the future of work: winning with an agile workforce
TRANSCRIPT
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The Future of Work: Winning With An Agile Workforce
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Did you envision yourself in your current career, when you were 10?
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Did you envision your city?
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Did you envision your city?
Your office building?
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Your desk?
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Your commute?
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You probably didn’t envision this
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Or this
http://www.remoteyear.com/how-it-works/
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Historically, work was where
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10http://www.logospike.com/company-logos-1382/
And for which company
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But work is an evolving term
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How did we get here?
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Hunter-gather groups move constantly
Prior to ~12,000BC
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14http://www.regentsprep.org/regents/global/themes/change/neohttps://en.wikipedia.org/wiki/Neolithic_Revolution; .cfm; Scanned from 1000 Fragen an die Natur, via The Metropolitan Museum of Art, Rogers Fund, 1948., Public Domain, https://commons.wikimedia.org/w/index.php?curid=2959985
Permanent encampments formNeolithic Revolution ~12,000BC
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America is a nation of small, rural farms
Agrarian America (early 1600s – late 1700s)
https://www.flickr.com/photos/jjc3/8220180903
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16By E.L. Hoskyn - Plate from More Pictures of British History, London, 1914, p.61. Publisher: London. Adam and Charles Black. 1914, Public Domain, https://commons.wikimedia.org/w/index.php?curid=8386342
Farms factories
Industrial Revolution (late 1700s – early 1800s)
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17http://www.autoguide.com/auto-news/2010/09/model-t-plant-to-become-a-museum.html
Factories more, bigger, more efficient factories
2nd Industrial Revolution (late 1800s – early 1900s)
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18By The Opte Project - Originally from the English Wikipedia; description page is/was here., CC BY 2.5, https://commons.wikimedia.org/w/index.php?curid=1538544
Mechanical digital
3rd Industrial Revolution (2nd half 1900s)
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The way we work evolves for decades and centuries
…until brief but explosive periods of change
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Is the 4th Industrial Revolution underway?
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21https://www.mbopartners.com/uploads/files/state-of-independence-reports/2016_MBO_Partners_State_of_Independence_Report.pdf
For millions today, and more tomorrow, work is changing
2015 2021
29 34
# Americans working independently(Millions)
Option 1
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22US census; https://www.mbopartners.com/uploads/files/state-of-independence-reports/2016_MBO_Partners_State_of_Independence_Report.pdf
For millions today, and more tomorrow, work is changing
Independent work accelerating
Option 2
Individual proprietorships added, ’04-14
4M
Americans working independently, ’15-21
5M
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The “gig” economy has grown exponentially
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The lifetime “company man” ideal has gone by the wayside. For whom we work...
How we source work…
Where we work…
For how long we work…
…are all changing.
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Intuit. Twenty Trends That Will Shape The Next Decade. Mountain View, CA. 2010.
“The brick & mortar office will be a thing of the past…work will increasingly shift…toward an in-my-own place, and on-my-own-time regiment.” – Intuit
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https://www.weforum.org/agenda/2016/02/the-future-of-work/.
“New technologies are enabling…remote working, co-working spaces and teleconferencing. Organizations are likely to have an ever-smaller pool of core full-time employees.” – World Economic Forum
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https://www.microsoft.com/mscorp/execmail/2005/05-19newworldofwork.mspxLeopold, Till Alexander, Vesselina Ratcheva, Saadia Zahidi. Future of Jobs. World Economic Forum. 2016
“…a generation of young people who grew up with the Internet is entering the workforce, bringing along workstyles and technologies that feel as natural to them as pen and paper.” – Bill Gates
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Why?
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Let’s consider four topicsWorkforce1
Employment landscape2
Other aids4
Technology enablement3
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The workforce today is more educated
of the workforce has at least a bachelor’s degree versus 27% twenty years ago
39%
US census; 25 and older; Aug 2016 versus Aug 1996
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The workforce today is less unionized
of employed workers are union members versus 18% thirty years ago11%
US census; 2015 versus 1985
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The workforce today is more ‘Millennial’
of the workforce is from the Millennial generation34%
http://www.pewresearch.org/fact-tank/2015/05/11/millennials-surpass-gen-xers-as-the-largest-generation-in-u-s-labor-force/ (data is 1Q2015); US census
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Millennials think about their careers differently
Expect to see themselves at their current job a decade from now16%
Would like more opportunities to work remotely75%
Feel confident and in control of their career paths77%
The Deloitte Millennial Survey 2016
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WORKFORCE
Millennials work and communicate differently
MBO partners; http://www.wsj.com/articles/millennials-prefer-single-family-homes-in-the-suburbs-1421896797; kpcb.com/InternetTrends; http://www.forbes.com/sites/neilhowe/2015/07/15/why-millennials-are-texting-more-and-talking-less/#75da08015576
More open to unconventional career paths and independent work
Attracted to autonomy and control
Want to communicate via social media or email
Text ~2.5x as much as Baby Boomers
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Like father like son? A tale of two careers
• Born mid-50s• Massachusetts public high
school• BS in business from New England liberal arts college
• 37 years and counting at commercial bank
• Born early-80s• Massachusetts public high
school• BA in economics from New England liberal arts college
• 4 years investing (2 companies)• Masters degree
• 1 year (overseas) at multi-national company
• 3 years at large consulting firm• 6 months and counting starting
business and independent consulting (via Catalant platform)
Father Son
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36US census, current data is 2015; data represents December of each year (seasonally adjusted)
Employment above long-term avgUnemployment for the total workforce, below the
40-year average (6%)5%
Unemployment rate for workforce participants ages 20-24, below the 40-year avg (10%) and significantly below recession-driven 16% reached in 2009
9%
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37US census
Manufacturing service-oriented industries
Jobs lost in manufacturing
Jobs added in education & health serv., prof. & biz services, and hospitality
23%
35%
Job movement, 2000 - 2015
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38US census, Aug 1996 and 2016
Worker manager
Jobs lost from ‘sales and office’ and ‘production,
transportation, and material moving’
Jobs added to ‘management and
professional’11%
41%
Job movement, 1996 - 2016
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39Source: Manyika, James, Susan Lund, Byron Auguste and Sreenivas Ramaswamy. Help wanted: The future of work in advanced economies. McKinsey Global Institute. 2012.
