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Hr gurukul futureof work curations

Future of work . How can one write on a topic that is ever evolving and ever growing. I
have been researching, exploring a...
5 Mega Global Trends affecting Future of work are
1. Technological Advances
2. Globalization
3. Network Economy
4. Knowled...
Technology - Advances in technology disrupt business models . The IT Revolution we
have witnessed includes ( PC, Mobile , ...
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  1. 1. Future of work . How can one write on a topic that is ever evolving and ever growing. I have been researching, exploring and studying this topic from last 5 years and I dis- cover new insights , everyday. Nothing I say I this book is originalThis book is a curation of insights on Future of work. Everywhere references and links have been provided for reader to explore further. I have been recognised as Worldwide Future of Work Expert and In- fluencer by Onalytica (1) in 2016 and placed with illumi- naries like Josh Bersin. Many HR Professionals already know him but if you don’t know him , he is an HR Expert, Influencer and industry analyst and a friend whose work I really admire. You must follow his writings on LinkedIn and articles which get published in different platforms. 1. http://www.onalytica.com/blog/posts/future-of-work-top-100-influencers-and-brands/ How to succeed in a world that is disrupted by technological forces. Success is a relative term . Each one of us like to define success in our own personalised ways. This book is an attempt to bring the insights on Future of work that I discovered in last 5 years and help you prepare for Future and succeed in Life . I hope , you will appreci- ate the effort and make the most of the learnings from this book. 5 Mega Global Trends - Tectonic shifts in the marketplace The five global shifts are reshaping the world we live in. What are the implications for organisations, industries and society, right now and in the future? How can we shape and respond to them? 1
  2. 2. 5 Mega Global Trends affecting Future of work are 1. Technological Advances 2. Globalization 3. Network Economy 4. Knowledge Society 5. Demographics 2
  3. 3. Technology - Advances in technology disrupt business models . The IT Revolution we have witnessed includes ( PC, Mobile , Social, Online ) which have democratised data, empowered consumers, and gave birth to new industries and companies. Facebook, Google, Uber, Airbnb are new age companies which didn’t exist few years ago however now influence the way we search, look for information, travel, communication, network and connect. Globalization - Thanks to trade liberalization and emerging market growth, globalization has accelerated in recent decades. These trends disrupt existing business models by creating new competitors, reordering supply chains and lowering price points. The next waves – including the emergence of Africa and a more multipolar world – will increase complexity and require flexible business models to respond to global shifts. ( PwC ) Demographics – In the decades ahead, relatively high birth rates will make Africa and India engines of economic opportunity. Aging populations will transform everything from health care to real estate, while millennial-dominated workforces will reinvent the workplace. Meanwhile, urbanization will increase cities' economic and public policy clout, even as it strains their ability to grow in sustainable ways. Migration and immigration will also have profound impacts on workforces and economic development. All these demographic shifts will require new strategies and business models. ( PwC) 3
  4. 4. Network Economy - Network economy is the next economic revolution. It offers un- precedented opportunities and improves lives of billions worldwide. A sort of revolution is already underway. Over the last few years , we have grown from Industrial Economy to IT and Internet Economy. Network economy is catalysed by hyper-connectivity and paving way for in- novation. “Over the next 10 to 15 years, it has the potential to double the size of the gross world product,” SAP estimates that the Networked Economy will represent an economic value of at least $90 trillion. What exactly is the Networked Economy? It’s an emerging type of economic environ- ment arising from the digitization of fast-growing, multilayered, highly interactive, real- time connections among people, devices, and businesses. What’s driving the Networked Economy? Over the past decade, the world has seen sig- nificant changes in how people and businesses connect to each other. Social networks let billions of people collaborate in a variety of ways. Meanwhile, business networks have enabled new types of frictionless commerce. Now these two trends are converg- ing, catalyzed by the exponential increase in the network of devices connected via the Internet of Things (IoT). In fact, Gartner projects that the number of connected devices in the IoT will increase nearly 30-fold in just over a decade, growing from about 900 mil- lion connected devices in 2009 to more than 26 billion by 2020. “The numbers of people-to-people connections — business networks, social networks — they’ve all been growing over the past 10 years,” says Dinesh Sharma, SAP’s vice president of marketing for the Internet of Things. “Now businesses, processes, data, 4
  5. 5. and things — everything — can be connected in a network. That is transforming every- thing.” What must businesses do to thrive in the Networked Economy? First, they must under- stand that their customers, employees, and business partners expect them to be mo- bile, social, always on, and continually connected. (Those who aren’t yet thinking about that requirement should keep in mind that their competitors are already addressing it.) But while social, mobile and cloud computing helped set the groundwork for the Net- worked Economy, it’s important for businesses to understand that this revolutionary economic environment goes far beyond those technologies, creating unprecedented new opportunities for collaboration and customization. Equally important: Businesses must embrace and fully engage in both internal and ex- ternal business networks. “We believe that revolutionary, disruptive business models are now possible with these real-time digital connections across people, businesses, and devices,” Bapat says. Pioneering companies that have leveraged such networks to create new business models include Airbnb, the pioneering lodging-rental service; and Uber, a mobile app that connects people seeking taxicabs or ridesharing services. Businesses should also recognize, and take advantage of, one of the biggest and most immediate changes of the Networked Economy: the convergence of business and con- sumer networks. “They used to be entirely separate, “Now we’re seeing a dissolving of those types of boundaries.” For example: A business looking to purchase, say, a particular machine part can now turn to the ultimate consumer marketplace — eBay. “A company traditionally had its own limited B2B network of suppliers,” “Now technology can easily extend a search via a consumer network like eBay. That dramatically increases the number of choices available and creates new opportunities for savings.” (2) 2. https://www.technologyreview.com/s/530241/revolution-in-progress-the-networked- economy/ 5
  6. 6. Knowledge Soci- ety - This is a mega trend that is on the rise with newer techno- logical advances. Education sector has newer en- trants like Khan Academy , Coursera, EdEx. Well Iive in an era of abun- dance. We are filled with choic- es. We exchange information daily through apps like twitter, facebook, linkedin, Whats- App on our mobile phones . Knowledge society differs from information society. Dictionary definition describes knowledge society as A society based on the acquisition, dissemination, and use of information, especially by exploiting technological advances; a society with a knowledge economy. One of the Best definition of knowledge society is provided by UNESCO. We need to think about how can we leverage all of the information and knowledge that humans collectively possess to create workplaces, societies and a world which is better than yesterday. We have a huge opportunity and a responsibility in creating a more just society. 6
  7. 7. Millennials and Gen Z Much has been written and speculated over Gen Me Generation. I am a Millennial my- self . Millennials and Gen Z will form a huge part of Future workforce. In many compa- nies like IBM, Microsoft , Millennials already form a dominant workforce. In a famous quote William Gibson said - “ The future is already here, its not just evenly distributed” Some of us are living the future of work. 7
  8. 8. Millennial is an identity given to a broadly and vaguely defined group of people. There are two wings of "Millennial" that are often at odds with each other: Generation Y (people born between 1981-1991) and Generation Z (born between 1991-2001) . Peo- ple of Generation Y often have characteristics similar to Generation X, which is why Generation Z will confuse Generation Y with Generation X and then claim to be the generation that represents "MIllennial," when in fact, birth years for Millennial range from about 1981-2001, just as the birth-years for Baby Boomers ranged from 1946-1964. Both Generation Y and Generation Z can be called "Millennials," with the primary dif- ference between the two being technology. Generation Y grew-up on personal com- puters, cell phones, and video game systems, while Generation Z has grown up on tablets, smartphones, and apps. Yet the common ground between both generations is that both have been transforming and altering communication and identity—not just in the United States but globally. (2) 2 - By Rosebud2939 January 08, 2017 ( Urban Dictionary) Millennials want Access, not ownership Millennials have been reluctant to buy items such as cars, music and luxury goods. In- stead, they’re turning to a new set of services that provide access to products without the burdens of ownership, giving rise to what's being called a "sharing economy." “25 YEARS FROM NOW, CAR SHARING WILL BE THE NORM, AND CAR OWNERSHIP AN ANOMALY.” - Jeremy Rifkin, Author and Economist Source: Goldman Sachs Global Investment Research ( 3) 3 . http://www.goldmansachs.com/our-thinking/pages/millennials/ Brands and retail Millennials’ affinity for technology is reshaping the retail space. With product informa- tion, reviews and price comparisons at their fingertips, Millennials are turning to brands that can offer maximum convenience at the lowest cost. % OF MILLENNIALS WHO COMPARE PRICES IN STORE 57 % Source: AIMIA Inc. “Born this Way: US Millennial Loyalty Survey” ©2012 8
  9. 9. Wellness For Millennials, wellness is a daily, active pursuit. They’re exercising more, eating smarter and smoking less than previous generations. They’re using apps to track train- ing data, and online information to find the healthiest foods. And this is one space where they’re willing to spend money on compelling brands. Millennials have come of age during a time of technological change, globalization and economic disruption. That’s given them a different set of behaviors and experiences than their parents. Millennials are the first Digital natives , their affinity for technology shapes how they shop, lead their lives and behave at workplace. They are used to instant access to in- formation for price comparisons, product reviews, and peer reviews. Some of these behaviours they carry to workplace. Therefore we see rise of Apps and Technologies at workplace. There are apps for Employee Wellness, Employee Engage- ment, Learning, Receiving and Giving Feedback , Recognition . Given that India will become the youngest country by 2021, with 64% of its population in the working age group of 20-35, according to the 2013-14 Economic Survey, compa- nies need to shape their strategies to remain relevant to this section, called millennial or Generation Y. Companies like Infosys, IBM India, InMobi and Microsoft India, where millennial talent is a significant part of the workforce, are implementing initiatives to attract, retain and en- gage this group. Many companies are setting up reverse mentoring programs to leverage the skills and talents offered by millenials. Since they are digital natives, they possess digital skills and reverse mentor senior leaders in the organization to build their Digital Presence. I am fairly comfortable with technology and use gadgets and apps frequently . however when it comes to snapchat - it failed me. So I decided to give it a try and learnt snapchat from my 10 year old niece Kashika . My Dad who is in his 70s, use Mobile Phone with reluctance and find it cumbersome. Each new generation has a way of giving complex to the previous one ! 9
