The “where”, “when”, and “how” we work is changing rapidly. Whether you blame technological advancements, the recession, or the pandemic’s lasting effects doesn’t really matter. The reality of the situation remains that few people are prepared for what comes next.
But there’s no need to worry. In this article, we’ll not only help you get a better idea of the future of work but also give you 5 tips on how to prepare and thrive.
What is “the future of work”?
For how much the term gets thrown around nowadays, it rarely gets its due explanation. So, before we start, let’s define what we’re talking about. “The future of work” refers to how work, workplaces, and the workforce will change within the next 5 to 15 years.
Therefore, the 3 aspects we’ll discuss include:
- Work within the context of tasks, tools, and processes we’ll use.
- Workplace as in the divide between on-site, remote, local, and international.
- Workforce meaning the difference between full-time, contractors, and freelancers.
Why do you need to understand the future of work?
Some carefree individuals may not see the benefit of looking ahead and preparing accordingly. But let’s not mince words. Understanding the future work is vital for your continued success and survival as a whole.
…Okay, that might be a bit dramatic. But ensuring you earn a living wage to provide for yourself and your loved ones is nothing to underestimate. The future of work will affect:
- Skills you’ll need to develop to grow with your position,
- Positions that’ll become available or cease to exist,
- Responsibilities you may have to take on,
- Work processes you may have to learn,
- Compensation you may receive,
- Locations you may work from,
- Times you may work,
- And many more.
What factors are changing the future of work?
Now that we understand the future of work and why it’s vital you know it, we have to ask ourselves: “What’s creating the future of work?”. Unfortunately, there’s no simple answer we can give. But we can break it down into X factors and their influences.
How technology is changing the future of work
With the recent rise of AI, technology is the most palpable factor most people notice making changes to their daily lives. However, that’s far from the only aspect influencing the future of work. Others include:
- AI and automation are:
- changing positions or even making them obsolete (SEO, analytics, creative);
- creating new viable skills and employment options (prompting, development;
- streamlining work processes with automation (chatbots, analytics, creative);
- incentivizing life-long learning and monetizing emerging niches;
- increasing the importance of soft skills;
- and more.
- Remote solutions are:
- allowing employees to work long-distance from home or while traveling;
- letting job seekers apply for international positions;
- giving people access to better opportunities in terms of pay and benefits;
- empowering individuals with physical disabilities to provide for themselves;
- growing the gig economy and allowing experts to become their own bosses;
- allowing companies to target foreign markets for better opportunities;
- and more.
- Big data is:
- allowing companies to better target their activities to receptive audiences;
- increasing demand for exceptional customer experiences and care;
- incentivizing a general understanding of data collection and analysis;
- allowing for more thorough job applicant background checks;
- enabling better head-hunting initiatives;
- and more.
How socio-economic trends are changing the future of work
The entire world is one giant web of causes and effects. As such, it stands to reason that even things you wouldn’t consider relevant at first glance can change a lot about how, when, and where we work. To fully understand the future of work, we need to look at:
- Demographic shifts are:
- changing company values and practices due to the rise of Gen Z workforce;
- incentivizing a focus on work-life balance, work flexibility, and purpose;
- driving diversity both in terms of employees and work responsibilities;
- holding companies accountable on the global social media stage;
- forcing businesses to adapt to emerging markets and customer bases;
- causing a shortage of skilled labor due to aging populations;
- increasing job-hopping;
- driving the Big Quit;
- and more.
- Economic changes and the crisis are:
- causing growing income inequality, leading to shrinking markets in the West;
- driving mass lay-offs and bankruptcies, leading to rampant unemployment;
- seeing the rise of the middle class in emerging markets,
- shifting company priorities in terms of target countries;
- and more.
- Migration and population mobility are:
- providing new opportunities for ex-pats from developing countries;
- causing displacement and wage stagnation in certain industries;
- growing accessibility to affordable labor for companies;
- driving gentrification and inclusivity initiatives worldwide;
- incentivizing remote work for talent hunting;
- boosting economic growth in developing countries;
- and more.
- Climate change is:
- increasing environmental awareness in the workforce;
- demanding eco-friendly initiatives to maintain employee happiness;
- causing boycotts of non-eco companies and industries;
- growing sustainable companies and enterprises;
- increasing the likelihood of natural disasters;
- negatively affecting tourism and agriculture;
- causing migration and population displacement;
- and more.
5 predictions for the future of work
Now that we’ve discussed what’s changing the future of work, it’s time to polish our crystal balls and do a bit of fortunetelling. Assuming no significant changes occur, here are our 5 predictions for the future of work.
- AI will continue changing the way we work
According to a survey and subsequent data analysis by AuthorityHacker, 35% of companies already use AI. However, anecdotally speaking, most of these businesses cite a significant increase in their efficiency.
