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The Future of Work - book summary

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The Future of Work - book summary

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A summary of (The Future of Work) book written by Jacob Morgan.
It highlights how organizations, managers, and employees would shape the future working environment. Moreover, it compares how each one of the elements mentioned above is acting today and how it will act in the future.

A summary of (The Future of Work) book written by Jacob Morgan.
It highlights how organizations, managers, and employees would shape the future working environment. Moreover, it compares how each one of the elements mentioned above is acting today and how it will act in the future.

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The Future of Work - book summary

  1. 1. THE FUTURE OF WORK Rethinking work amid 21st century's warp speed technological, industrial, and organizational progress.
  2. 2. Introduction There is an undeniable and universal shift on how we perceive work in the 21st century. In order to succeed and thrive in a business environment that is more competitive than ever, organizations have to be agile and nimble. However, organizations are "only as good as their people", so substantial shifts are happening on every level of the previously existing hierarchy, including the very concepts of management and of the corporate ladder. From new trends shaping today's world across the board to the ever-changing nature of our volatile markets and economies, radical changes are now part of our worklife, restructuring each atom of our corporations, from the organizational structure, teams and labor division to the traits of employees and managers. One of the main influences on the future of work will be the new millennial workforce, which will distance itself from the notion of a traditional career. Instead of committing to long-term hierarchical organizations, millennials craft their work time according to personal interests and turn to flexible work – anytime, anywhere. The company of tomorrow will have to prioritize attracting and retaining talent, nurturing leaders, flattening its hierarchy to non- management and utilizing technology in cost-effective ways. This report serves as a general blueprint on how our worklife is likely to look like in the future - with useful advice and hacks on how to tap in on all the advantages and benefits in front of us without losing the race due to unpreparedness. It's based on Jacob Morgan's 2014 comprehensive overview titled The Future of Work.
  3. 3. The Five Trends Shaping the Future of Work G L O B A L I Z A T I O N T E C H N O L O G Y M I L L E N I A L S M O B I L I T Y N E W B E H A V I O R S Unlike only 20 years ago, the ability to operate in a foreign country has been significantly simplified for companies worldwide. Nowadays, multinational companies have much weaker barriers caused by culture, infrastructure or communication, and can acquire talent from all over the globe. In the 1990s, we have entered the era of hyperglobalization. Millenialism is not just a demographic category*; it's also a generation that brings whole new attitudes and expectations about work, different value systems, and most importantly, the approach to how work should be done and what should be prioritized within a company. Although home offices and remote work have already started getting traction in the past couple of years, in the near future this type of work will become the standard. Working on the go will be generally accepted due to the increased speed of our daily lives. This flexibility option will also be important paired with the demands of the millenial workforce. Each and every one of us was a witness of a dramatic change in our social behavior caused by social media. Instead of keeping our private lives private, we now share all of our personal data, work history, opinions with our social media groups. The behavior of the future is a behavior of sharing, collaborating and connecting. For years, we have been witnessing miracle-like breakthroughs in technology that absolutely re-frame the way we live and work. Next to big data, Internet of Things (IoT),Artificial Intelligence (AI) and machine learning, one of the biggest impacts on how we work is definitely cloud technology and collaboration platforms. Cloud computing can reduce IT labor costs by 50%. It's estimated that millenials will make up about 75% of the total US workforce by 2025. Cisco, a multinational company that employs around 80,000 people worldwide classifies almost half of their employees as remote workers. 2.82 billion people use social networks in 2019. *generation born between 1977-1997 Morgan, Jacob. 2014. The Future of Work: Attract New Talent, Build Better Leaders, and Create a Competitive Organization. Wiley. Figure 1.1. p. 2.