  10. 10. Millennials are often critiqued for being a Me generation. However , I feel they are the most misunderstood generation. They are able to articulate their needs better at both workplace and in personal life , they know what they want and go after it. They take care of their needs and in the process serve everyone around well. You cant help other people much if your own needs are unfulfilled. Millennials bring diverse viewpoints to the workplace and catalyse innovation. At IBM, we used Verse , which was developed by a Millennial. Verse is a collaboration platform that combines email, social network, chat, instant mes- senger ( sometime) , analytics to have a more productive workday. IBM Verse is truly a futuristic application which changes how we collaborate at work- place. No wonder it was developed by a Millennial. Are you providing the Millennials the resources and tools to develop innovative product and services ? Investing in this critical talent pool is pertinent since they understand the consumer's mindset, behaviours and patterns ( consumers who are millennial them- selves) Millennials are Digital Natives who have grown up with Social Networking tools. In organizations of the future, there will be less focus on hierarchies and much focus on collaboration and networks. Good ideas can come from anywhere even from entry level employees. Many organisations have this culture of value HIPPO ( Highly paid persons opinion). They suffer from loss of good ideas. Susan Cain in her book “Quiet” emphasises the point that Introverts make good lead- ers , they may be a quieter lot , conditions must be provided to listen to their insights . What do Millennials want? Findings of a November 2015 survey of 1,731 millennials by Avtar Career Creators and Flexi Careers India, in Chennai, Mumbai, Delhi, Pune, Hyderabad and Kolkata 50% millennials look for jobs on employment portals and 43% on company’s career Web page 60% millennials want to work for firms that are well recognized and over 40% look for opportunities for virtual learning Over 50% millennials prefer to be assessed by aptitude tests and personal interviews, rather than internship performance 59% millennials seek scope for rapid growth in a company, while 41% look for compen- sation 80% aspire to lead or reach a management position in the firm 10
  11. 11. 76% women expect to rise to senior levels in the organization. Looking to the future, Generation Z (4) When his series was started in 2011, millennials were the “new generation” in the workplace and we wondered what their impact might be. By now, either through our day-to-day experience of working side-by-side with millennials, or through research such as this, we have a pretty good idea. It is the next wave of employees—Generation Z (GenZ), or as some have called them, “centennials”—that is starting to attract atten- tion. Link 4. https://www2.deloitte.com/global/en/pages/about-deloitte/articles/millennial- survey-generation-z-welcomed.html#generation-z When asked what guidance Millennials would give the next generation—based on their own early career experiences—the main areas of advice were:Learn as much as possi- ble: Begin your career open-minded and be ready to learn from others.Work hard: Do your best and do not be lazy. Be patient: Take your time when entering the workforce and go step-by-step. Be dedicated: Be committed to succeeding and persevering. Be flexible: Be open and adaptable to change and try new things.  Unilever Is another organisation along with IBM and Microsoft that is Winning With Mil- lennials And Gen Z. We had to ensure we had a digital hiring process, but one that that felt very human, not robotic, and it had to be better and more efficient at selecting candidates than an in- person interview.” - Unilever’s Director of HR Services on attracting the millennial talent. Unilever’s new Digital hiring process: a system that saves $1 million/year, decreases hir- ing time by 83%, and appeals to a new generation of employees. Unilever has nailed Millennial hiring by digitising their processes. By 2020, research suggests that 50 per cent of the workforce will have millennials as employees 11
  12. 12. The world’s largest technology and information technology services firm IBM wants to be clued into how the millennials think and work. For this, the company has created a global team of 4,000 employees called IBM Millennial Corps. Millennial is a generic term to describe those born between 1980 and 2000. IBM’s global team (of all ages) is focused on improving the millennials' experience at the company. This community of millennials are constantly interacting within themselves and actively contributing to IBM projects. One of the recent key projects led by this group is Checkpoint - a quarterly feedback system. Part of that initiative was the cre- ation of a mobile-based appraisal application called Ace. IBM also wants to give a push to the entrepreneurial spirit of millennials. For this, they encourage employees to use Watson APls and its Bluemix Platform. “If they come up with an idea, they co-create, co-learn and get funding. This builds and feeds into the entrepreneurial desire of this generation (5) Link 5 http://www.business-standard.com/article/companies/ibm-s-new-team-to-focus- on-millennials-116053000677_1.html “Millennial Corps.” It’s a digital group of thousands of IBM employees who converse on their own internal platform, as well as attend local events. Millennial Corps has ballooned in size to more than 5,000 people. It consists of a self- selecting group of IBM employees who consider themselves part of the younger gener- ation. This sort of digital collective may soon be a corporate trend. (6) Link 6 https://www.fastcompany.com/3059849/these-millennials-have-become-the-top- decision-makers-at-ibm 12
  13. 13. Info- graphic - Link 7 - https:// www-01.ibm.com/common/ssi/cgi-bin/ssialias? subtype=WH&infotype=SA&appname=GBSE_GB_TI_USEN&htmlfid=GBL03032USEN& attachment=GBL03032USEN.PDF The future of the workplace is incredibly exciting. As much as trends forecast what we can expect, there will be many methods and ideologies that develop that we cannot 13
  14. 14. predict today.  What is clear is that companies should pay attention to what’s needed for a successful workplace of the future. (8) Link 8 https://www.slideshare.net/ibmsocialbiz/ibm-fow-infographicsmaster030915? ref=https://www.ibm.com/blogs/collaboration-solutions/2015/03/11/millennials-shak- ing-up-the-future-of-the-workplace-2/ Exercise - Share your views on #Newwaytowork and update your posts on Social Media using this hashtag. Be part of the global conversation Around FutureofWork. T H E F U T U R E O F W O R K C U LT U R E #NewWayToWork Companies with happy employees outperform the competition by 20% *Entrepreneur.com. It Really Pays to Have a Rich Company Culture [Infographic], 2014 68% of employees feel their company isn’t doing enough to create a work culture in which employees have a sense of pur- pose and a meaningful impact *TalentCulture.com. How To Improve Work Culture (And Avoid Staff Burnouts), 2014 65% of both Millennial and Gen X employees give their or- ganization a high grade for using social media to engage customers *IBM Multigenera- tional Study, 2015 1 T H E F U T U R E O F W O R K C U LT U R E #NewWayToWork 70% of millennials say a company’s commitment to the community would influence their deci- sion to work there *Nielsen Report: Millennials Breaking Myths, 2014 20% of executives surveyed believe their organization is currently acting truly social *Charting the social universe: Social ambitions drive business impact, 2014 43% of companies rely on em- ployee evangelists to kick-start social adoption *Charting the social universe: Social ambitions drive business impact, 2014 2 T H E F U T U R E O F W O R K T ECH NOLOGY #NewWayToWork 74% of respondents define a “social” business as one that uses social technology to foster collaboration among customers, employees and partners *#IBMSocialStudy, 2014 As of today, at least 72% of businesses have adopted the cloud. Within 3 years, that number will reach a staggering 91% of businesses *20 Cloud Computing Stats You Want to Know, 2014 Drive Internal and External Collaboration: 64% Deployed capabilities via mobile *#IBMSocialStudy, 2014 3 T H E F U T U R E O F W O R K T ECH NOLOGY #NewWayToWork Inte- grating social technologies results in: 5x more likely to deliver social business via mo- bile, 6x more likely to use social media analytics and 7x more likely to use social busi- ness in the cloud *Sandy Carter, Social Insights Blog, 2014 2 out of 3 companies will 14
  15. 15. adopt a BYOD solution by 2017 *Seven Stats About The Future of BYOD, AKUITY, 2014 Over 60% of enterprises allow or tolerate employee use of personal devices to access enterprise data *State of BYOD and Mobile Security Report, 2014 4 T H E F U T U R E O F W O R K T ECH NOLOGY #NewWayToWork By 2030, Millennials will make up to 75% of the workforce *Meghan M. Biro – Embracing Change to the Re-Imagined Workforce, 2014 10 billion: This is the number of personal mobile devices that are estimated to be in use by 2020 *Seven Stats About The Future of BYOD, AKUITY, 2014 91% of us wake up and reach for our devices because we are addicted to technology *Daniel Newman, In The Future Technology Will Be Invisible, 2015 5 T H E F U T U R E O F W O R K COLLABORATION/ C O M M U NI C ATION #NewWayToWork Organizations offering workplace flexibility increased en- gagement and motivation by more than 80% *Meghan M. Biro – Embracing Change to the Re-Imagined Workforce, 2014 94% of surveyed workers have felt overwhelmed by information to the point of incapacity *The Knowledge Worker’s Day: Our Findings, Ba- sex, 2012 The average interaction worker spends an estimated 28% of the work week managing email *McKinsey Global Institute - The social economy: Unlocking value and productivity through social technologies, July 2012, and Susan Felman, Hidden cost of information work: A progress report, International Data Corporation, May 2009 6 T H E F U T U R E O F W O R K COLLABORATION/ C O M M U NI C ATION #NewWayToWork 79% of adults agree that a successful career today requires collaborating and sharing credit with others *The Athena Doctrine, 2013 81% of people said you need both masculine and feminine traits to thrive in today’s world *The Athena Doctrine, 2013 In testing cooperative behavior, 50% of participants behaved coopera- tively *The Unselfish Gene, 2011 7 T H E F U T U R E O F W O R K COLLABORATION/ C O M M U NI C ATION #NewWayToWork Only 20% believe their organization is currently acting truly “social” *#IBMSocialStudy, 2014 45% of companies are using social to identify internal talent or key contributors *Meghan Biro - Embracing Change to the Re-imagined Work- force, 2014 74% of respondents define a “social” business as one that uses social tech- nology to foster collaboration among customers, employees and partners *#IBMSocial- Study, 2014 8 T H E F U T U R E O F W O R K TA L E N T #NewWayToWork Mining community expertise is a grassroots effort — 43% rely on employee evangelists to help kickstart adoption *IBM Social Study, 2014 70% of U.S. workers are not engaged or ac- tively disengaged at work *Gallup’s State of the American Workplace report, 2013 Tal- ent development and employee engagement account for over 80% of top workforce challenges for CHROs today *IBM CHRO Insight Study, 2013 9 T H E F U T U R E O F W O R K TA L E N T #NewWayToWork The CAI study found that 82% of social organizations used social networks to recruit, versus the16% average in a Jan. 2014 IBM Smarter Workforce Institute study *IBM Social Study, 2014 Today, 47% of workers were born after 1980 *Will Stanley SHRM SlideShare Millennials will be the majority workforce by2020 and 75% of the workforce by 2025 15
