1%), Napa (76.7%), Vallejo (68.3%), and San Rafael (MD) (58.7%).
  • In the Central Valley, Sacramento experienced the largest monthly increase as payrolls expanded by 4,700 (0.4%) positions in April. Payrolls in Bakersfield (1,400 or 0.5%), Fresno (1,000 or 0.3%), Visalia (600 or 0.4%), Modesto (400 or 0.2%), Chico (300 or 0.4%), and Redding (200 or 0.3%) increased steadily as well. Since April 2020, Visalia (126.4%) has experienced the strongest recovery in the region, followed by Stockton (124.3%), Yuba (122%), Madera (116%), Sacramento (109.6%), Redding (108.9%), Merced (105.1%), and Fresno (104.0%).
  • On California’s Central Coast, Santa Barbara added the largest number of jobs, with payrolls increasing by 100 (0.1%) during the month. San Luis Obispo (-1,400 or 1.2%), Santa Cruz (300 or 0.3%), and Salinas (300 or 0.2%) saw payrolls decline. Since April 2020, San Luis Obispo (89.3%) has experienced the strongest recovery in the region, followed by Santa Barbara (86.9%), Santa Cruz (81.9%), and Salinas (78.7%).
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Career & Workplace

City of San Bernardino Names Nathan Freeman as Director of Community and Economic Development

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The City of San Bernardino Announces Nathan Freeman as its new Director of Community and Economic Development. His starting date is May 16.

An experienced professional with almost 25 years working in economic development in the Inland Empire, Freeman comes to San Bernardino after spending the past sixteen years with the City of Riverside, where he served as the Economic Development, Redevelopment, and Real Property Services Manager.

“Nathan Freeman has extensive experience successfully negotiating major development agreements while at the same time creating opportunities for small businesses and startups,” said City Manager Robert Field. “He has played a critical role in the recent and upcoming development in downtown Riverside and is a great addition to the San Bernardino team.”

In the role of Director of Community and Economic Development, Freeman will oversee the functions, programs, and activities of the Planning Division, Building Division, Code Enforcement, Economic Development, and Housing.

“I am looking forward to the opportunity to work alongside an amazing team in San Bernardino, under the leadership of the City Council and City Manager, who are dedicated to building a stronger and more economically resilient community,” said Freeman. “I’m truly excited about the City’s long-term potential and am grateful for the opportunity to lead the Community & Economic Development Department as we encourage job creation, business development, and a better quality of life for all residents.”

In Riverside, Freeman played a key role in major development projects, including the revitalization of downtown. He negotiated approximately $1 billion in private investment throughout Riverside, including the development of over 250,000 square feet of Class A office/commercial space, worked to attract many new businesses to the city, and facilitated the development of the Riverside Food Lab, the Inland Empire’s first urban food court.

Previously, Freeman served as Business Development Officer for the City of Hesperia and Economic Development Project Manager for the County of Riverside.

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