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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