  16. 16. *Jacob Morgan, We Are All Cogs Working for Slave- Drovers as We Go about Out Daily Drudgery THE WORK CULTURE The millennials are also driving the work culture  in big companies. They are used to flexibility, openness and making instant connections with people regardless of their lo- cation, according to Wired. “For millennials, the first thing they want is the ability to learn and grow, as we all should have,” Dan Negroni, who has worked as CEO and an attorney, told Forbes. “The second thing they want is authenticity because they’ve been bombarded through technology with a crazy amount of inauthentic things to just get them to buy things or get their mind share.” The needs and likes of the generation have brought about many changes across differ- ent walks of life. Companies like Infosys, Coca-Cola and Visa Inc. have relaxed their formal dress code. Many firms are looking at direct employee engagement to find ideas to build into company strategy. An example that highlights this approach is Murmura- tion, a crowd-sourcing initiative launched across Infosys offices in August 2014. They launched this initiative because millennials expect a technology-enabled workplace that promotes a collaborative, transparent and participative organisation culture and innova- tion, and rewards individual contribution. ( 9) Link 9 https://littleindia.com/indias-workforce-worlds-largest-2027/ It is interesting to think about what the future of the workplace will be like 20 years from now. We live in such a fast paced, high tech, collaborative environment now, can you imagine how advanced we will be even five years from today? Future of work is a shifting goalpost. Probably I will have to write a second edition of Future of Work , 5 years from now :-) Millennials represent the first wave of digital natives to enter the workforce, and this does distinguish them. Organizations that have embarked on their own transformation urgently need this digital capital. They should eagerly look for ways to embrace Millen- nials and create the work environments where top talent can flourish — across all gen- erations. This will require nuanced strategies that reflect the reality of a multigenera- tional workforce: employees of all ages are complex individuals working in an environ- ment that’s becoming more virtual, more diverse and more volatile by the day. ( 10) 16
  17. 17. Link 10 - https://public.dhe.ibm.com/common/ssi/ecm/gb/en/gbe03637usen/global- business-services-global-business-services-gb-executive-brief- gbe03637usen-20180312.pdf By 2020, research suggests that 50 per cent of the workforce will have millennials as employees So understanding the millennial mindset is becoming increasingly important for Man- agement. At IBM, we had a HR Project specifically focussed on understanding millennials, what engages them and how to retain Millennial talent. Millennials adopt different communication styles , are open to collaboration and net- working, defy hierarchies , interested to join organisations which have a purpose and believe in giving back to community . Millennials love to voice their ideas and views , advocate for themselves rather than silently complying with directives or taking orders. Organizations can leverage these Millennials employees to be Brand Ambassadors of organization. Zappos is one company which encourages employees to speak at industry events about the employment experience they are proud of . This is a neat way of turning employ- ees into Brand Advocates. According to a research , employees are connected to 10X more people than your company’s brand. Another research says that companies with engaged employees outperform others by 202%. Brand messages reached 561% further when shared by employees versus the same messages shares via official social brand channels. Brand messages are reshared 24X more frequently when distributed by employees ver- sus the brand. 77% of buyers are more likely to buy from a company whose CEO uses Social Media. 82% of buyers trust a company more then the CEO and senior leadership are active on Social Media. 17
  18. 18. 98% of all HR managers say Social Networking is an important tool for recruiting, retain- ing and engaging employees. (11) Link 11 - Source- Forrester, Gallup https://www.scribd.com/doc/249863818/Infographic-Social-Employee-Advocacy I will discuss more about Social Media and an Employee Advocacy program we setup at IBM and the exceptional business results we gained in subsequent chapters. Millennials have a distinctive, informal work style Millennials personify informality. They like to dress casually and prefer informal work en- vironments where they can readily interact with coworkers and supervisors. Accustomed to the frequent and informal communications predicated by the world of mobile com- munications, millennials expect similar approaches in their work settings. Forward-thinking companies will benefit from establishing flexible hours, working condi- tions and career paths. (12) Link 12 - https://www.huffingtonpost.in/michelle-m-smith_1/how-to-get-the-best-out- o_b_10607274.html Infosys and IBM have done away with dress codes, employees can wear jeans and ca- suals on all working days , except when they are meeting with clients . Infosys sent an email to all employees regarding this development ‘From Monday, June 1, 2015, you can flaunt your smart business casuals all week long! This was a change that many of you had voiced and requested on various platforms, so we are really excit- ed that it is official now!’ the mail said. ( 13) 18
  19. 19. Link 13 - //economictimes.indiatimes.com/articleshow/47501003.cms?utm_source=contentofin- terest&utm_medium=text&utm_campaign=cppst Millennials need personalized, timely, relevant recognition While millennials seek frequent, specific feedback, they don't accept direct criticism well. Managers should offer suggestions as part of regular feedback rather than waiting for scheduled performance reviews. With their need for frequent, positive feedback, millennials appreciate the use of recognition and reward programs as ways to spotlight their accomplishments. Companies have also found success by including peer recogni- tion and specific celebrations as motivators. (14) Link 14 https://www.huffingtonpost.in/michelle-m-smith_1/how-to-get-the-best-out- o_b_10607274.html All of these data points indicate that Millennials and Gen Z will form a critical part of company’s future workforce and will shape how business is done , how talent is hired, how decisions are made, how products and services gets delivered and how these products are bought in the marketplace. By 2025, Millenials will compromise 75% of the workforce acc to World Economic Fo- rum. Millenials are joining the workplaces in large numbers . Today , if you talk to any of the HR Leader, the top most question on their mind is How to Recruit, Manage and En- gage the Millenials.   Millenials are the people born after 1980. While earlier generations ie Baby Boomers, Gen X followed the top down corporate structure, Millenials like to operate in Networks .   Their mindset is all about networking . They have grown up with new technologies . So- cial Media is their way of Life. Therefore , Gen Y or Millenials expect different employ- ment experience . They are more comfortable with flat structures vis a vis hierarchies. Command and control style of management doesn’t work with millennials therefore Managers will have to learn to give up control. This is a new management shift that 19
  20. 20. managers will have to deal with caused by rising number of Millenials in the working population. Millenials grew up in an environment where they have a say in everything from electing Leaders to choosing vacation destination for Family.   They want their voices to be heard and have the need to have their inputs in collective decision making. They are not comfortable with decisions being taken at the top and thrown at them which affects their lives directly. The need to lend their share of voice is greater. At IBM, the policy to use Uber for transportation was shaped because a Millenial wrote a blog that UBER is cost effective . Leaders took note of his blogpost and within 24 hours , policy decision was accordingly modified and adjusted. You cant ignore millen- nials .   The employer culture, salary, every aspect of working environment is openly discussed at Glassdoor by Millenials. If they don’t like something, they highlight it . Leaders are paying attention to glassdoor in terms of what is being said about their Brand, culture, management, leadership.      Millennials thrive on fresh goals and challenges to keep them motivated They embrace technology just like fish to water. Their working lives doesn’t have 9 to 6 schedule but are connected 24 by 7 . In this hyperconnected world, they demand flexi- bility – the ability to do work anytime, anywhere. Hence more companies are offering Telecommuting or flexi work or work from home to their employees especially as seen in startups . When you let people control how and where they do their jobs, magic happens. Some new age startups have lean and flat organization structures and achieve operational efficiency and high productivity . Guess the number of employees at What- sapp - just 55 employees , Facebook acquired Whatsapp for for $19 billion with 900 million user base. What a SuccessStory ! Can any Corporate mimic what Whatsapp 55 Employees achieved ? There is no shortage of Talent in Corporates , then why do star- tups excel wrt innovation whereas traditional companies with rich legacy lag behind .   Millenials have also started occupying Leadership positions at workplaces. So we see, a new breed of startups , and fresh thinking coming up at big corporates. They bring new perspectives of how work gets done . They have underlying desire to shape workplace policies, to make a contribution, to play a role which contributes to society. Their com- munication style is open and transparent. They are open to be mentored , place em- phasis on networking to succeed at work and at life. They demand flexibility and use mobile phone and apps for routine and specific tasks. In fact , they are the ones who are building these new apps for making lives easier.   Millennials are different and shaping up the Future of work and workplaces. It wont be prudent of any Leader to ignore this pool of Talent, to move the 20
  21. 21. organization forward. Invest in Millennials, develop their Leadership skills and learn to include them in decision making to ensure they remain engaged , productive and effec- tive at workplaces.   When we tell people to do their jobs, we get workers. When we trust people to get the job done, we get leaders - Simon Sinek   We live in world where technology is omni present. In this era of hi-tech world, Hi- Touch becomes most important. Those organisations, departments, teams, individuals stand out who provide Hi Touch experience to their employees.  HR is undergoing through transformation .Almost every industry and every sector is dis- rupted by Digital Technologies. Cognitive Computing, Cloud, Artificial Intelligence, Big Data , Analytics are not just buzz words but real technologies which are shaping busi- nesses. Almost every company has a department which is charged with the responsibili- ty of Digital Transformation. That means newer technologies are making way into the organisations across departments . HR is not left behind either . There are apps for well being, reward and recognition, performance management, feedback, learning, social referrals, recruitment . Almost every function of HR leverages technologies to provide Hi Touch experience to employees. Employee engagement is still an issue which costs companies across the globe several billion dollars.   Companies are mindful that this shift is not just about technological advancements but as much about organisational cultural change which means providing better employee experience.  In a digital world with increasing transparency and the growing influence of Millennials, employees expect a productive, engaging, enjoyable work experience  The focus from organization perspective is on better experience to Customers, better employment experience , to Clients, and Candidates who want to join the organization . In the times we live in, millennials have become majority of the workforce. They grew up with technology. Mobile and Social impact the experiences . Millennials receive news about the world through apps. We live in the age of 24 by 7 connectivity. Work happens round the clock. In globally integrated enterprises, you of- ten work with teams who are spread across geographies. There is pervasive use of Videoconferencing, Virtual collaboration tools across the organisation.  So, in the age of Hi Tech world, it is time again to bring back humanity into workplace .  21
