For today’s businesses, times are tough.
From staying on top of disruptive technologies, to keeping up with 24-hour consumer demand, business leaders face new challenges at every turn.
Getting ahead of the competition is only possible with the right workforce, in the right place at the right time.
This was the message ringing loud and clear from our Workforce Management Trends Briefing 2019 held on the 4th of December in Soho House Amsterdam.
After such an inspiring evening leading to great conversation, here are our top 6 learnings from the evening:
1. Human will not be out of the picture just yet.
For the next 10 years at least, work will still revolve around human beings while AI will optimise and enable greater level of productivity. Companies should embrace AI rather than fear it.
2. The epidemic of Robobosses
Robobosses will be more and more common. Physical workplaces will become smarter with beacon and sensor networks, and VPAs (Virtual Partner Assistants) will be our work partners. A recent study by Gartner predicts that by 2022, one in five workers engaged in mostly non routine tasks will rely on AI to do their jobs.
3. AI & Automation.
“Companies that master automation first will dominate their industries”, a recent article from Business Insider says. The market for automation will accelerate faster in 2019 as firms look to squeeze performance and insights out of previously commodity operations.
4. The gig economy thrives and will keep on thriving.
A research from HSBC found that 18 percent of the working age population in the UK, or roughly 7.9 million people, would consider some form of gig work. As many people who are considering gig work in future actually turn to it for their next job. Of those who would consider gig work, a third (33 percent) are degree educated - changing along the way the demographics of the gig economy workers.
5. Baby Boomers will turn to the gig economy.
Millennial are thriving within the Gig economy but Boomers see potential and will start contribution to this economy too. A study by the ONS found that 54% of boomers are far beyond ideal retirement savings. “ If you add this to an ageing population, and low retirement savings - baby boomers would have no choice than go back to work or work longer” Mansoor Malik, UK managing director, comments.
6. The rise of the night time mayors.
Cities across the globe from Amsterdam and Berlin, to San Francisco and London are appointing night time mayors. Today’s on-demand consumer mentality means businesses now operate in an ‘always-on’ economy.
To meet customer demand for 24/7 access to products and services, businesses have needed to adapt employee working patterns to match. As a result, the traditional 9-5 job is becoming a thing of the past. 31% increase in evening and night shift workers between 2011 and 2018 - this will only keep increasing in the coming years.