“By 2020, the United States may have 1.5 million too few workers with college or graduate degrees and nearly 6 million too many who have not completed high school” – McKinsey Global Institute
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40KPCB.com/internettrends; https://commons.wikimedia.org/wiki/File:Carnabotnet_geovideo_lowres.gif
~Ubiquitous global internet…
billion internet users, 42% of global population3
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41KPCB.com/internettrends; https://commons.wikimedia.org/wiki/File:Carnabotnet_geovideo_lowres.gif
…and ~ubiquitous smart phone
billion smart phone users, more than 5x penetration in 2010
2.5
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42Comscore
Even more so in the USmillion smart phone users, 80% of all cell phones200
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43http://fortune.com/2016/08/04/america-internet-speed-spikes/
Internet speeds are fast…
Mbps --- average download speed on broadband in the US in June 2016, up 42% Y-o-Y55
Mbps --- avg download speed on mobile, up 33% Y-o-Y20
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44Fortune.com
…and getting faster…Gbps --- expected top download speed on 5G mobile networks1
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45Akamai State of the Internet 1Q2016
…everywhereCountries with faster average connection speeds than the US14
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46By Fuelrefuel - Own work, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=5146472; https://www.skype.com/en/meetings/; https://blogs.skype.com/2016/04/28/over-1-billion-skype-mobile-downloads-thank-you/
Video calls available to everyone
billion Skype downloads, as of 4/161
From:
To:
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47KPBC; By Victorgrigas - Own work, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=20348454
Storage way up10 billion
petabytes of data in the digital universe, growing 50% p.a.
~$0.06 per GB of storage, falling 20% per annum
Storage costs way down
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48https://www.cnet.com/how-to/onedrive-dropbox-google-drive-and-box-which-cloud-storage-service-is-right-for-you/
Secure cloud storage and file sharing available to all Gigabytes of free storage
15 10 5 2
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49http://www.naiop.org/en/Magazine/2015/Winter-2015-2016/Development-Ownership/The-Future-of-Shared-Office-Space.aspx; https://blog.coworkworldwide.com/2016/01/26/the-global-coworking-survey-20152016/; http://coworkworldwide.com/top-coworking-spaces-world
Coworking space expanding rapidly
Number of coworking spaces globally
20132005 2016
3,00017,800
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50https://www.dol.gov/sites/default/files/ebsa/researchers/statistics/retirement-bulletins/historicaltables.pdf
Traditional pensions a thing of the past
# of private defined-benefit pensions
1983 2013
175k 44k
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Workers no longer reliant upon employer-sponsored healthcare healthcare.gov
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What’s changed so far?Education digitizing1
Remote work increasing2
HR teams changing approach4
Gig economy ‘mainstreamed’3
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53Number represent fall of each year; 2002 number estimated; http://onlinelearningconsortium.org/read/online-report-card-tracking-online-education-united-states-2015/
Online education continues to grow
2002 20141.2
5.8
# of higher education students enrolled in at least one online course(Millions)
28% of all enrolled students
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54https://2u.com/impact/impact-report-2016/individual/
Case study: 2U. “We power the world’s best online degree programs”
students enrolled since inception in 2008, with 83% retention21,000
faculty members at 14 university partners, including 6 of the top 251,000
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Remote working: rare common
https://www.entrepreneur.com/article/270585; Gallup poll
1996 20159%
37%
Workers that have worked remotely
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56Remoteyear.com
Case study: Remote Year. “Travel the world while working remotely”
applications per day to enroll in the program2,000
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http://nextjuggernaut.com/blog/on-demand-economy-survey-stats-future-economy-funding-trends-on-demand-startups/; MeasuringGigEconomy_1609.pdf staffingindustry.com 57
The on-demand economy is the new norm
of US workers did gig work in 2015 29%
of US adults have used at least one on-demand startup42%
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58Gocatalant.com
Case study: Catalant. “Changing the way knowledge is discovered and talent is harnessed”consultants on the platform, growing
organically 500 per week31,000
Fortune 1,000 clients and several hundred SMBs100+
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“home-working will no longer be defined as a Friday luxury, but a more efficient way to work enabled by technology, taking the physical strain from megacities and regionalising work locations.” - World Economic Forum
Employers are responding with a range of remote and flexible jobs
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Where has the impact been felt?