  22. 22. Human capital management technology works best when it enables people to act more human. The goal is not to replace people, but to allow people to spend more time on activities that drive engagement. They want to make a difference through their work, develop their capabilities, and connect with other people.  Designing a hi tech yet hi touch employee experience is the challenge in front of Man- agement Professionals  Have you heard of Amber ? She is the new #HR chatbot and 30,000 employees across 37 companies have opened up to her .  Those organisations and Leaders will succeed which will crack the code of Hi Touch employee experience and make employees feel valued at workplace.  Before we look far into the future, a look at recent workplace trends that is triggered by tech The working environment is ever-changing. In 2018, the next revolution in the HR indus- try will definitely be "Digital First." Leaders must create appropriate conditions for em- ployees to optimize their productivity in the workplace. Many HR leaders are leveraging technology that will enable them to find, hire, and engage people, for talent develop- ment. It's inevitable that the focus in 2018 will be on technology as a way of life in the workplace. In fact, it can be said that all significant trends in 2018 will involve technolo- gy.   Employer Branding: Headhunting passive candidates, has always been a significant part of the recruitment process, and the forthcoming of social media has made the process of getting in touch with candidates easier than ever before. New and promising talent pools can be wooed and attracted through unique branding campaigns on social me- dia. Engagement with candidates can be done through the judicious use of LinkedIn groups, company Facebook pages, etc. By analyzing their digital footprints, recruiters can get a sense of their candidates, connect with them and explore if they are willing to change their existing careers. Companies will also adopt employer branding strategies to woo talent from the marketplace to attain a competitive advantage.   A Remote Workforce: Working from home or anywhere else where one has access to Wi-Fi is on the rise. Millennials are also looking for flexibility when it comes to their job description as well. Many startups are built with remote teams, such as WhatsApp and WordPress. From a corporate perspective, it opens a promising pool of candidates, and by offering remote work capabilities, it also transforms into a viable way to retain cur- rent employees and boost job satisfaction by encouraging a better work-life equilibri- 22
  23. 23. um. With video conferencing and other connectivity tools evolving every year, this trend will only continue to rise at an exponential rate. More on this in later chapters .   Gamification: This technique has been working its way into multiple industries, and for a good reason. After all, the idea of turning engagement into a competitive game format can prove to be quite efficient, whether it is used to augment the marketing, teaching or even the hiring process itself. In the realm of business, the method of gamification can be used as a form of a candidate screening by turning tests of critical skill sets and cognitive abilities into an entertaining way of engagement. With the advent of smart- phone apps, it’s also possible to have a specific user base play innocent recruitment games, while sneaky algorithms help an organisation track critical analytics. The result benefits both candidates and employers; candidates have a fun reason to try to in- crease their scores and show off to potential employers while hiring managers to end up gathering a ton of data that can help predict the strengths and weaknesses of can- didates. — with the added possibility of finding that rare diamond in the rough.   Candidate Experience: Candidate experience is undoubtedly related to employer branding. While the primary focus of 2017 has mainly been on employer branding as a significant trend, candidate experience is just as necessary. It will be detrimental to the overall efficiency if one builds a strong employment brand on the back of a weak can- didate experience since it will never perform at the highest efficiency possible.   Having an awful candidate experience can demolish the great employer brand name that you have strenuously built, and these negative experiences and candidates more than likely will not recommend their friends or family to apply either.   What job seekers want in their candidate experience: • More communication • Notification if passed over • Timeline of hiring process • Human contact after application • Timeliness of replies   Experience and Engagement: Free food, work from home programmes and other such perks that are usually offered in the workplace are a great example of employee en- gagement. Even though these perks might prove to be a neat touch, the sad truth is that they don’t usually achieve excellent results for both employees and companies. However, it's increasingly essential to improve the employee experience. To do this effi- ciently, companies must redesign their workplace operations and develop a space that fits their people.   There are three things influence the employee experience: 1 Culture 23
  24. 24. 2 Technology 3 Physical workspace   Wellbeing: As per certain research studies, nearly 40% of employees assert that their job environment and conditions can be attributed to creating negative stress in their life. Employees want their employers to respect their physical, emotional, social, and financial needs. They have a strong desire to better connect with themselves, the peo- ple around them, and the world.   Provide adequate opportunities for employees to connect with your organization, so that they're comfortable in saying, “I need a day off,” and feel validated in their de- mands for an environment that promotes employee health and happiness.   Purpose and Organisational Culture: Only 54% of employees admit that their organiza- tion’s purpose motivates them. Make sure that you have articulated your organization’s reason for being and the vision for the future because research indicates that employ- ees are no longer satisfied by merely going into work each day and leaving with a pay- cheque. One needs to help them understand how the organization is positively chang- ing the world, to begin with. Encourage management to meet with team members, and explain how individual roles are effectively making a difference.   If you don’t already have one, craft a meaningful mission statement. Meet with your employees to ensure they understand what it means.   One could also do well in helping team members align their personal goals with organi- zational ones. In this way, they better “see” how their roles fit within the greater scope of the company.   CONTINUOUS FEEDBACK LOOP = MORE PERSONAL GROWTH: Continuous feed- back across hierarchies is a thing of utmost importance for the leading organizations in the world. As a practice, many employees that receive input at more regular intervals assert to be highly engaged in their workspace. However, many employees report being uninterested in performance reviews. Ongoing corrective feedback is far more desirable and constructive than any other form of feed- back. You can give employees an old fashion pat on the back, but how will they know what specifically went right, and what can be improved for next time? Professionals want career advancement, and without any apparent direction, they won’t know where to begin advancing.   BRINGING LEARNING ONLINE AND ACROSS THE ORGANIZATION: Continuous learning will be a hot trend in 2018. HR leaders are recognising the need to improve employee learning and development opportunities, especially when one considers that careers are now likely to span more than 60 years. Another attractive option must be 24
  25. 25. digital training through Learning Management Software (LMS), which has become an increasingly attractive option since it provides HR teams with the ability to measure employee productivity through data analysis. It also makes for a more cohesive experi- ence, as many internal functions across the organisation supply learning content.   In fact, companies like KFC and Walmart are adopting VR to train employees. Informal learning through Social Media and Massive Online Open Courses (MOOCs) is also on the rise. Flipkart hires candidates who have completed MOOCs, as this signifies that employee takes ownership of their learning and careers.   Chatbots in HR: 2017 has undoubtedly been the year of AI technology. In fact, it is es- timated that the overall market for AI is expected to cross $45 billion by 2020. The technology is also being incorporated heavily into chatbots, and marketers are using chatbots to deliver personalised experiences online. Human Resources should ideally adapt to this trend of chatbots, as the future belongs to the automation of multiple tasks to make the process of hiring easier. It's inevitable that chatbots are going to be- come the AI-powered virtual personal assistant for HR professionals. Since this trend is relatively new, several companies are smartly incorporating only one chatbot into the HR department, to see how this improvement can be brought about seamlessly.   People Analytics: Analytics has been growing by leaps and bounds since the time Google made it mainstream. Analytics is now also being utilized to understand how business operations work and help in the daily decision-making process of an industry. People analytics has now become a rather serious business, and the field of HR is no exception. In fact, new-age HR experts are using a social network, interaction and data analysis to properly understand what is going on within their organization. HR teams are also applying the insights gained from these quality mediums to carry out efficient tal- ent acquisition, workforce planning, task operations, and other such tasks. Analytics ser- vices are being incorporated to identify the right candidates as per the required skillset.   And with everything, with continuous scientific and technological advancements hap- pening at a rapid pace, there may be many other evolutions still to show up. So keep looking! Employer Branding as a strategic tool for hiring talent Employer Branding has gained prominence in last few years. Companies are realising that it is not enough to continue with old recruitment and hiring practices , if they were to hire best talent from the market .  Each hire in a critical role is an investment for the organization. Companies want to make sure that there are fewer hiring mistakes and they hire the right candidates which fit the culture of the organization and is a super star employee. The buzzword for 2018 is Candidate Experience. Candidate experience is as important as Employee Experi- 25
