The future of work will bring constant change. Organizations can thrive in times of change by emphasizing continuous development and building a resilient, purpose-driven culture.
Ready or not, disruptive change is coming as generative AI and robotics are revolutionizing industries and services. The future of work is sure to be very different than today – and it is coming sooner rather than later. Organizations wanting to thrive through the coming changes will need to become more resilient and agile. This article will consider what the future of work may entail and what organizations can do to prepare.
A study published in the Harvard Business Review found three distinct perspectives when it comes to the future of work.
First are the radical optimists, epitomized by tech entrepreneurs. For them, the future will bring a positive transformation in the near term. In the second camp are the skeptics, who think technological transformation is exaggerated or unlikely, except in the far future. Finally, there are the pessimists who worry that technology will overwhelm human society. These perspectives can lead organizations to embrace change, deny it, or actively resist it.
Generative AI and the future of work
Generative AI is certain to remake the future of work, according to an October 2024 report by the Brookings Institution. The authors state that existing generative AI technology could take over half of the tasks currently being performed by one-third of the workforce. This is a conservative estimate.
Further, the tasks generative AI can take over are not limited to low-skill or routine ones. The Brookings report finds that generative AI will disrupt “cognitive” and “non-routine” jobs “in the middle and higher paid professions.” The report warns that society has not yet grappled with the impact of generative AI and is not prepared for the changes it will bring.
A report by McKinsey & Company broadly agrees. Assuming a “midpoint adoption scenario,” it finds that 30% of the hours currently being worked by humans could be automated, and that 100 million people across the developed economies may need to change jobs by the year 2030. The World Economic Forum is more emphatic, finding that by 2030, one billion jobs will be “radically transformed by technology.”
The future of work will bring constant change. The challenge for organizations is how to manage and thrive in times of upheaval.
The future of work requires a resilient organization
Developing teams to thrive in changing times. The challenge of technological change is already having an impact on the workforce, according to the McKinsey report. One third of the more than 1,000 C-suite executives surveyed report shortages of workers with technological, cognitive, and social skills.
Most of the organizations surveyed worry about finding enough qualified workers and plan significant “reskilling” and “upskilling” efforts to meet their needs with the existing workforce. “Reskilling” refers to the process of moving employees from outdated positions and retraining them for entirely new jobs. By contrast, “upskilling” refers to the process of improving the skills of employees in their current positions.
Organizations will also need to embrace continuous development by instilling a culture of learning. Team members should be both encouraged and provided with the resources to grow. Whether by offering formal training or practical experience, organizations that encourage people development will be in the best position to weather changes in the future of work.
Creating a purpose-driven culture. Organizations can build resilient cultures by focusing on their fundamental values to create a sense of purpose. Emphasizing values and purpose has several benefits.
Most practically, focusing on values increases employee engagement, creates more loyal customers, and improves financial performance. Beyond the bottom line, creating a “purpose driven culture” creates stronger interpersonal bonds in the workforce. Those bonds can bring people together to overcome obstacles and work toward common goals.
Building a purpose driven culture starts when leaders think deeply about what the organization stands for – and then share their vision with employees, customers, and stakeholders. Values and purpose are the organization’s “North Star” to guide decision making and respond to challenges.
Leaders should also listen to team members’ perspectives and act on their insights. Not only will leaders gain valuable knowledge, but involving team members creates an environment in which they feel empowered to innovate and become more self-sufficient. Both of those qualities are crucial in a resilient and agile organization, according to McKinsey.
The future of work will be one of constant change. In order to meet the challenges of generative AI and other disruptive technologies, organizations must emphasize workforce development and a culture of learning. To thrive through periods of change, organizations should create a purpose-driven culture to build resilience and agility. If you would like to learn more about the future of work, please contact us.
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Rachel Burr is an executive and leadership coach with over 20 years of experience working with CEOs and the C-suite across all industries, in organizations of from 200 to 10,000 employees. Rachel holds dual master’s degrees in Organization Development and Clinical Psychology, and numerous certifications in the field of executive coaching. Rachel is a “people expert” who works with clients to unleash their leadership potential. If you would like to learn more about leadership development training, please contact us.
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