Future of Work: A top of mind for most CEOs
As the COVID-19 pandemic has further highlighted the importance of the future by forcing many businesses and organizations to pivot their operations and embrace new ways of working, such as remote work and digital collaboration tools, now it's the time to strategically define it as a strategic priority for every organization.
As the workforce continues to evolve, driven by technological advancements, demographic shifts, and changing societal values, CEOs recognize the need to adapt their businesses to stay competitive and relevant.
In a recent survey conducted by KPMG, 69% of CEOs said that they were planning to transform their organizations to be more digital and resilient, while 65% of CEOs said that they were investing in new technologies to transform their businesses.
The same survey found that CEOs are increasingly focused on talent management, with 68% saying that they were planning to upskill or reskill their workforce to adapt to the changing business landscape.
The rapidly evolving landscape of work, driven by technological advancements and shifting societal expectations, has placed the future of work at the forefront of CEOs' concerns. This write-up here explores the significance of the Future Of Work as it's an absolute top-of-mind issue for most CEOs and its impact on businesses.
- Changing & Evolving Workforce Dynamics
The future of work is shaped by the changing dynamics of the workforce. According to Deloitte's Global Millennial Survey 2023, millennials and Generation Z will constitute over 75% of the global workforce by 2025.
- Technological Disruption
Technological advancements and digital transformation are disrupting industries and reshaping traditional job roles. The World Economic Forum's Future of Jobs Report 2020 indicates that automation and new technologies are expected to replace a significant number of jobs, while also creating new opportunities. CEOs are tasked with understanding the impact of automation, artificial intelligence, robotics and other technologies on their organizations' workforce and industries they operate overall. This will be the starting point on reshaping organization skillset and evolve it towards the right direction. - Talent Management and Skills Gap
Skills required in the future of work are rapidly evolving. In some of the cases (if not most) we don't even know what these will be in the very near future. On the same time skills gap, indicating the growing disparity between available talent and the demand for specific skills. CEOs must invest in talent management strategies and tactics, including upskilling & reskilling programs, to ensure their workforce remains relevant and a valuable asset for the organization.
McKinsey Global Institute: Skill Shift: Automation and the Future of the Workforce highlights the skills gap in a great detail.
- Embracing Remote Work and Flexible Arrangements
COVID-19 pandemic has accelerated the adoption of remote work and flexible arrangements. Stepping into the post-pandemic era there is an apparent chaos relevant to trends of remote work and the preference for flexible work options. CEOs recognize the need to re-define and embrace new working models to attract and retain top talent, optimize operational efficiencies, and foster work-life balance.
Gartner's research on The Future of Work emphasizes the rise in remote work trends and the preference for flexible work options. - Workforce Well-being and Mental Health
CEO's concern for the future of work extends to the overall well-being and physical & mental health of people. CEOs acknowledge the importance - more than ever before - of creating a supportive work environment that prioritizes employee wellness, stress reduction, and work-life integration. Afterall people's wellbeing and overall health (including both physical and mental) is highly connected with productivity and creativity.
Future of work is undeniably a top agenda item for most CEOs of today for all the above plus other reasons. By addressing changing workforce dynamics, embracing technological advancements, managing the skills gap, adopting remote work and flexible arrangements, and prioritizing employee well-being, CEOs can navigate the evolving landscape of work and position their organizations for success.
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