Hybrid working models, employee listening, inspirational resilience, and job redesign will define the now normal, per speakers at a virtual event by the World Economic Forum (WEF) and the WEF Future of Jobs Report 2020.
Every second news today is about the deep impact of COVID-19 on the way we live and work and how the future will shape up. This impact is not a short-term one that will disappear when the pandemic ends. The world as we have known it will change completely and the implications are long-lasting.
At a virtual event by the World Economic ForumOpens a new window (WEF), several renowned speakers discussed Setting the New Standards for the Future of Work. The speakers included Tanuj Kapilashrami, group head, human resources, Standard Chartered Bank; Yulia Chupina, senior vice-president, Sberbank; Lynda Gratton, professor of management practice, London Business School; Stefano Scarpetta, director, employment, labour and social affairs (DELSA), Organisation for Economic Co-operation and Development (OECD); Harshvendra Soin, global chief people officer and head, marketing, Tech Mahindra Ltd; and Ravin Jesuthasan, managing director and global practice leader, Willis Towers Watson.
The WEF has also shared a reportOpens a new window , according to which five imperatives to resetting the future of work:
- Transform organization and work design
- Cultivate health and well-being
- Align new tech and skills
- Build a human-centric leadership culture
- Embrace stakeholder capitalism.
The speakers’ insights focused on how the new normal is actually the now normal, that there are two parallel economies: talent and gig, what leadership for the future will look like, and the need for hybrid business models to succeed.
The leaders shared what most leaders across the globe are experiencing. As this reset begins, there is excitement about the new business models and caution about whether companies will be able to identify the balance between using technology and retaining human connections.
Where the World Is Headed
As the speakers shared, this is the emergence of anytime, anywhere, any device kind of meaningful work. Also, while there is a need to use a high-tech approach, it will have to give a high-touch experience to employees.
Tanuj Kapilashrami of Standard Chartered Bank, shared data from one of the bank’s studies, where 74% of the entire workforce shared that after the crisis, they see themselves working from home at least 50% of the time. But for some periods they want to be able to come to the office. Hence, a hybrid model is preferable.
Another important trend that will reset the future of work is the growth and emphasis on employee listening and using data for decision-making.
Much has been said about the steps that need to be taken to be future-ready. While roadmaps and strategies seem to be getting prepared, the success of implementation is what will determine whether companies are truly ready for the future of work.
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3 Priorities for the Future of Work
While many trends are emerging, there are some that are top priority for the first phase of change.
Employee listening
Companies have the golden opportunity to move forward by listening to their employees. This needs to go beyond understanding what they want, such as remote work options, to actually ask them about their experience of this crisis, what they feel, and how the pandemic has shaped their thought process about life and work. Such active listening can give organizations insights about what they need to do about the future and what their employees truly value.
Job redesign
To be able to work effectively in the future, organizations need to completely overhaul some roles. As Harshvendra Soin said in the session, roles are now shifting to become tasks, and that needs some thought.
Kapilashrami explained how Standard Chartered Bank spent time looking at work and job families in detail only to realize that 80% of the jobs could be done with greater flexibility. This realization and subsequent redesign of the job itself has massive potential for hiring from diverse segments and creating an inclusive workplace.
Inspirational resilience
Leadership development for the future is the need of the hour. The workforce can adapt to the rapid change if they are led by leaders who have the competencies and skills that are needed for the future and not that of the past. These competencies are being redefined each day, and one of the major competencies discussed in the session was inspirational resilience. A recent BetterUp study found that companies that grew in resilience experienced thrice the annual growth than those that did not. Therefore, only resilient leaders can build resilience in their employees.
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In the post-pandemic era, everything that has ever been important will be evaluated under the magnifying glass to understand if it will remain relevant to the transformed and transforming business landscape.