T he F uture o f Wo rk It’s a Diffe re nt World Out T he re W W W . C HIC A G O LA N D RISKFO RUM . O RG
Did yo u use Artific ial I nte llig e nc e this mo rning ? Will you tomorrow? 2
Our wo rld has c hang e d…and te c hno lo g y and dig itizatio n is ac c e le rating the pac e o f c hang e unlike anything we have e xpe rie nc e d be fo re Always online Connected Ready access to Everything Technology information is everywhere is personal 3
If Facebook were a country it would be the largest in the world. Source: facebook.com. 4
The number of text messages sent and received in one day exceeds the population of the planet. Source: wikipedia.com. 5
Baby Boomers are retiring at the rate of one every 9 seconds between now and 2029 Source: USA Today Money 6
The average U.S. student today will have 10 to 14 jobs before age 40. Source: U.S. Department of Labor. 7
What pe rc e ntag e o f c hildre n e nte ring sc ho o l to day will e nd up in jo bs that do no t ye t e xist? 25% 33% 50% 65% 8
What pe rc e ntag e o f c hildre n e nte ring sc ho o l to day will e nd up in jo bs that do no t ye t e xist? 65% 9
Wo rk is e vo lving FOURTH INDUSTRIAL REVOLUTION/ THIRD INDUSTRIAL SECOND MACHINE AGE REVOLUTION/ SECOND INDUSTRIAL FIRST MACHINE AGE REVOLUTION Features: Features: Features: Underpinning for Coase’s Technology enablement and Mobile, sensors, AI and theory of the firm the web machine learning Companies as social Companies as the nexus of Companies as platforms Disaggregation of work into institutions contracts Organization of work into jobs Streamlining of jobs to enable activities Jobs as careers Talent on demand outsourcing Late 19 th – early 20 th century 1960s – 1990s 2000s – “Nikefication” and core competencies “Uberization” “The assembly line” 10
T he “Ro bo -g ig ” e c o no my is transfo rming bo th wo rk and jo bs 3.6BN 38–40 million 90–95 million Social & organization reconfiguration • All inclusive global talent market Human & machine collaboration • A truly connected world skilled worker low ‐ skilled worker deficit surplus Mobile Users 69% Rapid increase 850,000 digital robots and Technologists on virtual personal TopCoder.com Use of digital assistants (from 6k 10 years ago) media for work of organizations list $2.7BN 41% 77% missing skills as the GDP boost by talent single biggest platforms impediment to digital of companies have in <10 years transformation contingent employees Sources: Digital Media & Society, World Economic Forum in collaboration with Towers Watson; Towers Watson Research; also reference McKinsey & Co 11
Ne w func tio ns are e me rg ing Artificial Data Analytics Globalization Nanotechnology Intelligence & Robotics Outcome Based Sales Bio Statisticians Cyber Security Risk Management Digital Marketing Precise genetic ‐ engineering Fuel Cell Engineers Project Manager Mobile Devices Additive Manufacturing Programming Infotainment/Connected Devices Predictive Analytics Healthcare 12
T he rise o f ne w and e me rg ing jo bs WORK ARCHITECT DATA SCIENTIST CHIEF DIGITAL DATA, TALENT CYBER ‐ SECURITY ROBOT TRAINER OFFICER AND TECHNOLOGY ANALYST INTEGRATOR 13
K no w the wo rk and o ptio ns fo r do ing wo rk Jo bs are c hang ing a s te c hno lo g y e nable s wo rk to be frag me nte d into disc re te tasks that c an be pe rfo rme d mo re e ffic ie ntly and Traditional Outsourcing Free agents Alliances e ffe c tive ly employees Cha ng ing de mo g raphic s a s mille nnials e nte r the wo rkfo rc e and have diffe re nt e xpe c tatio ns o f wo rkplac e and ho w wo rk g e ts do ne Talent platforms Volunteers Robotics Artificial Intelligence 14
A who le e c o -syste m fo r finding wo rk, skills and tale nt e xists o utside o f o ur o rg anizatio ns The NEW … #Bot Java Cloud C# Python Excel 15
Unde rstand the wo rk, the kno wle dg e re quire d to g e t it do ne …and what are o ur g aps? WORK ARCHITECTURE The infrastructure for organizing work — jobs, knowledge and/or skills 16
What are the implic atio ns fo r T o tal Re wards? Align to Pay for work Expansion of Worker Value digitization in vs. Role Proposition total rewards . . delivery and Measuring what matters with Rebirth of variable pay experience total rewards analytics Renewed focus More tailored total rewards . with increased choice for workers on financial wellness Continued focus Expansion of Emphasis on wellness Voluntary Benefits on work environmen t 17
What le ade rs c an be do ing no w Identify new or different skills needed to guide the future Understand how technology is Gain an understanding of the workforce of your future impacting your business Clarify the new desired organizational culture Assess how can work be deconstructed to be done in a more efficient and effective way Take advantage of digitalization for Determine how you accommodate a range of work options (from AI and Robotics to contingent how work gets done labor) at your company Align the right rewards to the workers Build out your learning and development programs to ensure you upskill the workforce to meet Provide opportunities for Learning your future needs and Development Better incorporate learning and development into your rewards programs Build out an Employee Value Proposition that takes advantage of technology touchpoints inside Leverage technology to shape your and outside of your organization employment and worker value Leverage technology and data insights to shape a value proposition for all types of workers proposition 18
Que stio ns and Co ntac t I nfo Thank You! Andrea Walsh Senior Director, Talent & Rewards Talent Line of Business Leader, Chicago & Wisconsin Willis Towers Watson andrea.walsh@willistowerswatson.com 19
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