2023 - Technology and The Future of Work
A Set of Predictions about how 2023 will change the way we work.
What if you are told…
“You will be fired in 2023!”
You will never believe it, but Bank of America estimates that the US economy will start losing 175,000 jobs per month in 2023, which means that 5% of the able workforce will be cut out of the job sector.
The downslide has already started in 2022 with Meta, Twitter, Amazon taking the lead in layoff numbers.
Here is more. Research states that “85% of jobs that will exist in 2030 have not been invented yet.”
Sounds strange, right?
That’s why, this rapid evolution of the Future of Work, Workers, and the Workplace in the coming years keeps many CEOs up at night. The impact of COVID-19 and new technologies have radically transformed the way of conducting business and the type of skills needed in the new job economy.
Yet, ‘technology’, remains effective in every scenario we imagine for the future of work. Let’s understand this by examples. Avionics is replacing soldiers and artillery with drones and control towers. Agri-tech is replacing farmers and redundant machinery with custom fertilizers and latest equipment. Health-tech is doing wonders in diagnosis, treatment, and medical research. Edu-Tech is bringing a revolution in online & accessible learning.
So it’s understood that technology is continuously reducing the need for full-time workforce in large numbers, so more and more workers will need to re-skill and up-skill. These factors will also change the basic components of future work, such as how the work is done, who does the job, and when and where the work is done.
Let's have a look at the work style of the coming year and beyond.
1- Hybrid Working
Over the last two years, one of the most significant changes impacting many workers across the globe has been the shift away from the office. This big departure is 'hybrid work' that has transformed the way we think about employment and the workplace. A modern and flexible system being practiced successfully worldwide, yet we can’t say it is a one-size-fits-all working setup for all businesses.
Hybrid work has provided improved work-life balance to the workers. This flexibility drives higher productivity and more employee engagement at work. Companies can now hire people worldwide, ensuring round-the-clock productivity, yet saving resources.
It is now evident that the future of work is hybrid, and this model is here to stay.
2- 4-Day Work Week
Pandemic-fueled anxiety is surging around the world. In the US alone, more than half of all employees report feeling stressed most of the day at work. Job quits are at record levels, running at four million a month, and people are burning out. In response, many companies are offering a 4-day work week with no cuts in pay.
It’s not a new idea, but the pandemic has turbo-changed it. Employers realize that if they rethink where people work, they can also review how many days they’re on the job. Unlike policies in which one party profits at the expense of another, the 4-days week can benefit workers, companies, and the society and can even be a gateway for addressing climate change.
For nearly a decade, companies and governments have been experimenting with shorter hours. The research shows that people are less stressed, value their jobs more and have better lives outside the workplace. In most cases, they are as productive in four days as in five.
The future of work will revolve around choice and flexibility, where employees can choose their workplace and work style. The dramatically happier behavior and grown revenue prove that the future of work will be all about the 4-day work theory.
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3- Skills will be Preferred over Credentials
In the past, job future was uncertain without formal qualification. The job economy needed university graduates.
As the years pass, while the cost of a university degree increases, the mechanism of returning the cost often lingers into a student’s 30s. The cost of degrees will constantly be increasing, but unfortunately, the knowledge gained from the 4-year degree program will be less relevant even after 5 years.
To stay competitive, employees need to keep learning new skills and expertise. These skills and knowledge can be learned through websites, YouTube, eLearning seminars and countless other mediums. Today companies demand more than just technical skills, they want people with creative mindsets, problem-solving skills and the ability to deal with complexity.
4- Employee Well Being
If you were asked to describe the qualities of a healthy company environment in 2019, you could talk about collaboration and maintaining a fun work culture.
But if someone asks you the same question today, will your answer be the same?
Factors caused by COVID-19 such as working from home, caregiving challenges, virtual meeting fatigue, turnover, staff shortage, and countless other reasons compounded by loss and grief have raised mental and physical health crises.
More than a year into the new normal, many employees still carry unaddressed mental burdens to the workplace, which then affects work productivity and leads to disturbing physical health. For this reason, the meaning of employee well-being has expanded from physical health to mental resilience, financial security, and overall working environment.
Companies acknowledge that employee well-being is critical to ensuring business growth. As a result, organizations are now investing in employee wellness programs to help people create holistic wellness – mentally, physically and financially.
Today employee well-being is all about effective strategies that promote physical and mental health to help strengthen work and family relationships.
5- Equality, Inclusion, and Gender Diversity
Research proves that inequality in the workplace not only affects individuals but has a great impact on the productivity of businesses as well. Companies with higher gender diversity are more likely to have above-average profitability.
Equality and diversity in the workforce promote equitable opportunities, respect and equal treatment for all individuals, regardless of race, age, gender identity, religion, disability, nationality, language, and migration status.
The future of work will be about equality and diversity in the workforce encouraging individual contribution and responsibility, thus giving birth to new ideas and raising the business to a new level.
It's Time to Prepare Ourselves
We all know it’s hard to make predictions, especially about the future. The only thing we can say about the future is that it will differ from today.
New technologies such as robot surgeons and driverless cars have captured public curiosity about the future of work. Whereas advancement in AI will have a deep impact on the nature of work and availability of jobs in coming decades.
So, it's time for a wake-up call to prepare ourselves for the CHANGE.
Interesting times ahead!