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Future of Work Special Report 2016

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INDEPENDENT PUBLICATION BY 04 / 12 / 2016 #0421 raconteur.net Companies are facing a prolonged period of global uncertainty and must address some major challenges Managing up to five generations at work is becoming commonplace as more people stay on after 65 If a job for life no longer exists, employers and staff need to form a mutually beneficial work alliance RISE OF THE ROBOTS NEED NOT ROB OUR JOBS BEWARE SIX OF THE BIGGEST THREATS TO UK BUSINESS HOW BUSINESS LEADERS CAN MIND THE GENERATION GAP SWAPPING LIFETIME SERVICE FOR COMPANY COMMITMENT Should we ready ourselves for a world where algorithms replace human instincts? 03 05 07 10 FUTURE OF WORK Although this publication is funded through advertising and sponsorship, all editorial is without bias and spon- sored features are clearly labelled. For an upcoming schedule, partnership inquiries or feedback, please call +44 (0)20 8616 7400 or e-mail info@raconteur.net Raconteur is a leading publisher of special-interest content and research. Its publications and articles cover a wide range of topics, including business, finance, sustainability, healthcare, lifestyle and technology. Raconteur special reports are published exclusively in The Times and The Sunday Times as well as online at raconteur.net The information contained in this publication has been obtained from sources the Proprietors believe to be correct. However, no legal liability can be accepted for any errors. No part of this publication may be repro- duced without the prior consent of the Publisher. © Raconteur Media CLARE BETTELLEY Associate editor of Employee Benefits magazine, she has held editorships at Financial Times Business and Centaur Media. NICK EASEN Award-winning freelance journalist and broadcaster, he produces for BBC World News and writes on business, economics, science, technology and travel. THOMAS BROWN Consultant, executive adviser and co-author of the forthcoming book Building Digital Culture, he is the former CIM marketing director. CATH EVERETT Freelance journalist specialising in workplace and employment issues, she also writes on the impact of technology on society and culture. NIKI CHESWORTH Award-winning finance and human resources journalist, she is the author of more than a dozen books and writes features for newspapers and magazines. JAMES HURLEY Enterprise editor at The Times and award-winning journalist, he was formerly enterprise editor with the Telegraph Media Group. CHARLES ORTON-JONES Award-winning journalist, he was editor-at-large of LondonlovesBusi- ness.com and editor of EuroBusiness. JAMES SILVER Specialist writer on the media and technology for, among others, WIRED magazine and The Observer, he is also a regular presenter on BBC Radio 4. PETER CRUSH Freelance business journalist, spe- cialising in human resources and management issues, he was deputy editor of HR magazine. BUSINESS CULTURE FINANCE HEALTHCARE LIFEST YLE SUSTAINABILIT Y TECHNOLOGY INFOGRAPHICS raconteur.net/future-of-work-2016 RACONTEUR DIGITAL CONTENT MANAGER Jessica McGreal HEAD OF PRODUCTION Natalia Rosek DESIGN Samuele Motta Grant Chapman Kellie Jerrard PRODUCTION EDITOR Benjamin Chiou MANAGING EDITOR Peter Archer CONTRIBUTORS EMPLOYEE OPINIONS OF WORKFORCE TRENDS TOP THINGS TO TRANSFORM THE WAY PEOPLE WORK OVER THE NEXT FIVE TO TEN YEARS Survey of 10,000 global consumers Positive Negative Source: ADP 2016 Source: PwC 2015 Embrace change to create new ways of working The fourth industrial revolution is creating prospects of a future that few fully comprehend, but the implications for the world of work are already taking shape OVERVIEW THOMAS BROWN T rying to make sense of the future, in the face of such significant change and disruption, can leave you sympathising with Alice of Lewis Carroll's 19th-century writings. We're confronted with such a dizzying array of shifting macro-environmental forces and rapid technological advances that most of us struggle to keep up with, let alone decipher. We read of countless innovations and new possibilities that not too long ago would have been written off as the result of an overactive imagination or simply material for a Hollywood plot. The reality, however, is that the relation - ship between technology and humanity is changing – fast. And it's no longer a distant future but already here, shaping not just the way in which we live, but the way we work. As Klaus Schwab, founder and execu- tive chairman of the World Economic Forum (WEF), opens in his book The Fourth Indus - trial Revolution: "Of the many diverse and fas- cinating challenges we face today, the most intense and important is how to understand and shape the new tech- nology revolution, which entails nothing less than a transformation of humankind." The implications of this question on the world of work aren't something that can be left for policymakers or captains of indus - try to debate behind the closed doors of a Davos WEF summit. It affects all of us and its impact knows no limits. Disruption is being felt across sectors, geographies and all layers of an organisation's workforce. There are no shortage of questions facing those planning their careers and those plan - ning the future of their organisations. Will meetings leave the boardroom in place of a virtual reality existence? Will the cubicle