The New Era of Work is Here: Are You Ready?
The days of working for the same company all your life, the 9 to 5 routine and climbing up the career ladder are becoming a thing of the past. New work patterns such as flatter organization models, the gig economy, technologies melting away geographic barriers and other factors transform the nature of work.
Below are major drivers that will shape the future of work as we are entering the Fourth Industrial Revolution.
The Impact of New Technologies
Technologies like artificial intelligence (AI), machine learning and blockchain are fundamentally changing the landscape of jobs. The forty five percent of today’s routine activities are to be automated and handled by cognitive systems. Human beings will be responsible for handling predominately non-routine work involving flexibility, problem solving and creativity. And this will lead to emerging new “less doing and more thinking” paradigm, which will require new skill sets and abilities.
The Emerging of New Work Patterns
The concept of “climbing the corporate ladder” (the idea of starting up as a courier and working the way to the top) dear to the hearts of Baby Boomers seems to be dying out. The need for multiple layers of management is significantly decreasing, and the hierarchies in the companies are “flattening”.
In the world of Millennials success is no more defined as a linear climb to the top to get the corner office. The Millennials jump from job to job looking for opportunities to learn and grow, to realize their creative potential and improve their work/life balance. They strive for freedom and flexibility, therefore, they often don’t mind working gig to gig. So, the traditional ladder doesn’t make sense for them.
A new lattice model is evolving now. In mathematics, a lattice is a three-dimensional structure extending infinitely in any direction. The metaphor defines a multidirectional and flexible structure where ideas and employees can move along any direction; horizontally, vertically or diagonally.
New era of work needs a new kind of worker, flexible and agile with multi-dimensional skills and strengths.
The Rise of Gig Work
Millennials’ thirst for flexibility and more blended work/life balance has driven a new kind of workforce; gig work is now a new job market realia. Gig economy comes with benefits either for freelancers who can choose between projects around the world, or employers who can choose the best match for specific tasks from anywhere. The share of the U.S. workforce in the gig economy rose from 10.1 percent in 2005 to 15.8 percent in 2015.1 In 2016, almost a quarter of all Americans are making a living in the gig economy. More and more peer-to-peer sharing and on-demand platforms are emerging to support this agile, cross-geography work model. So, the gig economy is here to stay and grow.
Not every company can afford to hire expensive local talent. Meanwhile, smart folks around the world are seeking for opportunities that are not available in their country. Though hiring contractors overseas to decrease operating expenses is not a new idea, the productivity of work performance was not so high before. Nowadays, this idea is being totally upgraded turning into a new type of working model - the distributed organization, where employees at every level are located in different cities and countries.
Getting Prepared for Disruption
Understanding job market imperatives and emerging trends can help to adjust to new realia and enter the new era of work well prepared. One of the constituents of Arcnet ecosystem is Arcwork, next gen “peer-to-peer” job market, where employers can find ideal candidates whose knowledge, competencies, skills and experience are verified on blockchain.