The workforce, workplace, and business resources are all transforming at a rapid pace thanks to the technological revolution. These new technologies that are bringing people closer together through virtual channels and changing business processes and insights, are touching and changing every aspect of what “work” looks like.
Because of these changes, enterprises are learning that they can no longer ignore what is happening, but they must instead, embrace the changes and change from within to ensure they don’t fall behind or lose their competitive edge.
In an effort to prepare companies for these changes and adapt to what is viewed as the future of work, Jeff Woods, Vice President, Portfolio Marketing at SAP discussed a few key catalysts that are integral in shaping this new world. During his whiteboard video, he mentions three key things your company needs to know about the future of work.
These key things include:
- Disruptive technology will continue to drive change…and profits. According to McKinsey, CEOs expect 15-50 percent of their earnings growth to come from disruptive technologies (e.g., social, mobile, data, Internet of Things). These disruptions will force us to change the way we think about work and redefine the enterprise. The mobile revolution has showed us that a mobile workforce is the way of the future and it enables us to pull talent without geography being a restriction. A new emphasis on insight-driven innovation through data and analytics are forcing the new workforce to learn new skills. And when everything is connected all the time through the Internet of Things, new parts of our work will be digitized and it will serve as an accelerator.
- Talent management will change. Talent trends show that the rise of the global middle class will become an influence. In effect, this shift will change how and what we produce. By 2025, Millennials will make up 75 percent of the global workforce and there will be five generations working side-by-side. Each generation, with its own unique needs and views, will require different forms of management and have different ideas of leadership. There is also the skilled global workforce that can be tapped and contingent and contract labor will increase in the future (and 83 percent of executives agree that this is the future). This shift in the workforce demographics will create a new ecosystem of talent around an enterprise – an ecosystem that can be leveraged, but must be managed.
- Employee engagement will matter more than ever. Employees who aren’t engaged cost companies money. Gallup statistics show that 87 percent of those in the global workforce are not engaged in their work and therefore, they are unable to power the needed innovation to push organizations forward. On the flipside, on average, highly engaged employees are 50 percent more likely to exceed expectations, which leads to businesses that outperform their competitors. Therefore, focusing on strategies for Millennial engagement, such as showing the impact employees have on their organization and the world, will go a long way when it comes to pushing innovation and productivity. Employees who feel a connection to their work and are involved in a continuous learning environment will be more likely to see a purpose and show a sentiment of mutual respect.
While the world is changing rapidly and the future of work in 2025 will be different than work is today, albeit, maybe not completely predictable, one thing is for certain – that future will be filled with change and we need to be prepared.