Experts in Business (Future of Work Symposium) have several predictions for the next few years that may change the face of the workplace. Here they are:
- Technology – will be positive for business because it facilitates communication and collaboration on a daily basis. This can result in a more engaged and productive workplace.
- Freelancers – the rise of the contingent workforce will change the old employer-employee relationships. Freelancers will work the “gig economy” to build skills and experience while determining whether they are interested in a company employment situation. People are looking to supplement their incomes, consider themselves entrepreneurs and are searching for flexible work arrangements. In fact, according to a study by Elance-oDesk, Freelancing in America: A National Survey of the New Workforce, 53 million Americans are now freelancing. And 69 percent say technology is aiding their ability to do so.
- Business intelligence – currently 39% of organizations are doing some form of business intelligence analytics. Data-driven insights are imperative for organizations to remain competitive.
- Emerging economies – Asian and Middle Eastern markets continue to increase, and global talent will be a shortage due to the aging workforce. Companies will be looking to upskill workers to maintain competitive advantage, and those skilled employees can expect to see wages rise as talent shortages in certain regions drive salaries up.
- Millennials – the Gen Y factor is a live and well. It is anticipated by 2020, 50% of the Global Workforce will be Millennials. This will change the face of the workforce and well as the markets. The Gen Y’ers are already changing the workplace but will do so by the sheer momentum of their numbers.
- Leadership – leaders have traditionally been selected based on experience, company knowledge, and loyalty. This will not be the 21st criteria for organizations. Organizations are looking for more inspirational and collaborative leaders. Leaders will be expected to communicate (both in person and through technology) more with employees and have less hierarchal management style.