I have been writing a couple of articles related to the Future of Work. Then I realized that many people may not comprehend what this Future of Work or even Future of Jobs meant. Many experts have been advocating for the Future of Jobs while some spoke widely on the Future of Work, but what do these mean to many laymen people like us?
My last article addressed how a self-service kiosk helps businesses improve their operations, staff productivity and reduce labour costs to gain efficiency. Like it or not, many of these businesses are transforming to stay competitive. Why?
Recently I went to one of the largest sports retail stores in Malaysia and I am impressed as they have also deployed self-service payment kiosks since my last visit a few months back. A self-serving payment kiosk is nothing new as we have seen it implemented in prominent stores like Ikea and Tesco years ago. It was not alarming as smart technologies and digitalization were not at their peak then. However, now with the acceleration of digitalization, we see many more retailers deploying this automation soon.
How this automation has transformed the business today? Previously, they used to have at least 3 or 4 workers mending the payment cashiers. Their queues then can be pretty long most of the time. Today, with the installation of the 4 self-service payment kiosks the transaction and queues were moving fast. Consumers’ behaviours are changing, they are getting smarter and they are adapting well to these facilities especially having blockchain solutions integrated with seamless operations thus making a cashless electronic transaction at ease.
Digitalization has disrupted and transformed people’s mindsets and behaviour and this is what many solution providers have been pitching over the last few years, way before the pandemic.
As we see more of these smart technologies and automation being deployed to improve business models, consequently what will happen to the workers? According to McKinsey Global Institute 2017 report, at least 30% of work activities of the 60% of occupations can be automated. In my laymen’s terms, it means 30% of work from the 60% of jobs will be automated.
Difference between Job and Work?
Let’s see from another perspective. Author, Manuel Rubina wrote in thetrcompany, and he explained it pretty well. Similar to how the dictionary phrases it, a job is a noun and work is a verb. Therefore, a job can be a profession, an occupation, a position, or a role. On the other hand, work constitutes nouns and verbs. But in reference to this context, work can relate to a specific task, work or activities.
In another word, a job relates to specific employment or position. Someone can be a Lawyer, Solution Architect, Driver, etc. Whereas a work describes the activities they perform in their work such as a lawyer will review or, and draft contracts, a solution architect will construct design or, and develop a solution, a driver will drive a truck or, and perform delivery service, and many more.
Having this in mind, in my perspective this will relate to
- Jobs we are familiar with today may not exist tomorrow, hence job responsibilities change
- The skills we used to master may not be relevant to future jobs. Such as today’s an expert truck driver will become a navigator working with machines as autonomous driving technology is at the forefront
- World Economic Forum (WEF) reported that the emerging future jobs are shifting towards human interaction with machines and algorithms. The job landscape will shift and 58% of tasks to be performed by humans thus having 42% by machines or algorithms. Therefore, workers need to upskill and reskill for newer skills to stay relevant as there will be 40% of core skills will change in the coming years according to AG5 CEO, Rick van Echtelt.
Is there sufficient Future of Jobs?
Having jobs being eliminated and different skills required for different roles and jobs, will there be sufficient jobs for the future? Many authors have addressed this forthcoming End of Jobs; it will be the rise of on-demand works. WEF’s research reported that it will be a displacement of 85 million jobs with the shift due to humans and machines collaborations. Therefore, there will be 97 million new roles that will emerge to work with machines and algorithms. As such, will these roles suffice for full-time employment or will companies resort to independent workers for pieces of work?
The rise of the Future of Work
Forbes has also reported that by 2025, at least 40% of companies will hire contingent workers. Contingent workers or also commonly known as Gig Workers or Giggers comprises independent workers, freelancers, short-term contractors, or even outsourced or non-permanent workers.
Again, in my laymen’s terms, this means there will be more pieces of work for on-demand, ad-hoc work, or tasks engagement thus it will be the evolution of the Gig Economy. Gig Economy is a free-market system that has a combination of Gig Workers; the people, and the Digital Gig Platform. This provides easy access for gig workers to market themselves to potential employers. Whereas companies can build their own platform for their own services or use the available marketplace platforms that connect and engage these gig workers. This model is a total shift from the traditional jobs or employment model. Individual Giggers will become a boss themselves; they will manage their own availabilities, time, financial and continuously develop their niche so that they can offer their subject matter or skills as a service.
Mastering Professional or Service Skill as a Service
Therefore, we can anticipate that this Future of Work became an individual profession as they start branding and marketing themselves with their piece of work, expertise and based on their specialized or niche skills. Perhaps it is good for me to start a topic on my newfound term Service Skills as a Service (SSaaS) or Professional as a Service (ProfaaS) *me laughing*.
Laugh aside, but do everyone have the mindset or ability to prepare themselves for this Future of Work.
- As an individual; what do they need to prepare personally? Do they need to upgrade their skills, be financially equipped and how do they market and brand themselves?
- As for organizations; how do they ensure they have the right gig engagement model? Some may deem it a straightforward model, but for many, it may not be as straightforward as we have in mind. Employers must have the fundamentals, the right framework, prepare for any consequences or eventualities from this engagement.
At the end of the day, we cannot underestimate the growth of this gig economy or the future of work as traditional full-time employment becomes scarce. Coupled with the new generations and mindset, we see more of this evolution in the coming months and years.
Therefore, are we prepared for these forthcoming changes?
To read more about my thoughts on the future of work, you may follow my series at People in Asia or connect me here.
“DXGIG set the pace for tomorrow”