next door be occupied by a robot? Or will there be no cubicles, or indeed offices, at all? Will al - gorithms replace creativity? Will artificial in- telligence eliminate the gambles associated with hiring decisions? Or will the concept of a full-time workforce be largely replaced with a portfolio of on-demand, virtual workers? It's undeniable that as business practic - es evolve and technology creates both new applications and new ways of working, the skills needed by organisations are changing, yet some warn that a widening skills gap has already been building over a number of years. "In the UK the situation is continuing to worsen as employers struggle to match the roles they have with the available work - force, particularly acute in STEM [science, technology, engineering and mathemat- ics] industries such as infrastructure and science," says Alistair Cox, chief executive at global recruiter Hays. "Real work must be done in conjunction with education institu - tions such as incentiv- ising students to enrol on courses in subject areas which are noto- riously short on skills such as maths and sci- ence. In the short term we must make sure our immigration laws allow companies to bring in the best talent from abroad where it isn't available at home." Meanwhile, it's not just the skills an organi - sation will need to be successful that's under the spotlight; technology is opening up new ways of working that are driving the need for a shift in culture and the recent launch of Facebook for Business is a prime example. "The future of work is going to be about breaking down barriers – geographic, de - partmental, linguistic, technical and more. This means we need technology that can connect everyone at a company, transcend language and time-zone differences, and Advances in mechanical automation, transport, computing and mobile communications have made countless dangerous, tedious or labour-intensive jobs unnecessary all this needs to be done quickly, on the go," says Julien Codorniou, global head of Work- place by Facebook. "In order to be success- ful, companies have to be able to connect everyone in their organisation, not just the C-suite and leadership or top managers or even all its knowledge workers. This means connecting every single person at a com - pany including employees who don't have desks, who've typically never been truly a part of their organisations before." Mr Codorniou points to examples such as Danone using Workplace to connect all 100,000 people in the workforce, including a third who work on factory floors and have never been connected to the company's IT system or had a corporate e-mail, and Eim - skip, a shipping and logistics company in Iceland using Facebook Live to connect with their ship crews from their bunks as they move commodities across geographies. As organisations seize on the opportuni - ties of greater speed, efficiency and accu- racy, which emerging developments in technology promise, it's inevitable that some roles, functions and ways of working will be significantly im - pacted or even wholly displaced, and not just manual roles, but also knowl- edge workers. Yet this doesn't necessar- ily set the scene for an era of growing social, income and opportunity inequality. "As humans, we have a long history of disrupting ourselves through better tech - nology. We also have a very short memory," argues Josh Graff, UK managing director at social network LinkedIn. "Advances in mechanical automation, transport, com - puting and mobile communications have made countless dangerous, tedious or la- bour-intensive jobs unnecessary. Instead of an ever-growing line of out-of-work labour, employment rates are roughly the same today as they were in the early-1970s. As human capital is freed up from low-skilled work, it's able to move around the economy to where it can better add value." Fundamentally, it's important to remem - ber that while the coming years of seismic change and new paradigms may feel the most complex, challenging or profound for our generations, others have inevitably felt the same before us. After all, this is the fourth in - dustrial revolution, not the first. Society has survived three such upheavals before, and has emerged stronger and better each time. As LinkedIn's Mr Graff urges: "Viewing inevitable change as a threat isn't a success - ful long-term strategy. Embracing change as an opportunity to innovate and create new ways of working will always be a more successful one." Share this article online via raconteur.net Society has survived three such upheavals before, and has emerged stronger and better each time GIDEON SPANIER Head of media at Campaign magazine, he writes columns for the London Evening Standard and is on the executive commit- tee of the Broadcasting Press Guild. Technology will be used for anything, anytime, anywhere Employees will define their own work schedule Employees will do all work from a mobile device Social media will become a collaboration platform Employees will be paid in real time based on contribution Department and hierarchy will no longer exist Automation and AI will replace people for repetitive work Technology breakthroughs Resource scarcity and climate change Shifts in global economic power Demographic shifts 33% 36% 39% 53% 82% 18% 22% 23% 28% 29% 36% 45% 78% 77% 72% 71% 64% 55% DISTRIBUTED IN PUBLISHING MANAGER Richard Hadler

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