The Future Of Work: 4 Key Factors That Will Shape How We Work By 2030.

Our reluctance to change how we operate, hire and work, plays heavy on the working world in 2023. We are seeing a societal shift and a rise in people power, which is adding evermore pressure to our long term ‘status quo’ relationship with work.

With landowners fighting for a return to the office and business baulking at a cost of living crisis (which has sent salaries soaring) it has never been more important for our businesses, and their people, to re-invent themselves. Yet in a recent PwC survey of Global CEO’s, 40% have admitted that if their businesses continue to operate the way they do today in 10 years time they wont be here. Of those CEO’s, 22% said they wouldn’t even make it through the next 3…

One things for certain, if how we work doesn’t change by 2030, many of us wont have the opportunity to work at all.

So what can business and employers do to navigate the pace of change required to be ready for The Future of Work?

1. Find flexibility by moving to Outcome-based working.
   • Outcome-based working is a work approach where the emphasis is on achieving desired results or outcomes rather than simply putting in a certain amount of time or effort. The focus is on the value and impact of the work done, rather than on the process of doing it.
   • In an outcome-based working environment, goals and objectives are clearly defined and agreed upon between employees and management. The employees are then given the flexibility to work in a way that suits them best, as long as they are able to deliver the agreed-upon outcomes.
   • This approach to work allows for more autonomy and flexibility for employees, as they are not tied to strict working hours or a particular location. It also allows for a more results-driven culture, where the emphasis is on achieving outcomes rather than simply putting in time and effort.
   • Overall, outcome-based working can lead to increased productivity, improved employee satisfaction and well-being, and a more agile and responsive organization.
2. Be more Mutable. Investigate a targeted operating model change.
   • Reducing fixed costs without making redundancies can be a challenging task, but there are several strategies that companies can use to achieve this:
     • Negotiate with suppliers: Companies can negotiate with their suppliers to reduce the cost of the products or services they provide. This can involve negotiating better terms or finding alternative suppliers who can offer lower prices.
     • Improve efficiency: Companies can analyze their internal processes to identify areas where they can improve efficiency and reduce waste. This can involve implementing new technologies or streamlining existing processes.
     • Lease or rent equipment: Instead of purchasing expensive equipment outright, companies can lease or rent the equipment they need. This can help to reduce the upfront cost of acquiring the equipment and can also provide more flexibility.
     • Reduce energy consumption: Companies can reduce their energy consumption by implementing energy-efficient practices, such as turning off lights and equipment when not in use, using energy-efficient lighting and equipment, and using renewable energy sources.
     • Use outsourcing: Companies can outsource non-core activities to third-party service providers. This can help to reduce the costs of maintaining in-house staff and can provide access to specialized expertise.
   • Overall, companies can reduce fixed costs by implementing a combination of these strategies and by continuously reviewing and optimizing their operations to identify further opportunities for cost savings.
3. Create a new way to Pay & Reward
   • Outcome-based working can have a significant impact on an organization’s pay and reward schemes. Here are some ways in which it can improve them:
     • Focus on results: Outcome-based working places a greater emphasis on results and outcomes rather than hours worked or tasks completed. This means that pay and reward schemes can be more closely tied to achieving specific outcomes or objectives, rather than being based purely on time or effort expended.
     • Increased transparency: Outcome-based working can help to increase transparency around performance and outcomes achieved. This can enable organizations to more accurately identify and reward high performers, and ensure that pay and rewards are aligned with the value created by employees.
     • Greater flexibility: Outcome-based working provides employees with greater flexibility in terms of how and where they work. This can lead to increased job satisfaction and a more engaged workforce, which in turn can contribute to better performance and outcomes.
     • Improved collaboration: Outcome-based working can facilitate greater collaboration and teamwork among employees, as they work towards common goals and outcomes. This can lead to better outcomes and a more cohesive organizational culture.
     • Alignment with business strategy: Outcome-based working can help to align pay and reward schemes with the broader business strategy and objectives of the organization. This can ensure that pay and rewards are aligned with the overall goals of the organization, and that employees are incentivized to contribute to its success.
   • Overall, outcome-based working can provide organizations with greater flexibility, transparency, and alignment in their pay and reward schemes, which can help to motivate and engage employees and contribute to improved outcomes and performance.
4. Embrace this Societal Shift, learn about Post Work & the impact of Automation
   • Outcome-based working can have a positive impact on society and can help to address some of the challenges associated with automation and the new era of post-work. Here are some ways in which it can contribute:
     • Addressing the skills gap: Outcome-based working can help to address the skills gap by providing more opportunities for workers to develop and acquire new skills. As automation and technology continue to transform the workforce, workers need to be able to adapt and develop new skills to remain employable.
     • Promoting work-life balance: Outcome-based working can provide employees with more flexibility and autonomy in their work, which can help to promote work-life balance. This can have a positive impact on employee wellbeing and productivity, and can contribute to a more sustainable and fulfilling work culture.
     • Encouraging entrepreneurship: Outcome-based working can encourage entrepreneurship by providing individuals with the flexibility and autonomy to pursue their own goals and interests. This can contribute to a more diverse and innovative economy, and can help to address the challenges associated with automation and the decline of traditional jobs.
     • Reducing inequality: Outcome-based working can help to reduce inequality by providing more opportunities for individuals to participate in the workforce and contribute to society. This can help to address the social and economic challenges associated with automation and the decline of traditional jobs.
     • Fostering innovation: Outcome-based working can foster innovation by encouraging individuals to develop new ideas and solutions to meet the changing needs of society. This can contribute to a more dynamic and resilient economy, and can help to address the challenges associated with automation and the new era of post-work.
   • Overall, outcome-based working can help society to deal better with automation and the new era of post-work by promoting skills development, work-life balance, entrepreneurship, equality, and innovation.

Survival of the fittest or Demise of the Weakest? The return of Darwin…

It’s difficult to make a definitive prediction about the future of work and the impact of outcome-based working on employment and inequality. However, it is likely that companies that do not adapt to the changing nature of work and the rise of outcome-based working may face challenges in remaining competitive and retaining their workforce.

If companies continue to rely on traditional models of work that are based on fixed hours and tasks, they may find it difficult to attract and retain highly skilled workers who are looking for greater flexibility and autonomy. This could lead to a talent drain and a loss of competitiveness in the marketplace.

In addition, companies that do not adapt to the changing nature of work may find it difficult to address the challenges of inequality and reduced access to work. Outcome-based working can provide greater opportunities for individuals to participate in the workforce and contribute to society, regardless of their background or circumstances. Companies that do not embrace this approach may find it difficult to attract a diverse workforce and to address the social and economic challenges associated with inequality and reduced access to work.

Overall, it is important for companies to adapt to the changing nature of work and to embrace outcome-based working in order to remain competitive, attract and retain talent, and address the social and economic challenges associated with inequality and reduced access to work.