As the world focuses on a global pandemic, remote work has been a popular topic. As reported by Brian Fung, Google just Announced the extension of their remote work policy to July of 2021 – an acknowledgement that the pandemic could be with us a while. Siemens decided to make their policy permanent, but as this Recent Announcement indicates, their approach is very refreshing. Following in the footsteps of others, Siemens is adopting a new model that will allow employees worldwide to work from anywhere they feel comfortable. The permanent standard allows employees to leverage the new model for an average of two to three days a week. This article by Justin Bariso focuses on the refreshing part of the announcement, reflected in this quote by incoming CEO Roland Busch:
Can we ever go back to the way things were? That’s the question Manon DeFelice asks in a recent Article that explores the return to the office. The article provides some interesting insights. For instance, about 62% of Americans say they have worked from home during the COVID-19 pandemic, according to a recent Gallup Poll. A majority (59%) of those individuals say that remote work would be welcome post-pandemic. One of the concerns often stated about remote work is the impact on productivity. Well, Ms. DeFelice shares results from a YouGov Survey that found 54% of professionals ages 18-74 felt that working from home has had a positive impact on their productivity.
As I continue to research the societal factors that influence our future, I’ve explored broad topics from Government Deficits to Modern Monetary Theory. Most recently, I’ve looked into something that lies at the heart of many societal ills; unemployment and underemployment. That journey led me to my most recent book titled: A Job Guarantee. I just added a book – written by Pavlina R. Tcherneva – to my Book Library. Ms. Tcherneva is an American economist of Bulgarian descent, working as associate professor and director of the Economics program at Bard College.
A recent Article on the future of work focused on an important piece of the story: a future employee compensation model. Author Dwight Chestnut proposes a new model that he calls the Empowered Employee Compensation Model (EECM). This new workplace compensation model was the result of a new economic research initiative. The model replaces hourly wages, salaries and benefits with ten new income resources and benefits and is projected to drive a three-fold increase in the aggregate standard of living.
The notion that a renaissance man is more important today than ever is presented in recent Research by Burning Glass Technologies. Perhaps the best renaissance man of all time was Leonardo da Vinci, who was highly esteemed for his broad knowledge of many fields. The research concludes that we must all become more da Vinci-like in our careers. Said another way: learning a single skill in isolation has a short shelf life. Learning complementary skills becomes critical in what the research describes as a hybrid job economy.
The World Economic Forum focused on wages in a recent Article that described a new Report from Hays, the world’s largest specialist recruiter. They highlight another year of change ranging from the tensions rising over trade relations between the US and China; to the uncertainty around Britain leaving the European Union; to the increasing levels of scrutiny against ’Big Tech’ and the ensuing debate surrounding privacy and content.
The IMF forecast a slowdown in global real GDP growth due in large part to the fear of the unknown. The Global Skills Index developed by Hays tracks the trends facing the global labor market. Here are some of the key findings:
In a recent Article posted on the Singularity Hub, the author describes the first report of the MIT Task Force on the Work of the Future. This group of MIT academics was set up by MIT President Rafael Reif in early 2018 to investigate how emerging technologies will impact employment and devise strategies to steer developments in a positive direction. The primary finding from this report is that it’s the quality of the jobs we should worry about – not the quantity.
I just added another very good book to the Book Library: The Future of Work: Robots, AI, and Automation. Author Darrell M. West looks at a world in which our current views of work change. He explores the implications to our social contract and the policy decisions so critical to revising that contract for a new era. Structural change – which Mr. West explores in the book – has long been a tenet of my work. The future of many of our institutions will either change by our proactive acknowledgement that they must change – or they will be undermined.
The conversation so nicely positioned by our author is one that must happen at all levels of leadership. This does not have to be a Utopian versus Dystopian discussion. Rather, like the major disruptive periods of our past, leaders need to lead.
I wrote about a recent analysis conducted by Bain & Company in an earlier post on the Turbulent 2020s and what it means for the 2030 and beyond. An interesting related exchange on Twitter focused on the impact of birth rates on the core issues of demographics, automation, and growth.
In a recent article, Kevin Drum makes a compelling argument that You Will Lose Your Job to a Robot—and Sooner Than You Think. The piece is a little long, but this is a must read for everyone. At the heart of his argument lies the exponential progression of artificial intelligence (AI). Using the human brain as a barometer, AI will reach one tenth the power of the human brain by 2035. By 2045, we will have full human level AI.
Join me on the June 9th episode of CXOTALK with Industry Analyst and host Michael Krigsman. We will be joined by Anthony Scriffignano, Chief Data Scientist, Dunn & Bradstreet. A quick description of the episode:
What are the implications of technology and new business models on the future of work? The impact of technologies such as artificial intelligence and robotics have profound implications for both companies, individuals, and society. At the same time, government policy on these issue lags technology and the impact on people. On this episode, a respected futurist and well-known data scientist explore these complicated and important issues.
Here is the summary of a recent article I wrote for the Insurance Innovation Reporter. Please visit their site to see the full Article.
Accelerating advancements in science and technology have set the foundation for massive shifts in the decades ahead, yet we continue to operate on a platform meant for a different time. This platform has hit a productivity wall, and a new emerging platform has changed the expectations of those we engage with. As they advance, these shifts will challenge our long held beliefs and intuition, while changing long standing business models across industries. In the face of this, organizations must unlearn what they know and embrace new ways of thinking. This is especially important in our approach to the workforce and the evolution of our management paradigm. How we lead the modern workforce will require change, and it starts with four crucial shifts: embrace a new way of working, move towards a collaborative management paradigm, value human characteristics, and plug into the emerging platform.