READY FOR TOMORROW: The Future of Work
The future of work is not too far from today. A comprehensive strategy focused on employability and employment generation is a must to ensure a smooth transition for our workforce.
By Chetan Kapoor
The true
beauty of India lies in its diversity. I have been working in the social sector
for over two decades and have had the privilege of closely viewing many Indias
within one India. There is an India that
closely follows, if not leads, global trends of innovation and upskilling. It
is an India with a workforce that is highly aspirational, well-educated,
efficient and professional — a workforce that can give its competitors a run
for their money on any given day. In this India, workers are compensated quite
well, live in clean and safe environments and have access to quality
infrastructure and healthcare.
The other
India has a far bigger workforce. These people toil every day, sometimes even
without a break or food for long hours, and mostly get very little for what
they do. With no or bare minimum education and formal skills, this workforce is
light years away from the trends of e-commerce and automation.
Different
People, Different Impact
One of the
first thoughts that occurred to me when I examined the term ‘future of work’ (FOW)
was how it will be so different for the two workforces mentioned above. While
one of them would require training and upskilling to stay relevant, the other will
have to battle the odds for survival. Either way, the future of work will not
be easy to negotiate for the majority, and will require a treadmill run –
running fast just to stay at the same spot.
A few trends
that have been shaping our workplaces, workforce and the very nature of work have
been visible for a few years now. These include rapid adoption of emerging
technologies — mainstreaming of Artificial Intelligence (AI), Machine Learning
(ML) and Robotics; and a change in the physical distribution of workforces along
with a rise in hybrid working models.
The other –
and no less significant – trend that will shape FOW is climate change. In fact,
this trend will not only determine the future of work; it will practically
decide the future of everything – there are predictions of climate change
causing massive human displacements in the decades to come. This is going to be
the biggest challenge for governments, industries and societies the world over.
I remember someone once telling me that in the corporate world, we worry more
about the rise of robots than the rise of our oceans. A classic case of
misplaced priorities, I thought.
The outbreak
of the COVID-19 pandemic in early 2020 caused unprecedented disruption and
proved to be an accelerator for several unfolding scenarios such as remote working
and virtual interactions, e-commerce and digital transactions, and automation. According
to a just-released report by the McKinsey Global Institute (MGI)[1],
the impact of the pandemic on work, workers and workplaces will persist even after
the crisis is over. The report examines eight countries with diverse economies —
China, France, Germany, India, Japan, Spain, the United Kingdom and the United
States — and suggests the disruptions sparked by Covid will be higher for the lowest
paid, least educated and most vulnerable workers. It estimates that more than
100 million workers in these eight countries may need to switch occupations, a
12% increase compared to pre-pandemic times. These workers will face even
greater gaps in skill requirements. As far as employment generation is
concerned, the report suggests that job growth may concentrate more in
high-wage roles, while middle-and low-wage jobs may decline.
Ensuring
preparedness
As per
another recent report, PwC’s ‘People and Culture First: Transformation Journey
in the Future of Work[2]’,
50% of business leaders in India agree that there is a need to plan for
multiple possible futures around the workplace and workforce. However, cost
pressure and the fear of setting a precedent prevents them from taking action.
48% of leaders also agree that it is important to identify the potential risks linked
with replacing human work with technology but are reluctant to create a culture
of transparency. Further, 54% of them realise the importance of figuring out
the skills needed to keep pace with the changing times but are not keen to act
due to competing priorities.
Before going
hard on these leaders, we must acknowledge that the task at hand is huge, and
it cannot be accomplished by the industry alone. In India, we need a
comprehensive and collective strategy by the government, educational
institutions and industry to ensure that both workforces, especially the second
one, are prepared for a smooth transition to a new era of work.
To start
with, educational institutions must redesign courses that equip students to
take up not only current but future jobs. More than job-oriented skill
training, the government and industry must focus on employability. Universal
skills and competencies such as ability to communicate effectively, connect
with others, think logically, handle complexity, etc. must be made a part of
all skill development programmes.
Moreover, the
existing workforce must be trained to respond to market requirements in a rapidly
evolving environment. It must be also familiarised with the new-age customers,
or Gen Z, who have a completely different approach to consumption and focus as
much on sustainability as they do on other aspects of a product. At the same
time, both the government and industry should explore ways to create new job opportunities,
while ensuring constant innovation and technology adoption for long-term
economic wellbeing.
The future
of work is not too far from today. A comprehensive strategy focused on
employability and employment generation is the need of the hour.
This article originally appeared in FICCI Eduwrap - A publication by FICCI on Higher Education.
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