  26. 26. ence. Many a times , passive candidates don’t apply to opportunities because of the time consuming application process. Linkedin offers an easy apply button and compa- nies Recruitment systems i.e. ATS ( Applicant Tracking Systems ) are integrated with LinkedIn. What it means for candidates is the ease of applying to companies with the click of a mouse, they can submit their cv in companies database. Linkedin easy apply is just one example of providing a seamless experience to potential candidates during hiring.  Employer branding is the process of promoting a company, or an organization, as the employer of choice to a desired target group, one which a company needs and wants to recruit and retain .  Recruiters need to think and act like marketers to attract the best candidates.  With the rise of different digital platforms , it is becoming increasingly difficult to choose how to advertise or market your jobs to potential candidates . Gone are the days , when candidates would apply to jobs without researching the company. Candi- dates research their potential employer on Glassdoor , read reviews, see ratings as much as companies try to find information about candidates. Candidates want to know what it feels to work for your organization. What is the culture, what are the career and advancement opportunities, what kind of learning does your company provide, what are the rewards systems , what are the benefits and perks for working with your organi- zation. In short, candidates assess their potential employers before applying for the jobs. Thats where lies the importance of employer branding. Companies rely on differ- ent source mix for diversity in hiring - example Career Sites , Employee Referrals, Job Boards, Social Media, sometimes external Recruitment agencies and Vendors. All these are potential options to reinforce your Brand messaging which has to be consistent as well as Authentic. Employees stories make a really good option for Corporate Story- telling which showcases culture of your organisation to external world. Stories of the employees when narrated in first person are much more appealing to external candi- dates than formal Corporate Brand message. Employees are adopting social media platforms , hence the Corporate Brand gets humanised. Effective employer branding is the combination of market research, advisory services, communications and marketing to achieve both a credible and desirable brand position. Through talent acquisition and retention, the end purpose of employer branding is to stimulate business growth and achieve strategic business goals Some questions to ponder over when designing Employer Brand Strategy              1. Why would someone want to work for you? What is your Employer Value Proposition ?  2. What percentage of your managers have received training in how to deliver the brand experience? (Employer Brand International research found only 46 percent have!) 3. What is the perception employees and candidates have about your employer brand? 4. What level of visibility do you have of your employees/talent pool? 26
  27. 27. 5. What percentage of your employees would recommend your company as a great place to work? 6. Which companies are leading the way in employer brand strategy? 7. How do we measure the return on investment of employer branding? 8. How will market trends impact on how we attract, engage, and retain talent over the next five years!       9. Who are the employees who are actively engaged with my organisation and act as Talent Ambassadors for my organisation ?       10. How do I activate employee advocacy program for my organisation ?  According to a Survey , Social Media and Career websites are the most prominent channel to showcase your employer Brand to external talent    In a recent 2015 survey, 73% of CEOs reported being concerned about the availability of key skills. Times have changed. Social Media has forced organisations to become transparent . People are more likely to trust a company based on what employees say rather than the recruitment advertisement. This means that Talent Attraction relies far more heavily on Employee Engagement and Employee Advocacy. Engaged Employees serve as the Best Talent ambassadors for your organisation.  Employer Branding has become a strategic priority for organisations of all sizes and across all sectors. we believe the following steps will help leaders attract and retain the talent they need: 1 Evaluate your current employer brand through internal and external re- search and survey.  2 Have a realistic assessment of your organisation’s current strengths and translate unique traits into Employer Value Proposition. Define your EVP. 3 Be proactive in use of Social Media for Corporate Digital Storytelling. Generate positive employee stories to build a more authentic and engaging employer brand reputation.  4 Ensure that there is collaboration between HR and Marketing function and the role they need to play in sustaining a consistent Brand experience.  5 Engage with multiple stakeholders inside the organisation and build em- ployee advocacy program.  6 Leverage Alumni to showcase culture of your organisation.   7. Engage the mind, heart and dreams of candidates 8. Develop and use metrics to assess and track success of the employer brand. Metrics may include quality of hire, brand awareness, employee satisfaction, employee referrals , offer to acceptance ratio, Best Employer Awards etc.  27
  28. 28. Employer Brand is a Strategic tool to attract, recruit and retain talent . This will be the tool of choice for progressive organisations to attract employees in Future. Work is something you do, not a place where you go ! Millenials will make 50% of our workforce by 2020. Millenials are reshaping the work- place.  Companies ability to attract, motivate, retain and develop young leaders will make or break your company in the coming years. After competitive pay and benefits, the top things employees say are very important in a potential job are: “being able to work flexibly and still be on track for promotion” .Workers around the world want the option to work flexibly– without penal- ty – Ernst and Young study highlights. There has been numerous studies and research on benefits of Telecommuting. The re- ward of telecommuting is high: increased productivity, happier employees, and cost savings (which you can invest into building a better business). Then why do we see only a handful of Indian startups and few MNCs adopting Telecommuting work culture? It is the cafeterias which offer free Wi-Fi, which is the birthplace of innovative, creative products and services as many youngsters, startup founders believe in anytime any- where working.  Visit any cafeteria in Bangalore and you will witness the energy and passion of youngsters. On the other hand HR practitioners in large organizations roll out one HR initiative after the other and scratch their brains to engage disengaged workforce. Telecommuting (work from home or from any other place other than office without be- ing able to commute long distance) isn’t a new phenomenon, it has been in existence for decades. However, telecommuting is gaining popularity amongst startup cultures. Startups know what motivates young workers. Is Telecommuting a critical tool in your Talent Acquisition Strategy? If not, then be pre- pared to loose the best breed of talent to Startups which know the pulse of Millennial Mindsets well. Amongst other perks and benefits, flexi –work, telecommuting is offered as a choice to Millennial. It is a tool which startups use well. Then what prevents large organizations to think about how to make their workplaces more flexible and employee- friendly?  If organization values Putting People First, then do listen to the voice of your customer – key talent in the market. They are demanding workplaces to become bit more flexible. Start at policy level, put telecommuting / flexi- work policies in place.  Commission a project team that will look at several factors to implement Telecommuting at your workplace – 1. Policy angle 2. Manager Enablement 3. Infrastructure requirement 4. Culture Building 5. Collaborative Mindset 28
  29. 29. But has remote work lived up to the hype? In some organizations, yes. IBM, Automattic (the creator of WordPress),Gitthub and the U.S. government are four good — and very different — examples. Questions that client ask companies - why are you special? what is different with your talent? What do you do to retain top talent? how are you stacked up against competi- tion? Are you employer of choice for top schools? for women etc? Telecommuting is a choice that is sought after by talented women folks too. Many tal- ented women drop out of workforce post maternity. Companies are planning to bring them back to workforce and leverage this talent pool. Telecommuting is the tool of choice to engage and attract Talented Women candidates too and make your work- places more diverse and inclusive. Not only women, many Young Dads too seek this option to work from home and choose alternate lifestyle. With major shifts in the workplace, such as the large increase in Millennials and the fad- ing line between work and life, remote work will become an even more critical tool for recruitment and employee engagement. Telecommuting is the #FutureofWork . Are you preparing a Future ready workforce ?  Think about it. 90% employees want work from home but 70% Employers are not prepared .Survey of 800 employers http://economictimes.indiatimes.com/jobs/work-from-home-option-not- yet-the-norm-for-india-inc/articleshow/53715639.cms … #HR #India Gig Economy will be on the rise in Future I quit IBM Job after serving over a decade in Nov 2017. Since then I have been part of Gig Economy . I enjoy the creative freedom that comes with it. I take on projects which appeal to me and work with people I like to work with. I offer Social Media Branding expertise to companies and help them promote and market their products and services on Social Media and ultimately grow their brand. Being a Gig worker, I have the flexi- bility to travel, write , attend HR and networking events and catch up with my Friends. My friend was earlier working with TCS, he is also part of Gig Economy now , offers Leadership Coaching to clients. If you have the skills, internet connection, you can be part of Gig Economy and offer your skills to world . You can teach on the expertise area you have built over a long period ( Udemy allows you to create courses on topic of your choice and offer them to students worldwide) , you can tutor kids on Maths, Science , or 29
  30. 30. offer English speaking lessons to citizens of different country who are interested in Learning English. The possibilities are unlimited. But what exactly is Gig Economy ? The gig economy is made up of three main components: the independent workers paid by the gig (i.e., a task or a project) as opposed to those workers who receive a salary or hourly wage; the consumers who need a specific service, for example, a ride to their next destination, or a particular item delivered; and the companies that connect the worker to the consumer in a direct manner, including app-based technology platforms. Companies such as Uber, Airbnb, Lyft, Etsy or TaskRabbit act as the medium through which the worker is connected to – and ultimately paid by – the consumer. These com- panies make it easier for workers to find a quick, temporary job (i.e., a gig), which can include any kind of work, from a musical performance to fixing a leaky faucet. One of the main differences between a gig and traditional work arrangements, however, is that a gig is a temporary work engagement, and the worker is paid only for that specific job. ( Link 18) “The gig economy is not new – people have always worked gigs… but today when most people refer to the “gig economy,” they’re specifically talking about new technol- ogy-enabled kinds of work.” –Ms. Molly Turner, Lecturer, Haas School of Business, University of California Berkeley and the former Director of Public Policy for Airbnb Link 18 http://www.naco.org/featured-resources/future-work-rise-gig-economy Gig Economy is a labour market characterized by the prevalence of short-term contracts or freelance work as opposed to permanent jobs. In America alone, Gig Economy workers will grow to be 43% of the total workforce by 2030. Gig Economy presents both challenges and opportunities. Income is often inconsistent and making it difficult to plan for future. Also you don’t gets perks and benefits that come with a regular permanent job. You have to plan for your own health insurance and retirement savings. The first thing I did after leaving my permanent job was to opt for health insurance. In the uncertain times that we live in, it is always prudent to plan for any exigency . 30