Based on this alone, we can expect the proliferation of artificial intelligence to grow exponentially, both in scale and scope. As new solutions appear, AI is predicted to eliminate 85 million jobs while creating 97 million new ones.
Creatives and marketers seem to feel the most pressure, with over 50% citing concerns over their job security (HOT TAKE ALERT: We’re not worried). However, combined with robotics, AI could negatively affect traditional manual positions.
One thing is for certain – whether AI becomes a helpful tool or your direct competition, you’ll have to pick up some new skills.
- Hybrid and remote work trends will spread
The COVID Epidemic was one of the biggest and fastest drivers of change within the job market in recent history. And for all the destruction it caused, it did bring something positive – the rise of hybrid and remote work.
According to Future Forum, 49% of desk workers worldwide are hybrid, 35% work full-time from the office, and only 17% work remotely. But the numbers of hybrid and remote employees will continue to rise.
That’s because it’s good for everyone. A FlexJobs Survey states that 93% of professionals said working from home was good for their mental health. 60% of managers reported better employee satisfaction, 35% higher productivity, and 30% a bigger talent pool.
According to Fortune, companies can save up to 50% of their real estate and operating costs by implementing alternative work arrangements, and the future is hybrid.
- Fractional workforces will become a mainstay
When companies refuse to budge for their full-time employees regarding hybrid/remote work and better compensation, people turn to freelance and fractional to pave their own ways.
Fractional refers to long-term partnerships between companies and freelancers. It allows independent experts to work on their terms with multiple businesses for better benefits while removing the need to look for new clients.
As explained in our previous point, this can do wonders for individuals’ work-life balance and job satisfaction. However, there’s also a risk to this arrangement. And it’s the biggest when corporations force fractional on their full-time workforce.
Nestlé is “breaking the employment mold” with its U-work Initiative, which transformed its traditional workforce into fractional contractors with limited security and benefits compared to its previous model.
The company cites doing it for its and the employees’ good, but whether that’s true remains to be seen.
- Employee wellness will become a company priority
As mentioned, during and following the pandemic, the job market experienced “The Great Resignation”, also known as “The Big Quit”. And it was very expensive for companies worldwide.
According to SHRM, hiring a new employee can cost, on average, 6-9 months of the position’s salary in headhunting, hiring, and onboarding. For higher-paid roles, it can be even more. Meanwhile, retaining an employee is just a fraction of that.
Pew Research found that 1/5 of people left their jobs by choice in 2021. So, if you imagine a company could lose up to 20% of its active workforce and have to rehire at such exorbitant costs, it’s clear why they’d want to hang onto their employees.
But what does that mean for the worker? Generally speaking, a bigger focus on their wellbeing. This can include higher wages, more time off, advancement opportunities, mental and physical wellness programs, and more.
- Flexible schedules and shorter workweeks will take over
Finally, the trend we see spreading even further is flexible working hours, 4-day work weeks, and sometimes unlimited time off (within reason). All to prevent employee burnout, boost satisfaction, and stop churn.
In an experiment run by Autonomy, companies across the UK, Iceland, and New Zealand tried the 4-day work week, which consisted of standard 8-hour days 4 times a week (not to be confused with a compressed week, which is 40 hours/4 days).
And the results? In the UK, 92% of the companies continue with the model to this day. Productivity and satisfaction increased while facility costs fell. However, as was found in Iceland, the approach wasn’t perfect for every industry.
In companies that require full 7-day coverage, the increase in productivity didn’t outweigh the exponential uptick in salaries. Therefore, these innovative ways of working will stay limited to software, marketing, and other digital spheres for now.
5 tips to prepare for the future of work
So there you have it. We’ve tackled what’s causing the future of work to change and what that change may look like. But what are you supposed to do about it? Here are the 7 steps you can take to prepare.
- Create a professional development plan
As illustrated in the previous sections, stagnating won’t do you any good in the coming years. If you want to survive and thrive, you must know what you’re trying to achieve and how to accomplish those goals.
That’s where a Professional Development Plan (PDP) helps. If you are or are planning on becoming a freelancer, you’ll have to hold yourself accountable. Otherwise, you can ask a manager for help.
Consider what we’ve discussed so far. Is there a place for you in the future job market? If not, how can you find a new one, and if so, how can you secure it? What are the skills and actions necessary? How will doing this improve your career?
Answering all these questions, setting an actionable plan, and limiting yourself to a specific date will allow you to make steady progress and ensure you survive and thrive.
- Reassess your skills
Many industries and companies are changing hiring policies as online learning and practical courses outperform formal education. This allows you to seek new, exciting opportunities – as long as you have the skills to back it up.
