“Future of Work : Rethinking Work, Workforce and Workplace”

Globalization, technological progress and demographic change are creating a significant impact in the labor market and the society at large. It is therefore crucial to bring about changes in the workplace to manage the transition with the least possible disruption, while maximizing the potential benefits. While it is anticipated that the future of work will be much advanced and superior to what it is today, it is also probable that we will be inviting some amount of turbulence in the process of bringing about innovation.

With artificial intelligence, autonomous systems, and robotics showing us extraordinary progress and spectacular demonstrations in the last few years, the question arises if AI will replace humans, which is unlikely because technological progress makes some occupations obsolete while creating new jobs.

We will be a spectator to different kinds of transitions, the first one being the shift in occupational mixtures. The work that is relatively easier to automate compared to the work which is harder to automate, if taken into account, will result in some occupations growing more than others. In order to keep up with the emerging technologies and adapt to working with new highly complex machines, people who are moving to new occupations are going to require higher skills and thus there will be a transition in the skill requirements too which will prove to be substantial. The third transition will be in the wage structure which will impact the economy in an unprecedented manner.

Simultaneously we will have to embrace and manage these transitions which is a big challenge that lies ahead of us.

Another huge factor that determines the future of work is the inclusion of Work from home culture and freelancing. It has unleashed the workforce, freeing it from many traditional bounds and constraints. The broadening of this talent continuum gives business leaders a chance to engage in a multi-channel workforce strategy that leverages a mix of traditional full-time employees, freelancers, joint ventures, contractors, crowds, and robots.

Therefore, in order to make the most these technological advancements and unleash exponential growth in the markets, business leaders need to employ new organizational techniques that will include the right mix of exponential technologies, business models, and, most importantly, human talent. Doing so could ensure that the future of work is both productive and rewarding for all.

Co-Author : Trishita Chatterjee, Lead - Content Creation and Development, CodeBinary Initiatives (https://community.codebinary.in/)