The Future of Work

The future of work is a topic of significant interest and discussion, as technological advancements, shifting demographics, and evolving economic conditions shape the way we work.

After reviewing the 2023 weforum’s report, I wanted to share my thoughts on the key findings.

They are as follows;

1) Women experiencing lower levels of employment following the pandemic

2)Decline in real wages due to cost-of-living crisis

3)Broader application of ESG standards

4)Analytic and creative thinking, most important skills for workers

5)Systems thinking, AI and big data, top 10 growing skill

1)Women experiencing lower levels of employment following the pandemic

Here we go again, just when we feel as though we are making some real progress, the numbers tell another story. History will show you off the back of a crisis, the same groups tend to be more affected than others in the labour markets and this time it is women who are experiencing lower levels of employment. Whether it is conscious on unconscious, it is happening and we need to be aware of this and to be more inclusive in our decision making. We need to be more inclusive in our hiring practices so that the same groups are not always most affected.

2)Decline in real wages due to cost-of-living crisis

The cost-of-living crisis is real and it is something that employers need to think seriously about as it is impacting peoples quality of life and therefore their wellbeing. It is important to address this because if peoples wellbeing is being affected, that will lead to it having an impact on the employees performance. We need to take care of our people so that they can take care of the business.

3)Broader application of ESG standards

Adopting ESG principles can lead to more responsible and sustainable business practices, attract socially conscious investors, enhance reputation, and mitigate various risks. So it is fair to say it will be top of mind for many. We are having more and more conversations with client @ thecentreforinclusiveleadership about this topic in particular. Companies understand the importance and need for it and want to make a real impact which is great news all round.

4)Analytic and creative thinking, most important skills for workers

Whilst AI is great for advances in the way we work, it still cannot fully replace a human touch. Well, not yet it can’t. So it’s no surprise that this ranked as the most important skills in 2023. Not only that, I think there is a ‘rise against the machines’ movement taking place as people are aware of what the future could look like and it’s scary. We know that AI is developing at a speed that we cannot comprehend but as of yet, it cannot work with feeling and emotions and keeps us ahead of the game. We @ thecentreforinclusiveleadership say that inclusion is a feeling and this is why it is so complex because we are dealing with feelings and emotions. It is multi-layered and multi-faceted. It cannot be solved with AI, it requires empathy and human experience.

5)Systems thinking, AI and big data, top 10 growing skill

Organisations are always looking for ways to cut costs and be more efficient and this is it. Not to mention the fear of being left behind. AI is evolving at such a pace, it is crucial to keep on top of it so that you re not left behind by the competition. An obvious example would be Chat GPT, which can do most things a human can in a fraction of the time. So, unfortunately, expect more and more low levels positions to be replaced by machines.

It's important to note that the future of work is complex and constantly evolving. While these trends provide insights, their manifestation and impact will vary across industries, regions, and cultural contexts.

You can read the full report below

https://www3.weforum.org/docs/WEF_Future_of_Jobs_2023.pdf