The Future is Here

As we approach the end of 2022, the landscape of the modern workplace continues to evolve at an unprecedented rate. It is undeniable that technological advancement has played a crucial role in shaping the workplace’s future. From automation and artificial intelligence to machine learning and beyond, the incorporation of these advanced technologies has resulted in significant improvements in efficiency and productivity across a plethora of industries. However, the proliferation of such technologies has also sparked concerns regarding job displacement and the need for workers to consistently upskill in order to keep up with the rapid pace of technological advancement. Ultimately, the future of work will likely involve a harmonious blend of human expertise and technological acumen, as well as a focus on adaptability and ongoing professional development.

According to Deloitte’s report on Tech Trends in 2023, some of the technologies that will play a bigger role in our daily lives include:

• The Metaverse: Providing Immersive Experiences for Employees

Instead of looking at something through a screen, you can now be immersed in a mixed reality, where you have an expanded way of interacting. Can you imagine how this can assist in daily operations, collaboration and even learning experiences?

• Artificial Intelligence and Machine Learning

Perhaps the most difficult part about AI is learning how to trust this new technology. With AI and Machine Learning, Chatbots are becoming smarter by the day and will soon be able to answer complex search queries through both text and voice, proficiently. According to a World Economic Forum forecast, half of all work tasks will be handled by machines by 2025. Therefore, acquiring talents who understand how data can be made useful through artificial intelligence and machine learning should be a primary concern for any company that wants to be proactive and that has data at the core of its operations.

• Decentralized Autonomous Organizations in Web3

Let’s illustrate the difference between a traditional organization and a decentralized autonomous organization. 

In a traditional organization, decision making is centralized, ownership is permissioned, structure is hierarchical, information flows are private and gated, IP is closed-source.In a decentralized autonomous organization, decision making is collective, ownership is permissionless, structure is flat and distributed, information flows are transparent and public, IP is open-source.

So,  based on the above, how will work be organized and how will talent be connected to work?

The traditional hierarchical mix of roles within a corporate structure and functions will transform into a flatter structure pertaining:

• The first group is responsible for coordinating work and fulfilling the value proposition. 
• The second group provides specific services to achieve the mission, including services such as HR, finance, accounting, and customer service, as well as individual contributors who take on projects as needed. 
• The third group supports the brand, contributes to ongoing product innovation through crowdsourcing, and helps advance the mission in other ways.

The big question that remains: How will this impact human capital practices?

Flexibility is the keyword of the future. Whether in skills, talent sourcing or mapping career paths, rigid approaches will no longer service us.

• Skill-Based Talent Models

Leaders should start to shift toward talent models that are centered around skills rather than jobs. Job requirements can be segmented into:

• Hard technical skills such as data science, analytics, research and development, etc.
• Technology-related skills  such as DevSecOps, Rust, etc.
• Human skills such as resilience, agility, leadership

This approach allows organizations to be more creative in sourcing talents and will lessen the chance of talent shortages in the future

• Talent Sourcing or Talent Creation?

Enterprises ahead of the curve are following new ways to source or create the needed talents, such as:

• Crowd-sourcing talent through gig workers to fill gaps which enables internal employees to focus on core aspects of their jobs
• Partnering with Chief Information Officer or specialized providers to offer training programs from which participants graduate with in-depth knowledge about technological advancements, cybersecurity, and other essential areas
• Without development opportunities, the above strategy may not be sustained. For that reason, it is crucial for employers to develop programs for mentorship, job rotation, externships and others.

• Shaping a New Career Path

Businesses can explore some of the following methods to create careers and experiences that retain employees:

• Horizontal Shifts: According to a study by Mckinsey, 74% of workers feel the need to regularly update their skills in order to perform their job effectively in a digital environment. Therefore, instead of following traditional career paths that involve upward movement within a single field, companies should create opportunities for employees to move horizontally between different technologies. 
• Flexible Talent Pools and Operating Models: Establishing a flexible talent pool where employees can find short-term projects or join new teams can encourage internal mobility and help employees find meaningful work. As previously discussed in our blog post, “The Future of Work”, New talent models are based on having a fluid non-hierarchical organizational chart. Based on the principle of management by objectives, adaptive organizations focus on creating an ecosystem of talent that includes freelancers, part-timers, and remote workers as part of the equation.

As we navigate the future of work, it’s clear that the challenges of the next decade will not be in finding tech talent, but in focusing on the human capital aspects of digital transformation. By prioritizing both digital innovation and human capital, and being flexible in their approach to talent management, leaders in the human capital industry can position their organizations for success in an ever-changing world.