  31. 31. In Gig economy , being a freelance, You have more control of the work you do and can work with clients whose values align with yours. My Mom had retired as a school principal and teacher after serving the profession for 35 years. To supplement her income, she used to give tuitions to kids after school hours in the evening and make additional income . She took tutoring kids as a Gig to supplement her income. In that sense, Gig economy has been around for a long time. Gig Economy is likely to stick around for a foreseeable future. Due to Automation , many permanent jobs are gone forever. However work is still available in the form of projects. Thats where you can take advantage of the opportunities to offer your skills and expertise and sign up for multiple gigs at same time. Gig Economy has many shades. On one side there are , low end workers like plumbers , electricians, drivers, offering services through Apps like HouseJoy, UrbanClap, Uber, Ola . On the other hand , there are companies like Upwork, where you can offer high end consulting services to clients which require high cognitive knowledge. The most familiar form of working that is commonly known is 9 to 5, 5 days a week for one employer. With the rise of Digitization, independent work is rapidly evolving , since digital plat- forms create large-scale, efficient marketplaces that facilitate direct and even real-time connections between the customers who need a service performed and the workers willing to provide that service. (15) Link 15 https://www.mckinsey.com/global-themes/employment-and-growth/indepen- dent-work-choice-necessity-and-the-gig-economy 31
  32. 32. Daniel Pink wrote about Free Agents in his book in 2004. Gautam Ghosh , who is a Social Media Influencer , cites reasons for growth of Gig Economy in India. Reasons for the current rise in gig workers in India • Flattening of the corporate pyramid – since the dawn of liberalisation in 1991 traditional large private businesses have had to become more nimble to compete with global peers. This changed the psychological contract they had with their work- force. The earlier “hire till retire” policy went out of the window. People were now as- sessed solely on performance and if they couldn’t measure up they were asked to leave. The organizations also realised that they needed to shed their various layers to be clos- er to the customer and to be nimble. • Rise in project work: With the arrival of the IT services companies a new kind of worker emerged, whose loyalty was to the skill set he/she had built an expertise in and not to the employer. If you hired a SAP MM consultant because you were pitch- ing for a project that would need that skill, and it did not come through – that person would leave for an employer where the skills were wanted. • In 1999 Tom Peters wrote an influential article called “Brand You” which called on employees to see themselves as CEOs of “Me, Inc” – reinforcing the message that learning and growth of oneself is one’s own ownership and shouldn’t be relied on large organizations. 32
  33. 33. • Growth in other opportunities – with the rise of the internet and falling barriers to erstwhile “elite” professions like writing, fashion design and photography many people moved away from the traditional “engineering-medicine-government job” paradigm to venture into these new creative fields. The rise of social media has given rise to newer and newer professions like social media influencers in various niches from technology to fashion, stand up comedy and performance poetry. Suddenly the only limits were one’s creativity and imagination. • The arrival of the platforms: In 2005 Amazon launched its Mechanical Turk website for people to crowdsource small jobs they needed to be done for some money. For high end knowledge work marketplaces like GLG emerged that connected compa- nies who wanted insights and experts who could provide it to them for a fee. From those beginnings we have the rise of the on-demand economy today with app based platforms that match buyers and sellers (Ola, Uber for rides, OYO and Airbnb for stay) ( 17 A ) Link 17 A http://www.vbeyond.com/whats-new-gig-economy-india/ Disruptive technologies, especially artificial intelligence (AI), robotics and automation, are shaping the future of the global workforce, giving rise to the so-called gig economy AI may be good for the economy too, even developing ones. Research released on 21 December by Accenture Plc., reveals that AI could add $957 billion to the Indian econ- omy by changing the nature of work to create better outcomes for businesses and soci- ety. The report, Rewire for Growth, estimates that AI has the potential to increase India’s annual growth rate of gross value added (GVA) by 1.3 percentage points, lifting the country’s income by 15% in 2035. ( 17) Link 17 http://www.livemint.com/Technology/TG7aI955YvY0pQkwnptJxO/The-rise-of- the-gig-economy.html McKinsey & Company believes as many as 800 million adults worldwide will need to find new ways to earn a living by 2030. Although some will simply change careers and land in new full-time roles, others will decide to explore the growing freelance market- place. This shift is already underway in many sectors, with 72 percent of millennials telling the Intelligence Group that they prefer to be their own bosses. (18) Link 18 https://www.entrepreneur.com/article/309291 33
  34. 34. Job security in VUCA world is dead. Employees must learn to deal with layoffs, down- sizing, mergers, acquisitions, rightsizing, failed startups, failure to raise money. You have to think about how you can create a portfolio of work that gives you income security. ( 19) Link 19 https://www.fastcompany.com/40530695/these-4-skills-are-essential-to-suc- ceeding-in-the-gig-economy Degrees or Certifications will matter less in the Future. You need to have the right skills that are in demand and constantly relearn new skills to keep yourself updated as per market scenario. “Whilst the emerging gig economy is definitely something to be excited about in the future of the workplace, the recruitment sector will always be considered vital in helping candidates find the right job and companies filling their staffing needs” So Recruitment sector will need to keep up pace with the automation, AI, machine learning and new technologies that are disrupting the world of work 34
  35. 35. Link 20 http://www.abhijitbhaduri.com/index.php/2018/03/gig-economy/ The labor laws of the country will have to be updated to keep pace with rise of gig economy workers. Whether it’s selling your crafts on Etsy or Ebay, offering taxi services through Uber (per- haps renting out your car on easyCar Club the rest of the time) or accommodating tourists in your spare room via Airbnb (perhaps also commuters in your driveway via JustPark), the world of work appears to be changing. This is the so-called “gig econo- my”—where incomes are earned or supplemented by trading individual goods and ser- vices online. ( 21) Link 21 https://www.economist.com/blogs/freeexchange/2015/10/gig-economy WHERE COMPANIES CAN START to Manage the Disruption called Gig Economy ( 21 a) Link 21a https://www2.deloitte.com/insights/us/en/focus/human-capital-trends/2016/gig-econ- omy-freelance-workforce.html • Take a new view of 21st-century talent: Organizations must understand the open talent economy and their needs for different types of workers and automation over the medium term (3 to 5 years) and longer term (5 to 10 years). The process starts with an expansive workforce plan that proactively incorporates on- and off-balance sheet talent, as well as combinations of robotics, thinking machines, and new labor/ technology collaborations. • Designate a “white space” leadership team for workforce and automation planning: Workforce planning for the new workforce is a “white space” exercise. Corpo- rate technology, procurement, and business strategy teams should join HR to produce robust plans for different types of labor and technology combinations. • Focus on acquisition—both of people and machines: Once companies have a sense of the specific outlines of their talent needs, they can focus on acquiring and engaging each segment of employees with the overall plan in mind. Sources of tal- ent should include people that companies recruit and engage in different ways. Tech- nologies and machines can be used to complement employees on corporate payrolls. • Broaden and sharpen the focus on productivity: Productivity, and its flip side, engagement, are being reimagined by new workforce and automation opportuni- ties. These new workforce models and new combinations of talent and technology are 35
  36. 36. critical for improving corporate productivity. New workforce planning approaches inte- grating multiple workforce segments, automation, and cognitive technologies will en- hance productivity and product and service quality. • Develop new workforce and automation models that focus on engage- ment and the skills of your critical workforce: Increasing employee engagement is one of today’s most important workforce challenges. Companies today must learn how to use new workforce segments and technologies to improve the quality, meaning, and value of the work of their employees. Automation won’t destroy jobs, but it will change them The key to surviving digital technology disruption is finding ways to combine your skills with the power of advanced robots and computers. This is what Andrew McAfee and Erik Brynjolfsson call learning to race with the machine not against the machine in their book The Second Machine Age. Spreadsheets didn’t kill off accounting jobs. On the contrary, smart accountants learned how to use spreadsheets to become more productive and more employable. ( 22 ) Link 22 https://theconversation.com/automation-wont-destroy-jobs-but-it-will-change- them-55318 By 2020, Artificial Intelligence will create more jobs than it eliminates: Gartner The firm says 1.8 million jobs will be eliminated by 2020, but 2.3 million new jobs will be created by then. In 2021, AI augmentation will generate $2.9 trillion in business value and recover 6.2 billion hours of worker productivity. AI has already been applied to highly repeatable tasks where large quantities of obser- vations and decisions can be analyzed for patterns. However, applying AI to less-routine work that is more varied due to lower repeatability will soon start yielding superior ben- efits. AI applied to non-routine work is more likely to assist humans than replace them as combinations of humans and machines will perform more effectively than either hu- man experts or AI-driven machines working alone will. ( Link 23) Link 23 36
  37. 37. //economictimes.indiatimes.com/articleshow/62053363.cms?utm_source=contentofin- terest&utm_medium=text&utm_campaign=cppst To borrow a punch line from Duke professor Dan Ariely, artificial intelligence is like teenage sex: “Everyone talks about it, nobody really knows how to do it, everyone thinks everyone else is doing it, so everyone claims they are doing it.” Automation replaced 800,000 workers… then created 3.5 million new jobs A Deloitte study of automation in the U.K. found that 800,000 low-skilled jobs were eliminated as the result of AI and other automation technologies. But get this: 3.5 mil- lion new jobs were created as well, and those jobs paid on average nearly $13,000 more per year than the ones that were lost. ( 24) Link 24 https://venturebeat.com/2017/09/07/automation-replaced-800000-workers-then-creat- ed-3-5-million-new-jobs/ Technology is changing the way we work. These changes can improve people’s lives and lead to a more creative engaged workforce . AI is best suited for jobs which are repetitive , and humans are suited for jobs which require creativity and empathy. Leadership job will never be automated by Technology. Be a Leader, wherever you are , in your field and you will never be at risk of automation. Companies that are investing in AI Talent Automation Jobs Will Put 10,000 Humans to Work, Study Says ( 25) Link 25 http://fortune.com/2017/05/01/automation-jobs-will-put-10000-humans-to- work-study-says/ Don’t want a robot to steal your job? Be creative 37
  38. 38. A recent report by Nesta, a UK-based innovation and research foundation, found that creative jobs will be much more resistant to automation, and 21% of US employment requires people to be highly creative ( 26) Link 26 https://qz.com/882779/creativity-could-stop-robots-from-automating-workers-out-of- jobs/ Curiosity, Creativity, Empathy , Ingenuity will command a premium in future. People with these traits are likely to succeed in future as well. 38
