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Consulting Analysis – Future of Work [FOW]

dwritings-IFTF-FutureWorkSkillsSummaryImage Credit: Institute for the future for the university of phoenix research institute

What [FOW]:

Now a days, thought leaders are concerned about defining the strategy for the companies in order to prepare for the future of workforce. Various consulting companies are evaluating Future of Work [FOW] based on multiple factors and trends transforming industries, individuals with reference to current scenarios.

Who Says What & How:

The Economist :

  • Anything you can do, AI can do better, So how Artificial Intelligence, will change the workplace?
dwritings-The Economist-AIImage Credit: The Economist

World Economic Forum :

  • AI and robotics will create more jobs, not mass unemployment,  as long as we responsibly guide innovation.
  • Cities will compete against other cities in the war for top talent.
  • The majority of the US workforce will freelance by 2027.
  • Education breaks out of the silo.

The Organization for Economic Co-operation and Development [OECD]:

The future of work offers unparalleled opportunities, but there are also significant challenges associated with these mega-trends. While it is difficult (if not counter-productive) to try and plan in detail for the potential changes that might affect the world of work in years to come, it is important that policymakers strengthen the resilience and adaptability of labor markets so that workers and countries can manage the transition with the least possible disruption, while maximizing the potential benefits.

Delloitte:

dwritings-Delloitte -businesshumantechnologyImage Credit: Delloitte

Driven by accelerating connectivity, new talent models, and cognitive tools, work is changing. As robotics, AI, the gig economy and crowds grow, jobs are being reinvented, creating the “augmented workforce.” We must reconsider how jobs are designed and work to adapt and learn for future growth.

 dwritings-Delloitte-7 realities of workImage Credit: Delloitte

Seven Realities of work (as per Delloitte)

  1. Technology, Talent, and Transformation

    57% of jobs are vulnerable to automation, oxford university.

  2. The Rise of exponential growth, in an organization is because of big data, algorithms and new tech.
  3. Unleashed workforce, comprises of contractors, freelancers, crowdsourced, robots and AI.

    70% of business leaders believe they need new talents & Skills, Delloitte survey with MIT.

  4. Lifelong reinvention, the new culture of learning, The career will build around learning rather than jobs

    The average life to learn business competency is decreased from 30 years in 1984 to 5 years in 2014 which is further reducing – John Seeley Brown

  5. The ethics of work and society,  Leaders in business and society will have to work with public policy makers better example to quote in recent days is FB CEO Mark Zuckerberg’s meeting with lawmakers

    By 2020 over 75% of S&P 500 will be companies we haven’t heard of –Professor Richard Foster, yale university

  6. The Nimble enterprise, [Think Big and Act Small].

    The gig economy will make up 43% of the US workforce as more startups will come up with a senior workforce with the capability to build and launch

  7. Regulated Innovation, The speed of disruption is fast, sharing economy, gig platform, and cryptocurrencies,

    Regulations shouldn’t limit innovation, in fact they should inform how to innovate?

CB Insights:

CBInsights look at 13 artificial intelligence trends which are reshaping industries and economies as per their recent report.

dwritings-CBInsights-AI-EquityDeals

Image Credit: CBInsights
  1. New blue-collar job — robot babysitters,  Counterintuitively, industrial robots and manufacturing jobs are both on the rise in the United States.
  2. AI for X is … everywhere – The ‘AI for X’ trend is unstoppable, From brewing beer to tending to cannabis buds, machine learning is doing it all.
  3. China vies with US for global AI leadership, Despite a mere 9% share of deals going to AI startups globally, China’s AI startup scene took nearly 50% of dollars going to AI startups globally in 2017, surpassing the United States for the first time for a share of dollars.
  4. The future of defense turns on AI, The AI-cybersecurity market is getting increasingly crowded. Some of the startups boast a roster of government clients hoping to stay one step ahead of hackers.
  5. ¿Cómo estás, Alexa? – Amazon Echo and Google Home domi- nate the smart home speaker market, But non-English speaking markets are currently underserved by the big tech companies.
  6. White-collar automation accelerates – White collar workers, Including lawyers, consultants, financial advisors, journalists, traders, and more will face the effects of AI as much as blue-collar laborers.
  7. AI moves to the edge – 2017 saw a major push for bringing AI to the edge, i.e. to smaller devices and sensors operating closer to the periphery of computing networks. In other words, AI may live within your earphones rather than being housed in the cloud or on your smartphone.
  8. The emergence of ‘capsule networks’ – Deep learning has fueled the majority of the AI applications today, It may now get a makeover thanks to capsule networks
  9. Six-figure salaries in the AI talent wars – The demand for AI talent is far outpacing the availability of skilled researchers, Top AI researchers can now mint money in the millions.
  10. The machine learning hype will die – Machine learning will soon become the new normal, And the 1,100+ new AI startups that emerged after 2016 will need robust business models to stay alive.
  11. Amazon, Google, Microsoft dominate enterprise AI- Investors poured in $1.8B into enterprise AI startups in 5 years, Now Amazon, Microsoft, and Google may make smaller companies obsolete.
  12. AI diagnostics gets the nod from regulators – It will soon be routine for machine learning to play a role in medical imaging and diagnostics.
  13. DIY AI is here – Make your voice assistant sound like Dalek from Dr. Who. Or build your own AI camera, Between open source software libraries, hundreds of APIs and SDKs, and easy assembly kits from Amazon and Google, the barrier to entry is lower than ever before.

Also:

LinkedIn is saying data is the new corporate superpower and want to explain, How companies are using talent intelligence to win?

Mckinsey-Technology, jobs, and the future of work

PWC-Workforce of Future

Last minute thoughts:

With the fast-ever-changing technology, advancements in the workforce skills and human needs are designing the Future of Work. The society needs to work together in order to harness these evolutions. The changes are happening right now and will be there for you before you even realize. Everyone such as individual, corporation and government have a role in this change and just need to understand and perform their responsibilities.

Global changes such as global warming, water/food scarcity, nuclear capabilities, arm race are also changing along with political, economical, social and technological changes.

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