future of work

It is closer and faster than you think!

As a decision maker or CEO, one of the key challenges that you have to grapple with is predicting the future. We rely on data and analytics as well as support of experts. However as uncomfortable as it may seem, uncertainty lies at the heart of some of the most critical decisions we make in the workplace. One of the key uncertainty lies in how the workforce is getting ready for the volatile, complex and ever changing business environment.

  •  Organizations are facing a 14% workforce automation risk, and only 20% of CEOs believe they have a sufficient strategy to address this.
  • 74% of CEOs and 62% of CHROs believe there is a business need or responsibility to invest in retraining employees at risk of redundancy

On the other hand

  • World Economic Forum predicts that 5 million jobs will be lost by 2020 due to automation
  • It's expected that 80% of developed nation workforce will be involved in some form of ‘gig’ by 2030
  • The World Economic Forum predicts that 2.1 million new jobs will be created by 2020 that displace the ones lost. However, only the highly skilled can gain these employment opportunities.

Do the math! How are you thinking to navigate this change?

As one of the world’s oldest (nearly 150 years) and most reputed professional societies for engineers, The IET is creating a neutral, credible and inclusive platform to address one of the largest and most complex workforce in the world; the Indian workforce. The IET’s Future of Work platform is designed to bring the relevant ecosystem together to tackle this massive problem by building joined up roadmaps and outcomes.

To kick start this movement we are creating a one-day congress of the work ecosystem of India on October 22, 2019 in Mumbai, called Engineering the Future of Work. The congress aims to create expert think tanks that will work with industry, academia and the Government to build sustainable road maps for the future. Divided initially into four buckets, this platform will try to solve the biggest jigsaw in the future of work. The buckets are

·      Future of Education will focus on how our education systems will have reinvent themselves to provide skills for the future as well as get ready to reskill the current workforce to make them future ready

·      Future of Organisations will focus on how organisations have to prepare for the future that automation, AI and other technologies bring and the impact on talent and their ability to deliver the goals that organisations set for themselves in the next decade.

·      Future of the Professional will focus on how individuals have to reset their calibrations to become neo generalists with multiple deep specialisation versus the current trends of a single deep specialisation

·      Future Frameworks will focus on future skills frameworks for the industry as well as regulatory and legal frameworks that will support the growth of micro entrepreneurs and the players of the gig economy.

Over the last decade, The IET led think tanks in India have been at the forefront of constructing neutral platforms that work closely with academia, industry and the government to create feasible road maps built around segments like STEM Education, Internet of Things and Future of Mobility & Transport. Being a neutral noncommercial platform, we are able to get various industry leaders from competing organisations as well as representatives of the academia and government on the same platform to build implementable road maps. The IET’s think tanks are led by member volunteers who passionately want to create positive impact in these areas through technology.

We believe our platform and the credibility of key stakeholders to provide knowledge and insights of how organisations are ready to embrace the future of work, will create an impact in the right direction.

If these areas are of interest to you, I invite you to be a part of the movement. You can either write back to me at ssanyal@theiet.in or join the conversation on Oct 22 in Mumbai (Venue: Taj Lands End). For more details: http://fow.theietevents.com/