  39. 39. If you’re a global Fortune 500 company and you do not have a team that you are pay- ing to disrupt your business, than someone else will. Robots will not lead to fewer jobs – but the hollowing out of the middle class T hroughout modern history there has been a recurrent fear that jobs will be destroyed by technology. Everybody knows the story of the Luddites, bands of workers who smashed up machinery in the textile industry in the second decade of the 19th century. The Luddites were wrong. There has been wave after wave of technological advance since the first Industrial Revolution, and yet more people are working than ever before. Jobs have certainly been destroyed. Banks, for example, no longer employ clerks to log every transaction in ledgers with quill pens. At this time of year, 150 years ago, the fields would have been full of people with scythes and pitchforks bringing in the har- vest. That work is now done by motorised harvesters. The reason new technology has not been the cause of mass unemployment is that new kit will only be used when it makes the productive process more profitable. Higher pro- ductivity frees up the resources to buy other goods and services. The rural workers that Thomas Hardy described in Tess of the D’Urbervilles found work in factories and offices. What’s more, it was better paid work, and so the upshot was an increase in living stan- dards. ( 27) Link 27 https://www.theguardian.com/business/2017/aug/20/robots-are-not-destroying-jobs- but-they-are-hollow-out-the-middle-class • Automation will cause declines in some occupations, change many more, and create new occupations that don't exist today. Sixty percent of occupations have at least 30 percent of constituent work activities that could be automated.  • Half of all work activities around the globe could be automated, but probably only one-third or less will be displaced by 2030 because of technical, econom- ic, and social factors.  • Even as automation changes labor dynamics, the "demand for work and workers could increase," in part because of rising productivity fueled by technological progress. Among the forces creating demand for work: increasing health care for aging societies and investment in infrastructure and energy. • Even with robust job growth, "major transitions" still lie ahead. By 2030, 75 million to 375 million workers—3 percent to 14 percent of the global workforce—will 39
  40. 40. need to change the kinds of work they do. And still more workers will have to adapt what they do in order to work "alongside increasingly capable machines." Some of those changes could require additional education, or more creativity or social and emo- tional skills. • "Midcareer job training will be essential." The need to retrain and rede- ploy workers quickly "will challenge current educational and workforce training models." Businesses and policymakers will have to rethink and strengthen "transition and income support" for workers affected by automation. (28) Link 28 http://blogs.edweek.org/edweek/high_school_and_beyond/2017/12/automa- tion_will_create_more_jobs_than_it_will_eliminate.html Automation Will Create 30 Cr New Jobs; Women Will Lose More Jobs Than Men! As per a recent survey by Accenture, it was found that due to increased ‘AI and human- machine collaboration’, global workforce will increase by 10% by 2022 – This means that although automation and AI is taking away jobs right now, a paradigm shift is hap- pening and newer opportunities are opening up, which never existed before. The report states that as AI and Automation are fusing with human collaboration, rev- enues of companies can increase by 38% by 2022, which will increase profits of compa- nies to the tune of $4.8 trillion. Hence, on an average for S&P500 firm, this translates to $7.5 billion of revenue and $880 million increase in profit As per ILO, there are 3 billion employed people (in 2011), globally. Hence, as per Ac- centure, AI and Automation will directly crease 10% or 300 million new jobs by 2022. ( 29) Link 29 http://trak.in/tags/business/2018/01/25/automation-will-create-new-jobs/ Since new jobs will emerge due to automation, reskilling is an important criteria to keep the current workers in the workforce. In a first of its kind initiative, some of the largest global IT firms have joined forces un- der World Economic Forum SkillSET portal for reskilling and re-training 10 lakh (1 mil- lion) workers all over the world. 40
  41. 41. From India, Infosys and TCS have agreed to join this massive collaboration, which in- cludes companies Accenture, CA Technologies, Cisco, Cognizant, Hewlett Packard En- terprise (HPE), Pegasystems, PwC, Salesforce and SAP. Under the Chairmanship of Chuck Robbins, who is the chairman and chief executive of- ficer of Cisco, this IT Industry Skills Initiative was launched at the ongoing World Eco- nomic Forum. (30) Link 30 http://trak.in/tags/business/2018/01/24/tcs-infosys-join-global-it-firms-reskill-1-mn- workers/ 41
  42. 42. Skill, re-skill and re-skill again. How to keep up with the future of work Today, in the 21st century, we’re seeing the rise of new work models such as freelancing and remote work. In the most advanced companies, teams are learning to be more ag- ile, to work with distributed and remote teams, and to scale up and down to adapt to ever-changing conditions. This is the future of work. Yet education hasn’t kept pace. We still send our children through a fixed set of primary and secondary education steps, only now a college degree has been added on as a vir- tual prerequisite for the best jobs. The model doesn’t actually prepare anyone well for a flexible world, in which skills are typically outdated by the time you finish a four-year degree. Further, on-the-job training isn’t enough to close the gap. The World Economic Forum report found that 63% of workers in the US say they’ve participated in job-related train- ing in the past 12 months. Yet employers are reporting the highest talent shortages since 2007. ( 31) Link 31 https://www.weforum.org/agenda/2017/07/skill-reskill-prepare-for-future-of-work ManpowerGroup: Multiple examples of skilling, upskilling and reskilling Developing in-demand skills in France. In France, ManpowerGroup is helping redun- dant workers through their career transitions by developing their skills for in- demand sectors like IT and call centres. Through FuturSkill, ManpowerGroup delivers four month-long programmes comprised of skills assessments, training and access to an online learning management system in both hard and soft skills for more than 60,700 people across France. Following completion of the programme, the company’s Bridge To Work program works as a matching platform for redeploying unemployed people to ll in-demand positions. Thus far, the program has enjoyed a placement rate of 90% of candidates into diverse roles such as IT help desk technicians, developers, customer service representatives and production workers. This represents double the placement 42
  43. 43. rate of publicly funded programs in France that do not link training to direct employ- ment opportunities. Assessing skills for platform economy entrepreneurial talent in China. When start-ups and small- and medium-size businesses are responsible for creating up to two out of three new jobs, it’s perhaps no surprise that governments are trying to gure out how to support and develop the skills of entrepreneurs. In Shanghai, investment in training and access to capital and tax bene ts is substantial, so the gov- ernment wanted a tool to maximize its return on investment. Building on its candidate selection expertise, ManpowerGroup has created a unique New Business Starters (NBS) assessment for entrepreneurial skills and aptitudes—to identify relevant cognitive skills, personality traits and life experiences that accurately select individuals with the highest potential to succeed. To date, over 225,000 candidates have been assessed, some fresh to the labour market and others taking a new career direction, all bene tting from up- skilling advice and training. Early results indicate that high scorers are two to three times more likely to succeed as new business starters— and will be well placed to be the job creators of tomorrow. Training IT skills in India. When 40% of employers globally report talent shortages, the rapid development of in-demand skills is critical. Last year in India, ManpowerGroup trained 1,000 graduates in testing, Java and mainframe skills for a Hire-Train-Deploy model, and developed a tailored curriculum and intensive boot-camp training in 30-40 day programmes. Participants were diverse, sourced from across India and from all stages of their career. Some were new graduates and others experienced professionals looking to reskill and make lateral moves. Impres- sively, in this underrepresented sector 60% were female. By focusing on graduate ability and desire to learn, the chosen candidates who completed the boot camp training were motivated and well placed for applying their new skills. Thus, 90% of participants were placed directly into jobs in large Fortune 500 companies. Supporting local partnerships for adult reskilling in Italy’s motorsport industry. In 2013, in response to skills shortages from Italy’s key motorsport manufacturing companies— Ferrari, Maserati, Lamborghini and Dallara—ManpowerGroup’s Experis business (spe- cializing in professional resourcing for IT, engineering and nance) partnered with these companies, local governments and universities to retrain adults from declining sectors - including the textiles industry -with the skills needed for integration into the motor sports car industry. The program trained these displaced workers for diverse roles as carbon ber laminators and tters, CAD designers, aerodynamics engineers, vehicle per- formance and data analysts, engine builders, chassis developers, programmers, race track engineers, as well as interns, project managers, HR and IT specialists. The pro- gramme trained 243 graduates in seven cities resulting in average wage increases of 30%, with place- ment rates ranging from 55%- 70%. ManpowerGroup plans to expand this model across Europe and to the US in partnership with local universities, technical schools and gov- ernment stakeholders. (32) 43
  44. 44. Link 32 http://www3.weforum.org/docs/WEF_EGW_White_Paper_Reskilling.pdf AT&T invests over $1B to retrain 100,000 employees 44
  45. 45. • AT&T, recently voted one of Forbes' 100 Best Employees to Work For, has taken on the task of retraining 100,000 members (nearly one-third) of its current global workforce, Forbes reports. AT&T says part of the reason behind the initiative is to en- sure that its employees' skills will not be obsolete in the next 10 years. • Much of that potential for skills disruption is caused by consumer use of mobile phones and data plans; data usage among AT&T customers alone grew 250,000% since the iPhone was introduced to the market in 2007. The company has replaced nearly 75% of its hardware with computer operated systems. • The initiative, known as Workforce 2020, includes a suite of new learning programs and facilities. AT&T plans to invest over a billion dollars in its push to prepare employees to face the next wave of technology. (33) Link 33 https://www.hrdive.com/news/att-invests-over-1b-to-retrain-100000-employees/ 438072/ The Manpower Group report surveyed 18,000 employers over 43 countries, asking how they expected technology to impact their businesses in the next couple of years and how they are making sure that their workforce is prepared with the right skills and adaptability. The survey revealed: • 3 out of 4 businesses expect that automation will require new skills from employees, therefore 60% are investing in internal training to keep skills fresh. • 65% of the jobs Generation Z will perform do not yet exist in the work- place, and many of the core skills we place value on today will be replaced by 2020. • Around 45% of present day’s tasks could be automated in the next two years, with roles in sales, business operations and administration primarily under threat. • If current trends continue, women may lose their jobs at five times the rate of men, which highlights the need for upskilling and retraining the workforce. How automation will impact employee training and company leadership According to Chris Canclalosi, contributor for Forbes, “The pace of the evolution of work means that leaders will be increasingly challenged to provide clarity and direction in a continuously changing and complex environment.” Essentially: coaching will matter. Leaders will need to actively participate in the day-to-day operational success of their organizations by demonstrating leadership through action. Technology can and will 45
