Future of Work - post COVID-19 workforce strategies

Organizations are discovering new ways to benefit from the labor market which was previously inaccessible without significant investments into systems and processes that enable them to successfully manage self-employed workers. This no longer requires huge investments, thanks to the talent platforms designed specifically towards global talent pools. Building into the future, these talent platforms are able to lower costs while still enabling employers access to high quality employees, skillsets or abilities as required by the hiring company.

The future of work is being shaped by two powerful forces: The growing adoption of artificial intelligence in the workplace, and the expansion of the workforce to include both on- and off-balance-sheet talent

As AI and automation technologies continue to develop, more companies will begin to use artificial intelligence in their daily operations. This is not just limited to human resources tasks such as payroll but also goes into the realm of management decisions like hiring. 

On- balance sheet talent includes traditional workers – that are costly to maintain and Tenured remote workers – who are isolated from headquarters and rely heavily on digital communications.   On-balance sheet talent has always been part of the workforce equation; however, the number of off-balance-sheet workers (freelancers) continues to rise at exponential rates around the world due in large part to online platforms such as ConsultXperts where work can be contracted and completed in an efficient and cost-effective manner.

With the workforce becoming more decentralized, it is likely that employees will begin to seek out companies that embrace automation technologies such as AI in order to remain competitive.

Automation and artificial intelligence (AI) 

AI is transforming businesses and will contribute to economic growth via contributions to productivity. They will also help address “moonshot” societal challenges in areas from health to climate change.

However, it is important that we do not lose sight of a key fact: whether you look at the past or future, automation and AI complement humans – they don’t substitute us. Indeed, history has repeatedly shown how new jobs are created as old ones fall away. We can see this trend throughout our own lives where each generation stands on its shoulders by building upon what came before rather than being replaced by it.

Putting automation and AI to work can be a great boon for society. Whether it’s helping mass-produce life-changing drugs, providing people with new educational opportunities by guiding students through personalized lessons, or offering farmers real-time weather updates so they know exactly when to plant their crops, these technologies are proving invaluable in solving some of our most pressing challenges. At the same time, businesses are already using them to help improve productivity at unprecedented levels – even as many employees remain engaged in what remains an essentially human endeavor: collaboration. It is clear that humans will still play a critical role across this spectrum of activities because only humans have the flexibility, creativity, and common sense required. But we must also recognize how much more productive both machines and humans can be when they work together.

Despite fears of mass unemployment, there is little evidence that this wave of progress will cause job losses on the scale seen in previous technological revolutions. For example, while one recent study estimates that 30% to 60% of occupations have at least a 70% chance of becoming automated over the next few decades, other data show how jobs and businesses keep growing even as many tasks become automated. This should not surprise us because we know that increasing productivity by making existing processes more efficient often increases consumer spending and spurs new industries that create even more jobs.

The biggest challenge we face is not about automating existing tasks, but rather making it easier for people and machines to work together across a wide range of activities – from designing new products to helping scientists improve their research leaps by sharing data in the blink of an eye. That means building better tools for both humans and machines so they can understand each other’s languages which will enable us all to become “smarter than smart” while also creating opportunity throughout society. 

The human-machine partnership will enhance productivity but not lead to mass unemployment. This is because increasing productivity will increase consumer spending and open up new industries that create jobs.

On- and off-balance-sheet talent (freelancers)

These days corporations hire two broad types of independent workers. One group – the transactional remote worker – is hired for short-term assignments, often through an online platform. Transactional work has been on a steady rise as organizations look to reduce costs and increase flexibility in their labor force by using talent platforms that allow them access to greater pools of talent from around the world. This type of workforce approach can be seen across many job functions with examples such as Uber’s driver network and ConsultXperts’ freelance marketplace where companies can quickly find individuals who have specific skill sets needed for very specific projects – no long-term commitment required.

Source: Deloitte Analysis

 

Companies find it very difficult to scale these types of jobs internally, and off-balance sheet work allows them access to a large number of workers who can be brought in on an as-needed basis.

Off-balance sheet talent is the second type of worker that corporations see value in hiring and this group consists primarily of full-time contractors or employees based outside their home-office location. This workforce is employed through traditional employment contracts but works remotely allowing companies to save costs associated with real estate while giving individual employees more flexibility around where they want to live. The main challenge for organizations using off-balance-sheet labor involves managing the quality control required when there are no physical interactions between managers, clients, or other stakeholders involved in projects – which requires significant investment into systems and processes that enable companies to successfully manage these types of workers.

Conclusion

The future of work is more about the people, not just workers. It is important to think beyond short-term labor costs and consider how new technologies can improve productivity by integrating human abilities with machine intelligence. As machines become smarter it will be up to humans to continue innovating for the sake of humanity – through creativity, collaboration, and critical thinking we are able to solve some of society’s problems while creating opportunity throughout our economy.

Today’s workforce has many challenges considering remote teams lead less engaged employees who feel disconnected from their co-workers as well as managers who struggle with managing a distributed team due simply lack of transparency around what their workers are doing at any given time which often leads them to feel insecure even though they can’t do much about it.

With the rise of on- and off-balance sheet work, organizations are able to save money while still getting access to a large pool of talent from around the world simply by use of talent platforms that enable them quick access to global pools at lower cost – which over time will help support sustainable growth by freeing up resources for other initiatives within their business.

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Jamid Dewani

Jamid Dewani

Author Since: May 7, 2021

Jamid Dewani is the CEO & Co-founder of ConsultXperts. Jamid is passionate about technology and innovation and the role it plays in shaping future of work. With over 15 years of experience in industry and academic sectors focusing on Business Management specialties. He has broad international experience across the Asia Pacific.

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