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61sf.eater.com
Task-oriented work
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Travel & transportation
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Tech: engineers, developers, designers, product managers
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Consulting
“we are seeing the beginnings of a shift in consulting’s competitive dynamic from the primacy of integrated solution shops…to modular providers…The shift is generally triggered when customer realize that they are paying too much for features they don’t value.” – Harvard Business Review
HBR: Consulting on the Cusp of Disruption
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Legal
“The legal market has historically lacked transparency, making it difficult for us to deviate from using incumbent, brand-name law firms…Things are changing now.”
HBR: Consulting on the Cusp of Disruption
“AdvanceLaw survey of general counsel found that 52% agree (and only 28% disagree) with the statement that general counsel “will make greater use of temporary contract attorneys,” and 79% agree that “unbundling of legal services…will rise.” – Harvard Business Review
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Where else?
Shifting consulting budgets, decreasing staff, changing HR strategy
Large companies
Access to resources not previously available at affordable ratesSMBs
Automation and robotics reducing labor demand
Manufact-uring
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Where are we going?[a few guesses]
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Smaller FTE core
Lower need for physical space and associated costsReal estate
Ongoing and increased need for investing in and/or managing technology that enables remote work
Technology
Newly emphasized skill set in sourcing short-term talent; HR evolves and becomes even more important
HR
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Changing competition for talent
Shorter average tenure requires more-frequent talent acquisition and competition
“As many as 230 million [globally] could find new jobs more quickly [by 2025], reducing the duration of unemployment, while 200 million who are inactive or employed part time could gain additional hours through freelance platforms.” – McKinsey Global Institute
Companies compete both with each other and with ‘going independent’ for FTEs
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More nimble and versatile career paths
“Millennials will likely continue to seek out independent work in greater numbers. In addition to being attracted to the freedom, autonomy and control it provides, they see independent work as a viable career path.” – MBO Partners, State of Independencein America
Typical promotion path dies in favor of more flexibility within (and outside of) organizations
Source: MBO Partners. America’s Independents A Rising Economic Force– 2016 State of Independence in America. Herndon, VA: MBO Partners, 2016
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What remains to be solved?[a lot]
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How will we train the next generation of workers and leaders… …if they aren’t showing up
in the office to do trust falls?
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How will leaders cultivate corporate culture…
…when employees aren’t together 40 hours per
week?
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How will our system of external validation evolve to ensure career and salary progression…
…if more and more people work independently?
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How will companies provide benefits and incentives…
…if “employee” becomes a more-fluid
term?
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What will we do with all that office space?
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Let’s sum it up
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We are living in a golden age
The next period of massive change
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Where there is massive change…
…there is massive opportunity
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A collective vision of what a company looks like embracing the Future of Work • The organization ‘wins’ by efficiently accessing, engaging and deploying the best capability in the world, no
matter where it sits
• Projects are the core unit of work and team members are measured, incentivized and reviewed based on
specific performance
• There is no longer a distinction between ‘our employees’ and ‘talent’ we access dynamically, inside and outside
of our company
• HR’s focus expands beyond talent ‘acquisition’ to constantly engaging and re-engaging unique talent in the
most efficient way
• The company strives constantly to be the engager of choice and not just great to work at, but also great to work
with
• People are matched with projects based on talent AND passion, creating special and consistent mission and
purpose
• Retention isn’t about securing FTEs – it’s about engaging and supporting talent throughout its career journey
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Key organization changes required to achieve our vision
Planning /Budgeting
HumanResources
Legal /Procurement
Culture / Behaviors
InternalTraining
• Design our budgeting process to shift from headcount to cost orientation; match funding to support specific “jobs to be done”
• Train managers on how to scope and select skills required for a need, and accurately diagnose when outside help makes sense
• Develop the ability and competency to give real-time, project-based feedback to people who we may never meet in person
• Develop mechanisms to keep external talent aligned with long-term project success
• Partner with our legal teams to help them understand how to ensure compliance while engaging with external help
• Develop process to provide external team members access while protecting intellectual property of the company
• Re-align on-boarding and off-boarding to support specific projects but still create understanding of the mission and culture
• Ensure external team members fit with social norms (or whether they don’t, when we’re looking for someone to disrupt our normal way of operating)
• Focus leadership training on leading teams that may be remote and consist of both employees and external team members
• Enable teams to organize and form with clear roles and responsibilities, dynamically and quickly
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For more information visit:
www.gocatalant.com
617-997-6734280 Summer St. | Boston, MA