The future of work – Are you ready?
OVER THE years, there have been substantial progressive developments in the work world. Today’s teams are vastly different from those of even a decade ago. The inkling of working without a smartphone or without access to the Internet may seem absurd now, but it was common practice not long ago. Technology influences how we live, where we work, and what we do. The most forward-thinking businesses use technology to boost productivity and production. Some businesses which invested in new technologies and workplace procedures pre-COVID have undergone little disruption and enhancements as a result of the pandemic. Other businesses have had to try to keep up, and their companies have been severely impacted. Workers have also had to adjust and evolve in the last year – employees in 2021 are different from those in 2020. There is now a greater focus on leveraging digital platforms for the execution of tasks, providing flexibility and resulting in better work-life balance.
The world of work is constantly changing. Skills and mindsets that were once thought to be futuristic are now gaining traction. According to the Future of Jobs Survey 2020 conducted by the World Economic Forum, there has been decreasing demand across industries for data entry, accounting, and bookkeeping clerks, and an increase in demand for machine learning specialists and artificial intelligence. Artificial intelligence (AI) is a broad field of computer science concerned with creating ‘intelligent’ machines that can perform tasks that would normally require human intelligence.
With these technological advancements that accountants have seen in recent times, there has been greater thrust on the digitalisation of tasks. Research from the World Economic Forum 2020 also agrees that the demand for accountants will decrease heading into 2025. Therefore, employees must stay current with trends in digital transformation to stay relevant as the future of work evolves.
DIGITAL SOLUTIONS
Since the emergence of the COVID19 pandemic, many companies have deployed digital solutions and tools like machine learning and AI in warehouses, grocery stores, call centres, and manufacturing plants to reduce workplace density and cope with surges in demand. The trends accelerated by COVID-19 have spurred greater changes in the mix of jobs within economies than were estimated before the pandemic. According to a PwC 2020 survey of 10,029 members of the general population in China, Germany, India, the UK and the US, 73 per cent think technology can never replace the human mind. However, 37 per cent are worried about automation putting jobs at risk – up from 33 per cent in 2014.
From a business standpoint, this pandemic is pushing businesses to change their workplace practices which was already inevitable. Businesses are rapidly implementing workplace flexibility strategies to remain profitable. The implication is that technology is being updated to provide team members with the tools and resources to work remotely, while implementing the 3Cs of remote working: computers, collaboration, and corroboration.
The evolution of work serves as a caveat for executives to remain attentive. Companies should consider reviewing business continuity and other plans to prepare for the future of work. For instance, the following factors may be considered:
• Policymakers will have to consider fast-paced technology advancements to inform their strategies for the growth of job sectors, to reduce the risk of technologically induced unemployment. This may entail strengthening social safety nets and finding potential revenue streams for people.
• Job versatility, retraining, and continuous development are now more critical, at all levels. However, due to the increasing stresses of debt – including student debt and mortgages, and nontransferable benefits – many people feel tethered to their present job. The importance of incentives aimed at promoting mobility would be critical.
• Data would be required by businesses to continue to reshape practices in any category, from employee strategy to leadership. Companies that strive to invest in human capital, infrastructure, and data will be able to differentiate themselves from the competition. However, as companies evaluate their operations, they should consider whether the measures used to assess employee well-being and efficiency should be wider and more straightforward.
• Often, administrators lack a strategy for managing distributed teams. With so many shifts in the workplace, this might be a good time to invest in automation. This will help to enhance the employees’ digital capabilities by accelerating training programmes. Companies will become more resilient and prosperous because of this form of workforce upskilling and investment.
DESIRE TO REINVENT
Flexibility and the desire to reinvent yourself seem to be the key to a promising future. If specific skills are the way of the future and this is something of concern, then preparation must be made for it. As individuals, it is critical to get a good picture of what the future will look like because of our behaviour. Individuals should be aware of the broader picture, including how technology is evolving and what it can mean for the workplace and them.
In today’s world, ‘late followers’ equate to ‘out of business.’ It was once acceptable to look at what other entities were doing and be a ‘quick follower’, but that is no longer the case. Decisions must be made quickly. A company’s profit is just the amount of money it makes. Corporate social responsibility, on the other hand, considers factors such as employee wellbeing community engagement, growth, fairness and equality, and having a positive impact on the environment. These are the principles and characteristics that the future company would need to have. Are you ready for the future of work? It goes without saying that future organisations must respond to developments in how workers work and how management leads. The time is now – revisit your strategy to ensure that you are adapting to the evolution of work.