Unfortunately, four years ago, taking a Google Garage course on Digital Marketing won’t help you become a marketer today. New information is constantly being discovered, and skills can become obsolete.
Skills can be divided into 3 types based on long-term viability:
- Perishable skills (<2.5 years): can become obsolete if you change jobs, there’s a software update, or otherwise.
- proprietary software skills,
- organization-specific skills,
- protocols/policies,
- etc.
- Semi-durable skills (2.5 – 7.5 years): can become obsolete if you change career tracks, switch industries, or climb the corporate ladder. Rather than switching them, you’re likely to build on top of them.
- field-specific processes,
- industry-standard tools,
- career best practices,
- etc.
- Durable skills (>7.5 years): form the basis for your daily and long-term operations. They are unlikely to become obsolete unless you fundamentally change where, when, how, and in what you work.
- leadership,
- time management,
- analytical thinking,
- etc.
Use this framework to objectively evaluate your existing skills, consider whether you need a refresh on any of them, and only then consider learning new ones.
- Pick up new skills
According to McKinsey, 40% of workers must upgrade their skill set by 2030. Thankfully, this can be easier than it might first seem. That’s because there are two types of learning.
- Micro-learning refers to picking up less significant skills or upgrading existing ones via short, bite-sized learning sessions.
- YouTube Videos,
- Educational Articles,
- Guides,
- etc.
- Macro-Learning is a more mindful approach to up-skilling by targeting complex skills and issues in longer, more formal sessions.
- Online Courses,
- Higher Education,
- Mentoring,
- etc.
Each approach has its time and place. So, consider the skills you wish to obtain in the context of these methodologies, choose the ones that work best, and get to work. The skills most people should focus on for the future include:
Hard Skills:
- Prompting,
- Programming,
- Data Analysis,
- General Sales and Marketing,
- Project Management,
- Technical Writing,
- Graphic Design,
- User Experience,
- etc.
Soft Skills:
- Critical Thinking and Problem-Solving,
- Communication and Collaboration,
- Digital Literacy,
- Time Management,
- Presenting Skills,
- Creativity and Innovation,
- Leadership,
- Relaxation,
- etc.
- Explore emerging career options
Do you feel your job will no longer be viable within the next few years, or would you like to try new, greener pastures? In that case, consider some of the following most sought-after jobs by 2030.
- Healthcare professionals: The aging population and increasing demand for quality healthcare will continue to drive demand for healthcare professionals, including doctors, nurses, physician assistants, and medical technicians.
- Software developers and IT specialists: As technology becomes more integrated into every aspect of our lives, the need for software developers and IT specialists will continue to grow. This includes experts in artificial intelligence, machine learning, cybersecurity, and cloud computing.
- Data scientists and analysts: The ability to collect, analyze, and interpret data is becoming increasingly valuable in all industries. Data scientists and analysts will be in high demand to help businesses make informed decisions and gain a competitive edge.
- Engineering and STEM professionals: Engineers and STEM professionals will continue to be in demand across various industries, including aerospace, energy, construction, and healthcare.
- Renewable energy and sustainability experts: The growing focus on sustainability and renewable energy will create demand for experts in wind, solar, and other renewable energy sources.
- Educators and training professionals: The need for lifelong learning will drive demand for educators and training professionals who can help individuals and organizations adapt to the changing workforce.
- Mental health professionals: The growing awareness of mental health issues will increase the demand for mental health professionals, such as psychologists, counselors, and social workers.
- Specialists in emerging technologies: As emerging technologies like artificial intelligence, virtual reality, and augmented reality become more prevalent, specialists in these areas will be in high demand.
- Cybersecurity experts: The increasing reliance on technology and the growing threat of cyberattacks will create demand for cybersecurity experts who can protect sensitive data and systems.
- Creative and design professionals: As businesses focus on creating engaging customer experiences, there will be a growing demand for innovative design professionals, such as graphic designers, web designers, and user experience (UX) designers
5. Expand your network
Finally, you’ll want to contact like-minded individuals and build bridges in the industries you’ve set your sights on for the foreseeable future. Thankfully, this is now easier than ever.
Industry experts are gathering in droves on social media platforms like LinkedIn, Facebook, and even TikTok. Engaging them will help you get insights into the market, learn new skills, find job opportunities, and possibly even make friends.
And there’s no need to limit yourself to online either. With the world opened up, there will surely be some local events to attend and boost your career and professional standing.
Final Thoughts
In conclusion, no one can accurately predict what will come tomorrow, let alone in the next five to fifteen years. Nevertheless, we have enough information to make an educated guess and prepare accordingly.
The future of work isn’t as dark as many say it is. But it does demand you take it seriously nonetheless. And we hope that after reading this article, you’re better equipped to do that than ever before. We wish you the best of luck.
