Future of Work (FoW) at a Glance
You’ll have heard a lot about the Future of Work recently. Encompassing everything from the workplace to the workforce and even the nature of work itself, it’s a key issue for the wider business world as well as our clients.
But what exactly is the Future of Work, and what are we doing to make this concept a reality?
What is the Future of Work?
The Future of Work (FoW) involves cultural, organizational, managerial & human transformation.
Driven by the powerful forces of technology and societal shifts, we can expect to see radical changes in how we work, why we do it, and what a typical working day looks like: FoW strategies are a direct response to these changes.
The five main trends driving the FoW are:
- New/ hybrid ways of working: The gig economy is estimated to affect about 43% of the workforce by the end of 2020
- Millennial & Gen Z expectations: 9 Out of 10 People are willing to earn less money to do more-meaningful work.
- Human vs tech paradox: By 2022, automation will displace about 75 million jobs worldwide.
- Labor market crisis: 25% of all new employees leave within the 1st year
- Careers become ‘work journeys’: 85% of the jobs that will exist in 2030 haven’t been invented yet.
When will we see these changes take place?
Even today, we can witness just how fast the world is evolving: disruption is becoming the new normal. Think back to the year 2000 – could any of us have imagined using social media at work? Or that almost half the world’s population would carry a smartphone everywhere? Innovative tools like VR or AR may become commonplace, or we could see widespread adoption of entirely new technology – the future is being created every day, and it’s our job to keep ahead of the curve.
Social and environmental issues are becoming increasingly critical too, with many businesses are feeling pressure from their talent, government, and the incoming generation to do things differently. As a result, societies now expect businesses to pursue a purpose as well as profits.
What does the FoW mean for businesses?
Few organizations are currently equipped to deal with fundamental changes such as the ones outlined above. In fact, 52% of Fortune 500 companies have disappeared in the past 20 years[1]. Companies need to adapt fast to survive.
As well as adapting to new ways of working, new workforce expectations, and new technology, organizations must also find their purpose. The companies which innovate, improve, and maintain this sense of purpose will be the winners in this evolutionary race.
What are we doing about it?
Transformation is key to the FoW. Our belief is that FoW is collaborative human-centric company endeavor which acknowledges the global trends and take immediate action for change.
Our roadmap for strategic transformation is fueled by the capabilities of our Mantu brand network. Areas of focus for this transformation are culture, organization, and people. However, before any changes can take place, organizations must discover their ‘why’.
Our plan is to fully support our clients in making these crucial changes, and we’re currently building a robust offer which will do exactly that. We’ll be revealing more concrete information in the coming weeks and months, so watch this space.
Until then, why not check out our podcast?