  4. 4. The '20s Organization Modern concepts regarding the organizations of tomorrow revolve around the principle of holocracy*. *decentralized management style in which authority and decision-making are distributed among teams 60% 40% By 2020 around 40% of the US workforce will be working as freelancers, temp workers, or contractors Organizations will adapt to the freelancer model by transferring from the long-term career focus to task and project-based environments. Managerless companies typically have two approaches for determining team leaders: allowing leaders to emerge organically through teamwork leader selection based on peer voting or recognition LESS SUPERVISION MORE MENTORSHIP & COACHING
  5. 5. Shaping Work: PAST vs FUTURE organizations tell managers how to operate organizations change their operations and structure managers tell employees how to work managers change how they lead O R G A N I Z A T I O N M A N A G E R EMPLOYEE Morgan, Jacob. 2014. The Future of Work: Attract New Talent, Build Better Leaders, and Create a Competitive Organization. Wiley. Figure 1.2. p. 20.
  6. 6. Organization of TODAY Organization of TOMORROW breaks apart under pressures of rapid changes anticipates and adapts to changes big teams and co-working structures smaller teams managers delegating, assigning tasks managers encouraging self-initiatives rigid role structures flexible roles and positions hiring done by HR and management hiring administered by employee-appointed committees annual performance reviews real-time performance feedback and merit-based rewards focused on growth focused on innovation using in-house technology utilizing cloud technology
  7. 7. The Manager of the Future DEMONSTRATES LEADER QUALITIES Empathy & Adaptability Sacrifice for others Proactive attitude Not afraid of risk TECH-SAVVY In the workplaces of tomorrow, there will be no room for technology-illiterate leaders. Managers will have to be the ones who know the inside and out of the company’s tech in order to maximize profit and efficacy and save where possible. EMBRACES THE COLLECTIVE THOUGHT The modern leader is not afraid of sharing and collaboration. This is why the best leaders of cutting-edge companies are not prominent as managers, but are considered to be ‘a member of the team’. REAL-TIME RECOGNITION AND FEEDBACK RESPECTS BOUNDARIES The line between our professional and private lives is blurrier than ever, and progressive managers need to learn how to respect employees’ personal boundaries in order to keep satisfaction high and increase employee loyalty. The era of the annual employee review is over. Now, managers have the ability and the technology to provide feedback in real time, which has proven to be immeasurably better for evaluating performance, motivating employees and boosting morale.
  8. 8. The Manager of the Future commands leadership earns leadership directs and delegates leads by example conforms to convention challenges convention rigid boundaries dynamic boundaries
  9. 9. The Employee of the Future Prioritizes impact Wants flexibility Collaborative LEARN + TEACH SHAPES THEIR OWN CAREER PATH Open and transparent information sharing in real time enables the employees of the future to learn or teach at will. WORKS REMOTELY Over 90% of employees are attracted to the prospect of being able to have flexible hours and work location. At the same time, organizations can save a lot through enabling remote work. Instead of climbing up the corporate ladder to achieve higher compensation, benefits and work satisfaction, employees will have opportunities to carve out their own career paths through semi- entrepreneurial ventures within their companies. CUSTOM WORK Employees will be able to fully customize the work they do within their companies based on the freelance model of picking up projects they are interested in.
  10. 10. The Importance of Employee Engagement ENGAGED EMPLOYEE = someone who cares about and enjoys the work they are doing and feels connected to the people they work with and the company they work for The results of the 2013 Gallup study "The State of the Global Workplace" show: NOT ENGAGED 63% ACTIVELY DISENGAGED 24% ENGAGED 13% impact of employee engagement on the bottom line: 0 10 20 30 40 50 CUSTOMER METRICS PRODUCTIVITY PROFITABILITY DECREASE IN TURNOVER 10% 21% 22% 25%
  11. 11. The Employee of the Future works 9-5 works anytime focused on input focused on output predefined work customized work hoards information shares information knowledge- focused learning- focused no voice can become a leader
  12. 12. Adapting to the Future of Work rethinking work Creating a future-oriented team Defining your future of work Sharing your visions of the future Experimenting & testing Implementing the change 2 3 4 5 6 1 question the conventional practices and ways of doing things within the organization organize a dedicated team to understand what steps to take to adapt to the future of work define what the concepts 'work', 'employee', 'manager' and 'organization' mean in your company make your vision for the future of work public, transparent, easy and relatable test things out to see what works in various parts of the organization before making broad-based change plan and commit to changes that will be made across the entire organization Morgan, Jacob. 2014. The Future of Work: Attract New Talent, Build Better Leaders, and Create a Competitive Organization. Wiley. Figure 11.1. p. 204

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