What is the Future of Work?
The Future is not sometime later...it is actually now. As each minute passes, the opportunity to grow is irretrievably lost. Most of us humans spend a majority of our lives Working for a living. and it kills us. Isn't that an irony?
The future of work demands New Mindsets for New Ways of Learning in Action, Orchestrating Work and Innovation and straddling between Intrapreneurship and Entrepreneurship.
Workers were color coded at a point when a few rich and the powerful created industry and jobs and most people sought employment. The governments then and now have always stayed closer to the mood swings of the rich and the powerful and even shaped government work along similar lines. Collar Coloring was introduced as a way of classifying workers and mostly people were condemned to that classification for their entire life. Employers demanded loyalty. This idea of work has well crossed its expiry date.
That is not the case anymore. Capital is available to those who aspire and have the ability to create. Digital Technology facilitates global connection in realtime. With the advent of Digital Technologies catalyzed by Pervasive Computing and Orchestrated through enmeshed networks, every aspect of Work is primed for disruption.
Talent Transformation on the Supply Side that also catalyzes material transformation and Work Planning, Orchestration and Innovation on the demand side changes everything we know about how Work, Products and Services are Visualized, Created, Distributed and Consumed.
Preparedness is the Key
Please refer to the above illustration. Giggr is a platform that aims to keep the supply, demand and operating sides in gear, facilitating the seamless transformation from the present into the future with its platform.
By 2030, Korn Ferry Associates estimate a global talent shortage reaching 85.2 million people, resulting in the loss of trillions of dollars in economic opportunity for companies.
Ernst & Young's 2020 Reimagined Employee More than half (54%) of employees surveyed globally would consider leaving their job post-pandemic if they are not provided some form of flexibility in where and when they work.
ManpowerGroup Survey 2020 point to Talent shortages in the U.S. have more than tripled in the last ten years, with 69% of employers struggling to fill positions, up from just 14% in 2010.
A Citrix Employee Survey reports 86% of employees said they would prefer to work for a company that prioritizes outcomes over output. And they expect to be given the trust and autonomy they need to do their best work.
Mckinsey reports that by 2030, two thirds of the UK workforce could be lacking in basic digital skills, while more than 10 million people could be underskilled in leadership, communication, and decision making. Modeling by the McKinsey Global Institute (MGI) on the effects of technology adoption on the UK workforce shows impact of the Fourth Industrial Revolution on the future shape of work will be profound.
When the above statistics reflect the state of developed nations, one can only imagine how much worse the situations in developing nations such as India and Africa would be.
It’s an interesting conundrum. When we ask people if they have enough talent, they almost universally say no. Then they go back to looking at KPIs [key performance indicators] for that quarter’s performance. We’ve created a managerial system and reporting mechanism that disproportionately focus on financial capital, not human capital. Leaders haven’t spent nearly enough time asking, “What are the critical roles? What are the critical skills?” They need to reboot how they lead, with equal, if not greater, emphasis on the scarce capital—human capital. Talent expert Bill Schaninger; in the Jan '20 McKinsey Talks Talent podcast.
More than 15 Million people have quit their jobs in the US since April 2021. In India, more than 65% of people have been displaced with their jobs and work since 2020. These are people searching to transform their talent and find new means to work and lead a more balanced life. They are fed up of the old ways in which Work was Planned and Executed; either by them or by enterprises. They are ready for Transformation and Giggr is gearing to be their platform to find new meaning in their lives.