  46. 46. help leaders to be more effective in their roles by automating certain processes so that they can engage with employees more often. So too, technology will require humans to manage it and interact with it, so leaders will need to be there to ensure people do not fear this change as it occurs. The scarcity of talent in the AI market will continue to provide challenges for compa- nies. It makes sense to focus on internal training measures to bring current employees up to speed ( 34) "The role of HR in the past was about helping people be as much like machines as pos- sible. In the future, it's about helping them be as little like machines as possible." ~ Kristen A. Pressner at #Unleash18 Link 34 https://www.hrdive.com/news/how-automation-will-impact-employee-training-and- company-leadership/434143/ 46
  47. 47. Finding success in a VUCA world is all about adapting to change. Future can not be predicted . People who succeed thrive on chaos and uncertainty. In India, most of the people were shocked when PM announced demonetisation on Nov 8, 2016. With such announcement , companies like Paytm ( A platform for Digital Money ) be- came overnight success. Many small retailers who were accepting cash only, had to start accepting money via paytm to keep up with their business transactions in the absence of cash money. Businessmen who adapted to new mode of accepting payments continued with their business as usual while others kept on criticising Government for such a move. Digitization found a new push in the country after Nov 8, 2016. Almost every occupation that McKinsey looked at had some aspect that could be au- tomated. Even 25% of tasks inside of a CEO job, the analysis found, could be automat- ed. But very few jobs could be entirely automated. Impact of Automation The automation gap: rich countries are expected to automate a much larger percentage of work than poorer ones between now and 2030. MCKINSEY GLOBAL INSTITUTE https://www.wired.com/story/robots-threaten-bigger-slice-of-jobs-in-us-other-rich-na- tions/ CEO of Google, and announced plans to give away $1 billion. The money will go to projects that offer training and career coaching to people short on skills for a rapidly digitizing economy where businesses and their workers need fluency in coding, mobile apps, and social media to compete. Google says it has already given out $100 million of the total to nonprofits, including $10 million to Goodwill, for a pro- gram offering digital-skills training. A "Grow With Google tour" will spin up training events staffed by Google employees across the country 47
  48. 48. “The nature of work is fundamentally changing,” Pichai said in a blog post today. “It’s a big problem and, at Google, whenever we see a big problem, we ask how we can make it easier for everyone to solve it.” ( Link) Link https://www.wired.com/story/google-offers-help-to-industries-it-helps-to-destroy/ McKinsey’s conclusion was not that machines will take all of these jobs, but rather, “more occupations will change than will be automated away.” Our CEO, for example, won’t spend time analyzing reports if artificial intelli- gence can draw conclusions more efficiently, so he can spend more time coaching his team. (35) Link 35 https://qz.com/904285/the-optimists-guide-to-the-robot-apocalypse/ Bill Gates has suggested that we tax robots’ productivity similar to how we tax humans’ income in order to finance retraining programs and jobs for which humans are well-suit- ed, like care-taking As MIT’s Erik Brynjolfsson and Andrew McAfee put it more recently than Keynes in their 2014 book about automation’s economic impact, The Second Machine Age: “Our gen- eration has inherited more opportunities to transform the world than any other. That’s a cause for optimism, but only if we’re mindful of our choices.” 48
  49. 49. Technology can help labor markets: Digital talent platforms improve matching between workers and jobs Digital talent platforms have the potential to improve the ways workers and jobs are matched, creating transparency and efficiency in labor markets, and potentially raising GDP. They can raise labor participation and working hours; evidence from around the world suggests that some people would work more hours if they could. A US survey, for example, reports that three-quarters of stay-at-home mothers would be likely to work if they had flexible options. Even if a small fraction of inactive youth and adults use these platforms to work a few hours per week, the economic impact would be significant. With their powerful search capabilities and sophisticated screening algorithms, online talent platforms can also speed the hiring process and cut the time individuals spend searching between jobs, reducing unemployment. By aggregating data on candidates and job openings across entire countries or regions, they may address some geograph- ic mismatches and enable matches that otherwise would not have come about. Finally, online talent platforms help put the right people in the right jobs, thereby in- creasing their productivity along with their job satisfaction. They can draw people who are engaged in informal work into formal employment, especially in emerging economies. Both of these effects could increase output per worker, raising global GDP. Digitally-enabled independent work is on the rise While independent work is nothing new (and self-employment is still the predominant form of work in emerging economies), the digital enablement of it is. MGI research finds that 20 to 30 percent of the working age population in the United States and the European Union is engaged in independent work. Just over half of these workers sup- plement their income and have traditional jobs, or are students, retirees, or caregivers. While 70 percent choose this type of work, 30 percent use it out of necessity because they cannot find a traditional job at all, or one that meets their income and flexibility needs. The proportion of independent work that is conducted on digital platforms, while only about 15 percent of independent work overall, is growing rapidly, driven by the scale, efficiency, and ease of use for workers and customers that these platforms enable. Such platforms include Uber, Etsy, Didi, and others. While those who pursue independent work (digitally enabled or not) out of preference are generally satisfied; those who pursue it out of necessity are unsatisfied with the income variability and the lack of benefits typically associated with traditional work. Policy makers and innovators will need to grapple with solutions to these challenges. (36) Link 36 https://www.mckinsey.com/global-themes/employment-and-growth/technology-jobs- and-the-future-of-work More than half the world’s population is still offline, limiting the potential to benefit from digital 49
  50. 50. Rapid technology adoption can unlock huge economic value, even as it implies major need for retraining and redeployment of labor. In India, for example, digital technolo- gies provide the foundation for many innovations that could contribute $550 billion to $1 trillion of economic impact per year in 2025. However, the value of digitization that is captured depends on how many people and businesses have access to it. More than four billion people, or over half of the world’s population, is still offline. About 75 percent of this offline population is concentrated in 20 countries, including Bangladesh, Ethiopia, Nigeria, Pakistan, and Tanzania, and is disproportionately rural, low income, elderly, illiterate, and female. The value of connecting these people is sig- nificant, and as they enter the global digital economy, the world of work will transform in fundamental ways and at an unprecedented pace. Access to the technology alone is not enough; even in countries where a large majority of the population has access, the literacy and skills needed to capture digital gains are sometimes limited. ( McKinsey) Commit yourself to lifelong learning. The most valuable asset you’ll ever have is your mind and what you put into it. Brian Tracy How advancing women’s equality can add $12 trillion to global growth Gender inequality is not only a pressing moral and social issue but also a critical eco- nomic challenge. If women—who account for half the world’s working-age population— do not achieve their full economic potential, the global economy will suffer. While all types of inequality have economic consequences, in our new McKinsey Global Institute (MGI) report, The power of parity: How advancing women’s equality can add $12 trillion to global growth, we focus on the economic implications of lack of parity between men and women. Six types of intervention are necessary to bridge the gender gap: financial incentives and support; technology and infrastructure; the creation of economic opportunity; ca- pability building; advocacy and shaping attitudes; and laws, policies, and regulations. We identify some 75 potential interventions that could be evaluated and tailored to suit 50
  51. 51. the social and economic context of each impact zone and country. Tackling gender in- equality will require change within businesses as well as new coalitions. The private sec- tor will need to play a more active role in concert with governments and nongovern- mental organizations, and companies could benefit both directly and indirectly by tak- ing action. (37) Link 37 https://www.mckinsey.com/global-themes/employment-and-growth/how-advancing- womens-equality-can-add-12-trillion-to-global-growth 51
  52. 52. Life is a tragedy for those who feel, and comedy for those who think – Charlie Chaplin I can’t help feeling both tragic and comic when I think of Gender Diversity in organiza- tions. When I started writing on the topic – lot of thoughts emerged in my mind. Ad- vancing Women in Corporations and Society is my passion, this is close to my heart. However, I wasn’t sure which side should I represent – an optimistic view that says that we have done a lot for Women in organizations or pessimistic view that believes that much hasn’t been achieved for women at workplace. Or there could be a 3rd view – Realist. To see things as they are? Recently, I attended Vipasana in the Himalayas, and there I learnt to observe reality as it is. So I will try to make an attempt to present views of a realist to you, of course with my own biases. My hobby is reading, I come across lot of research articles on women. I will share those research findings with you. I consider myself a feminist. A Feminist is someone who believes in Women having Equal rights as Men at workplace, at home, in societies. So if you believe that Women should have equal rights and fight for it, you are a Feminist. I come from an organization which has an established reputation for celebrating diversi- ty. Our CEO is a woman, Ginny Rometty (IBM) –which says a lot about how much we value & celebrate gender diversity at work. But the figures can worry across sectors and organizations and few can boast of the gender ethic as I see it. Look at these: • ´ Around 40% organizations anticipate more female employees at the mid-level in their workforce, however; only 5% see a rise in number of women at CXO levels reveals the latest Times Jobs study on gender diversity in India TimesJob survey reveal that • ´ 40% organizations are 'doing' diversity to access wide talent pool • 25% are diverse to improve business performance • 20% surveyed organizations said they are doing it to enhance corporate reputation/brand image • 10% are doing it for better corporate governance • 5% are doing it out of compulsion as they are pressurized to take it up by internal and external stakeholders Across the world, governments and organizations are waking up to the prudence of building diverse and inclusive workplaces. In India, there is still more reason to cele- brate and promote women’s hiring, as it can lead to a sizeable additional economic growth and could add $700 billion to the country’s GDP in 2025 (McKinsey Global Insti- tute, 2015). The report titled, The Power of Parity: Advancing Women’s Equality in India, claims that this economic impact could translate into incremental GDP growth of 1.4 per cent per year for the country. Bridging gender gap would also add $12 trillion to global GDP in 2025. For every 100 girls that even enrol for education, just about 47 or so reach the high- school level. And then, when you talk of graduation and post-graduation, the number drops to may be 15, 16. And then, not just that, it’s also believed that, even out of the 52