Exploring the Future of Work
Updated: Jun 20
Insights from the Future of Jobs Report 2020 - World Economic Forum
COVID-19 and the Fourth Industrial Revolution have dramatically accelerated the evolution of Work.
Is your Organization ready?
In a world where innovation accelerates exponentially, the ability to constantly adapt and evolve is a must. The emergence of new technologies, business models and behaviours requires a new approach to Human Capital and Organizational Design.
A changing Job Landscape.
Technological adoption will transform tasks, jobs and skills by 2025. Companies are looking to provide reskilling and upskilling opportunities to the majority of their staff (73%) cognizant of the fact that, by 2025, 44% of the skills that employees will need to perform their roles effectively, will change.
COVID-19 is pushing Companies to rethink their approach to Work.
- The impact of COVID-19 on the global economy has been disruptive and profound and the focus on efficiency is now of outmost importance.
- Automation and digitalization are necessary in order to pivot and adjust to the new reality of work.
- Remote work is going to improve work-life balance but will also show which resources are essential and which ones are redundant.
- As we move to more flexible work patterns, self-management becomes an essential skill.
Automation in tandem with the COVID-19 recession, is creating a ‘double-disruption’ scenario for Workers.
- 55% of businesses surveyed indicate that they are set to modify the composition of their value chain.
- 43% plan to reduce their workforce due to technology integration.
- 42% plan to expand their use of contractors for task-specialized work.
By 2025, the time spent on current tasks at work by humans and machines will be almost equal.
Emerging and Declining Jobs.
- Growing job demand.
As expected, there's growing demand for jobs in the areas of data analysis, computer science and information
- Decreasing job demand.
Several manual, operational, administrative and routine
jobs will be replaced by automation, algorithms and machines.
In light of the significant disruption to the job landscape and the accelerated evolution of work, governments, businesses and job seekers will need to adopt a strategic and long-term approach to policy, human capital and career choices.
In the next 5 years, 44% of current core Skills are expected to change and 50% of the total Workforce will need reskilling.
5 Steps to Readiness.
1) Define which new skills need to be acquired by the Organization in order to be competitive and sustainable in the long term.
2) Identify the key stakeholders and executive sponsors that will support the acquisition of new skills.
3) Define the appropriate talent/skills acquisition strategy: new hires, contractors, upskilling and reskilling of existing resources.
4) Define and formalize a clear plan, process and budget to support the acquisition of the required skills.
5) Define and formalize a clear plan, process and budget to support the retention and growth of your human capital.
- As we embrace continuous innovation and a work-from-anywhere mindset, we observe a growing demand for more distributed entrepreneurial skills such us critical thinking, innovation, creativity, leadership and resilience.
- Out of the top 10 skills more in demand by 2025, 5 relate to problem-solving, 2 to self-management, 2 to technology use and development and 1 to leadership.
- These skills will be essential to maintaining relevance and a competitive edge in a world
that shows no signs of slowing down.
The combined effect of the Fourth Industrial Revolution and COVID-19 has dramatically accelerated the evolution of work. Thanks to innovation, and most recently out of sheer necessity, businesses are set to accelerate the digitalization of work processes and learning, the expansion of remote work, as well as the automation of tasks within an Organization. By 2025 machines and humans will almost equally share the amount of work performed, obsolete jobs will be phased out and new, more advanced, skills will be required. It is now time to assess Organizations and Workforce and put in place strategies and plans to
allow businesses and workers succeed and thrive in the new normal.
Source - Future of Jobs Report 2020 - World Economic Forum.
About HAUS of VENTURES HAUS of VENTURES is a global, full-service, Strategic Innovation and Venture Development Company that provides services in areas of critical importance such as Innovation and Technology Consulting, Business Strategy, Product/Service/Proposition Design and Development, Digital and Business Transformation, E-commerce, Digital Marketing, Customer Experience, Brand and Marketing Strategy, Organizational Design, Change Management. HAUS of VENTURES supports Organizations at all stages of growth, from Start-Up to Enterprise, and covers all Industries, from Technology to Consumer, from Digital to Luxury, from Entertainment to Life Sciences. Headquartered in London, HAUS of VENTURES operates globally through an extensive and reputable international network. For more information please visit www.hausofventures.com.