The model of future work - Deepstash

deepstash

Beta

Get an account to save ideas & make your own & organize them how you wish.

deepstash

Beta

Getting practical about the future of work

The model of future work

By 2030, up to 30 to 40 percent of all workers in developed countries may need to move into new occupations or upgrade their skill sets. Skilled workers in short supply will become even scarcer. Any company that doesn't join the early adopters and doesn't address its underlying talent needs may fall short of reaching its goals.

145 SAVES


This is a professional note extracted from an online article.

Read more efficiently

Save what inspires you

Remember anything

IDEA EXTRACTED FROM:

Getting practical about the future of work

Getting practical about the future of work

https://www.mckinsey.com/business-functions/organization/our-insights/getting-practical-about-the-future-of-work

mckinsey.com

9

Key Ideas

The model of future work

By 2030, up to 30 to 40 percent of all workers in developed countries may need to move into new occupations or upgrade their skill sets. Skilled workers in short supply will become even scarcer. Any company that doesn't join the early adopters and doesn't address its underlying talent needs may fall short of reaching its goals.

Employers should lead the way

The pace and scale that technology disrupts is a social, political and business challenge.
Employers are best placed to make a positive societal impact, for example, by upgrading the abilities of their employees and equipping them with new skills. Employers will also reap the greatest benefit if they can successfully transform the workforce in this way.

Talent is the largest barrier

Talent is the largest barrier to the successful implementation of new strategies.

Many leading businesses realize that it is quicker and more financially prudent to look internally and develop the talent they already have. Yet only a third of global executives report that their organizations have launched any new reskilling programs.

Supporting the future of work

Successful and continuous transformation of the workforce involves 3 broad phases that at first might seem common.

  • Scouting: Looking at the future needs, the company needs to identify the most important skill gaps. Then assess the organization's readiness to deliver.
  • Shaping. To redesign work for the demands of a more digital future, creating upskilling programs together with employees, and developing the infrastructure to enable the deployment of talent.
  • Shifting: Moving the organization's suite of talent-related activities onto a bigger scale.

Capturing the full opportunity

The company needs to asses if they are capturing the full potential of new technologies to generate new revenues and not just trying to cut costs.

Many small individual initiatives within organizations don't see the urgency and end up falling behind, never realizing the magnitude of the opportunity in front of them.

Shaping phase

Companies should gain a clear understanding of the way each employee and team do their present work and involve them in redesigning their roles and ways of working. It will spark better ideas and ensure pain points will get addressed early on. It will also create stronger skill matches and smoother transitions.

When organizations introduce new work, outside-in analytics and expert input can also help to find answers.

Talent accelerators

Digital strategies are creating entirely new, mission-critical tasks. The redesigning of work is far more than changing existing roles. They need to identify the knowledge, skills, attitudes, and experience required, then look inside to find the best-fit talent.

Sometimes, employees may be identified that can already fit the requirements, and other times training and support should be provided to build new capabilities and skills.

‘Offboarding’ with sensitivity

Workplace transition demands enormous sensitivity. Some employees may fall short of acquiring the skills needed to make the transition to new areas of work, while others may prefer to seek new employment.

Many companies are forming partnerships with new, tech-savvy outplacement firms to help prepare employees for fresh opportunities by encouraging them to acquire new skills and encouraging growth mind-sets.

Accelerating the skilling engine

Companies will need to measure the return on their investment in employee skilling

For instance, the cost of giving employees new skills compared to the cost they would have spent on hiring. The expense should include the opportunity cost of waiting to hire.

SIMILAR ARTICLES & IDEAS:

Organizational Health

According to a decade long research, the health of an organization is based on alignment with a robust strategy, deep-rooted culture, and a clarity of vision.

The health of an organization ca...

Better Health = Better Performance

Extensive Data studies have found a link between the health of an organization and its performance.

Robust health is crucial to an organization's long term success.

The Four Organizational Recipes

Companies aligned with one of these four organizational recipes are more likely to be healthy and to deliver strong, sustained performance than those following random management styles:

  • Leader Driven
  • Market Focused
  • Execution Expertise
  • Talent and Knowledge-based

4 more ideas

Automation Is Here

Automation has a huge potential to change the nature of work, freeing up workers from tedious, repetitive, and precision work. Automation is a transformational change for owners, employees and...

Aim High

A thorough reassessment is required of how the company operates and how best to capture the impact of automation.

Companies who have just automated on the surface have had small and limited results that don't last. Companies that have understood and deployed the high-risk, high-reward proposition have completely transformed it's business offerings and have become market leaders. They have also redeployed the freed up workforce and provided additional services, even turning their competitors into customers.

Commit and Communicate

A joint effort of commitment and communication is essential for a thorough approach to automation and has to be led by top management.

Apart from IT, all stakeholder groups like HR, Operations, Business Units have to be engaged, and communicate consistently.

2 more ideas

Make space to create meaning

Provide digital self-assessment tools and the types of personal exploration exercises that facilitate reflection.  

These mechanisms can help employees identify personal sources...

Provide the right amount of structure

Formal employee programs and activities, such as rotational opportunities, innovation labs, reverse mentoring and milestone experiences, can help employees build deeper, more diverse relationships while promoting growth.

Build strong teams

Deepening relationships is a key source of fulfillment.

Shared experiences help employees come together in ways that build meaningful connections and trust. Activities that provide a common purpose — such as an escape room game or a hackathon — are especially effective.

one more idea

Understand Your Performance Evaluation

Find out if your performance evaluation is according to what you understand. Identify your goals and key performance indicators with your manager, and discuss accordingly.

