The Future of Work: Lessons from an Emerging Global Market | Deloitte US Bookmark has been added
By Bushra Naaz, manager, Deloitte Center of Health Solutions
The future of work is gaining momentum in the US and across the globe. I recently attended the Future of Workplace Summit in Mumbai, India’s financial district. I was curious to hear how companies in this dynamic and fast-paced city are approaching the future of work.
The Deloitte Center of Health Solutions recently conducted research on the future of work for the US health care market. The summit in Mumbai, which was aimed at talent professionals across multiple industries, offered a global perspective on this topic. Many of the sessions focused on new talent models and emerging technologies. My main take-away from the summit (and from our study) is that everyone can learn from developing markets when it comes to the future of work.
According to our research, about 75 percent health organizations in the US are investing in the future of work, and more than 65 percent of them are working on a strategic plan. Many executives at the Mumbai summit said they are experimenting with future-of-work initiatives, and are beginning to implement some of them.
Globally, the workplace is undergoing a transformation driven by emerging technologies such as artificial intelligence (AI), robotic process automation, and cognitive computing.
In some markets, these technologies are already being integrated into the workplace. In Japan, for example, more than 300,000 industrial robots are now being used in manufacturing and other related sectors.1 During the summit, leaders of some India-based companies discussed their growing reliance on automation, adoption of bots, and use of augmented and virtual reality. For example, Mindtree, a Bengaluru-based information technology company that focuses on AI, is building bots to help streamline day-to-day tasks.
Multiple factors could alter the workforce and workplace
Talent models are changing along with changes in the workplace. A growing demand for agile and technologically savvy workers is prompting some employers to offer alternatives to the traditional workplace, such as virtual or gig opportunities. In addition, these two factors are likely to further alter the workforce:
Changing demographics, rapid urbanization, an expanding middle class, an increasing life expectancy, and more women in the workforce are among the changes that are encouraging companies around the world—across multiple industries—to adopt future-of-work strategies. While the drivers of this change might vary across regions and sectors, the solutions are largely the same. Organizations that want to stay ahead of the curve will likely need to adopt new technologies and new talent models.
Talent engagement and technology are future-of-work pillars
The changing workforce could push some employers to shift to an AI-led approach for finding talent. During a panel discussion at the Mumbai conference, leaders from several companies—including a generic-drug manufacturer—discussed how they are beginning to use “recruiter bots” in their talent functions. The bots help schedule meetings, sort resumes, and send automated responses to applicants.
As employers adopt more sophisticated technologies, they will likely need to recruit and retain talent with new skillsets.4 Globally, companies are developing more connected workplaces, and some are creating virtual settings for their workers. Three trends that were discussed at the conference are:
The future-of-work wave has hit
It is evident that industries and organizations can learn from developing markets when it comes to the future of work. The use of technology to engage employees—from the hiring process to exit interviews—is growing. The future-of-work wave is hitting industries around the world, and companies that want to catch that wave should revisit their talent models and incorporate new technologies as part of their long-term business strategy.
1. The Future of Work in the Developing world, Brookings