Its a Diffe re nt World Out T he re W W W . C HIC A G O LA N D - - PowerPoint PPT Presentation

W W W . C HIC A G O LA N D RISKFO RUM . O RG

T he F uture o f Wo rk

It’s a Diffe re nt World Out T he re

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Did yo u use Artific ial I nte llig e nc e this mo rning ?

Will you tomorrow?

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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

Everything is personal Technology is everywhere Connected Always online Ready access to information

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If Facebook were a country it would be the largest in the world.

Source: facebook.com.

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The number of text messages sent and received in one day exceeds the population

• f the planet.

Source: wikipedia.com.

6

Baby Boomers are retiring at the rate of

• ne every 9 seconds

between now and 2029

Source: USA Today Money

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The average U.S. student today will have 10 to 14 jobs before age 40.

Source: U.S. Department of Labor.

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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?

33% 25% 65% 50%

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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%

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Wo rk is e vo lving

Late 19th – early 20th century “The assembly line” 1960s – 1990s “Nikefication” and core competencies 2000s – “Uberization”

Features:

• Underpinning for Coase’s

theory of the firm

• Companies as social

institutions

• Organization of work into jobs
• Jobs as careers

Features:

• Technology enablement and

the web

• Companies as the nexus of

contracts

• Streamlining of jobs to enable
• utsourcing

Features:

• Mobile, sensors, AI and

machine learning

• Companies as platforms
• Disaggregation of work into

activities

• Talent on demand

SECOND INDUSTRIAL REVOLUTION THIRD INDUSTRIAL REVOLUTION/ FIRST MACHINE AGE FOURTH INDUSTRIAL REVOLUTION/ SECOND MACHINE AGE

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T he “Ro bo -g ig ” e c o no my is transfo rming bo th wo rk and jo bs

Human & machine collaboration • A truly connected world

• f organizations list

missing skills as the single biggest impediment to digital transformation

77%

38–40 million skilled worker deficit 90–95 million low‐skilled worker surplus

Use of digital media for work

69%

850,000

Technologists on TopCoder.com

(from 6k 10 years ago)

Mobile Users

3.6BN

• f companies have

contingent employees

41%

$2.7BN

GDP boost by talent platforms in <10 years

Rapid increase

digital robots and virtual personal assistants

Social & organization reconfiguration • All inclusive global talent market

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Ne w func tio ns are e me rg ing

Nanotechnology

Cyber Security

Additive Manufacturing

Risk Management

Precise genetic‐engineering

Fuel Cell Engineers Outcome Based Sales

Artificial Intelligence & Robotics

Globalization

Mobile Devices Programming

Data Analytics

Digital Marketing

Infotainment/Connected Devices

Healthcare

Bio Statisticians

Project Manager

Predictive Analytics

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T he rise o f ne w and e me rg ing jo bs

CYBER‐SECURITY ANALYST ROBOT TRAINER DATA SCIENTIST CHIEF DIGITAL OFFICER DATA, TALENT AND TECHNOLOGY INTEGRATOR WORK ARCHITECT

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Talent platforms Traditional employees Outsourcing Robotics Artificial Intelligence Free agents Volunteers Alliances

• 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 e ffe c tive ly

• 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

K no w the wo rk and o ptio ns fo r do ing wo rk

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The NEW…

A who le e c o -syste m fo r finding wo rk, skills and tale nt e xists o utside o f

• ur o rg anizatio ns

#Bot Excel C# Java Cloud Python

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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

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What are the implic atio ns fo r T

• tal Re wards?

.

. .

Align to Worker Value Proposition Expansion of digitization in total rewards delivery and experience Pay for work

• vs. Role

More tailored total rewards with increased choice for workers

Renewed focus

• n financial wellness

Continued focus

• n wellness

Expansion of Voluntary Benefits

Measuring what matters with total rewards analytics

Rebirth of variable pay

Emphasis

• n work environment

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What le ade rs c an be do ing no w

Understand how technology is impacting your business

• Identify new or different skills needed to guide the future
• Gain an understanding of the workforce of your future
• Clarify the new desired organizational culture

Take advantage of digitalization for how work gets done at your company

• Assess how can work be deconstructed to be done in a more efficient and effective way
• Determine how you accommodate a range of work options (from AI and Robotics to contingent

labor)

• Align the right rewards to the workers

Provide opportunities for Learning and Development

• Build out your learning and development programs to ensure you upskill the workforce to meet

your future needs

• Better incorporate learning and development into your rewards programs

Leverage technology to shape your employment and worker value proposition

• Build out an Employee Value Proposition that takes advantage of technology touchpoints inside

and outside of your organization

• Leverage technology and data insights to shape a value proposition for all types of workers

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Que stio ns and Co ntac t I nfo

Andrea Walsh

Senior Director, Talent & Rewards Talent Line of Business Leader, Chicago & Wisconsin Willis Towers Watson

andrea.walsh@willistowerswatson.com

Thank You!