Solve your Blind Spots

Ask for feedback, learn from it and adjust your performance (or behavior) according to the areas of improvement that you get to know from others.

Example: After giving a presentation, talk about what went well and ask if there is something that you could have done better.

Keep a Journal

Keeping a journal with a record of your learnings and feedback (areas of improvement) can keep us on the right path, and speed up our progress, and learning too.

Listing out 5 or 10 areas of improvement and tracking the progress in weekly or monthly reviews is a great way to develop your career.

3 more ideas

Be always reliable

Totally reliable members are like gold. Delivering work on time every time is priceless.

Not afraid of failure

A good team player is not fearful of failure.

Head hunters are now actively seeking out those employees who can clearly recount what went wrong with a project and what lessons they learned.

Share information

A good team member doesn't regard other team members with suspicion, envy or resentment.

They understand that sharing information is vital to efficient problem solving.

7 more ideas

Leadership Development

Leadership development is viewed as a current and future priority. Despite efforts to produce and nurture new leaders, only 7 percent of senior managers think that their companies develop global le...

Overlooking context

Many training initiatives assume that the same group of skills or leadership styles are suitable without considering the strategy or organizational culture of a company.

An excellent leader in one situation does not necessarily perform well in another. Focusing on context means equipping leaders with two or three competencies that will make a distinction to performance, rather than a list of leadership standards that is of no specific benefit.

Separate reflection from real work

Companies face a challenge when it comes to planning the program's curriculum.  Adults typically retain only 10 percent of what they hear in classroom lectures, but nearly two-thirds when they learn by doing. 

The answer seems straightforward: tie leadership development to real on-the-job projects. While it is not easy to create opportunities that simultaneously address high-priority needs, companies should strive to make every major business project a leadership-development opportunity as well.

2 more ideas

Motivation to learn

We have an impressive ability to learn, but our motivation to do so tends to decrease with age:

  • As children, we are naturally curious and free to explore the world around us. ...
Knowledge and expertise

In this digital age, knowledge and expertise have been devalued.

What you know is now less relevant than what you can learn, and employers are less interested in hiring people with particular expertise than with the general ability to develop the right expertise in the future.

Access to information

When we can all retrieve the same information, the key differentiator is not access to data, but the ability to make use of it, the capacity to translate the available information into useful knowledge.

5 more ideas

Lifestyle Gamification
Lifestyle Gamification

It is when you to turn a task into a game to motivate yourself to finish it.

It motivates the "player" to chase after rewards as he gets points and achieve new levels with new challen...

What Makes Games Addictive
  • Epic meaning and calling to finish a mission.
  • Development and accomplishment inspires us to finish the game.
  • Empowerment of creativity to bring imagination to life.
  • Ownership and possession of rewards.
  • Social influence and relatedness or envy.
  • Scarcity and impatience to have things we don't have.
  • Undpredictability and curiosity of what the next challenges are.
  • Loss coins and chances and avoidance of failure.
Be a Game Master
Attach rewards to your to do list. 
  • Reward yourself for fulfilling one or several tasks

Use surprise rewards.

  • Determine a reward by chance.

Engage in time-based challenges

Make a deal with your friend.

  • Challenge and motivate each other to finish a task

2 more ideas

Diversity & Inclusion
Diversity & Inclusion

There is a significant relationship between competitive profit gains and diversity.

Companies with gender, ethnic and racial diversity are at least 15 percent more likely to experience...

5 Lessons for Managing D&I
  • Recognize the Shift in Global Understanding of D&I.  Diverse thinkers come from a variety of different backgrounds.
  • Build an Inclusive Environment. All people are encouraged to draw upon their unique experiences, perspectives and backgrounds to advance business goals.
  • Use Multiple Practices and Measures.  Have solutions in place to monitor and retain a talented and diverse workforce.
  • Ensure Leaders Model Diversity and Inclusion. It sets the tone for the rest of the organization to follow suit.
  • Recognize the Connection Between Innovation and D&I. Diversity and inclusion increase innovation and reduce business risk.

Cognitive Diversity

The concept of cognitive diversity focuses on diversity of thinking and is composed of four dimensions:

  • Perspectives. People represent situations in different ways
  • Interpretations. Through diverse interpretations, teams can discover multiple resolutions.
  • Heuristics. People resolve issues in different ways.
  • Predictive models. Some analyze, and others look for a story. Both are useful for discovering workplace solutions.

“The biggest risk is not taking any risk. In a world that is changing really quickly, the only strategy that is gu..."

Mark Zuckerberg, CEO of Facebook
Skills Needed In Digital Leaders
  • Work together, complement each other, and function as a team.
  • Able to operate on and enable environments that are more dynamic, team-centric, and connected.
  • Lead and build teams and partner with the broader ecosystems, keep people connected and engaged, and drive a culture of innovation, learning, and continuous improvement.
  • Lead a workforce that includes contractors, the contingent workforce, and crowd talent.
  • Understand how different business functions, industries, and technologies come together to form solutions.
  • Comfortable and competent with risk-taking.
Demographics And Leadership Destiny

Millennials expect to be developed via opportunities, mentoring, and stretch assignments. However that is hard to come by in top-heavy companies. 

Most millennials think their roles provide little development while most companies report they have excellent or adequate programs for Millennials.

5 more ideas