From riding hoverboards everywhere to fighting for survival on a post-apocalyptic planet, there is no shortage of wild, wacky and sometimes dystopian predictions of the future. But when you think about the workplace of the future, what comes to mind?
While 100 years from now might be a little too far to foresee, the next ten years aren’t. If we were to consider what the future of work will look like, say in 2033, what transformations might we see?
The reality is ‘working smarter, not harder’ is no new concept and has been a driving factor in innovation and change in the working landscape (and society itself), as seen in the times of the industrial revolution. Without change, many of the jobs we have today would not exist, which is why these transitions are not only inevitable, but necessary.
In financial services, we have seen so much automation over the last 10 years which has been fantastic in terms of efficiency, enhanced customer experience and superior data insights. With the ever-increasing rate of change these days however, some people do have a fear that all our jobs will be automated and that robots will be doing everything in the future. However, we don’t think it’s anything to be apprehensive of – after all unemployment rates are the lowest they’ve been in half a century.
There are a lot of themes that will play into the future of work – automation, an ageing workforce, technology gains, digital disruption, Artificial Intelligence (AI), mobility and globalisation, just to name a few. Consequently, there is an endless list of questions we could ask; will there be stable work in the future? Should we all get busy re-training? Will technology take over our jobs? Will experience count for anything?
Ashley Nunes, in a HBR article argues that automation will more likely ‘’transform’’ our jobs as opposed to destroy them. An estimate from the World Economic Forum predicts that by 2025, technology will generate at least 12 million more jobs than it displaces. So that’s a positive!
One thing is for certain – the change is accelerating and organisations must take the time to ponder how they respond to meet these shifting needs. Questions like how should business structures be redesigned to prepare for the future? What skills will be most in demand? How can they develop the expertise within the business to meet the customer needs and retain IP for as long as possible?
What we do know already is that businesses will need people that are adaptable, have high cognitive abilities and strong systems skills. It will be essential for employees to be able to evolve quickly and be continuously focused on their skill expansion. An emphasis on one’s own professional development has never been more important than now.
Remote Work
The COVID-19 pandemic accelerated digitisation and paved the way for remote working. Upskilled, an Australian digital learning platform unsurprisingly predicts this trend to continue, expecting the next ten years to see a significant increase in the businesses that offer remote work or flexible working options.
Digitisation
Technology is rapidly changing, influencing our lives in almost every way. As such, digital literacy will be critical in the financial services and wealth management sectors in practically all roles. The customers of tomorrow have grown up in a digitised world and a tech-driven workforce is inescapable, which means we must keep up with technology and be able to operate, manage and innovate accordingly.
Soft Skills
Interestingly, the more automated we become, the more developed our soft skills need to be! Futurity Investment Group notes that leadership, creativity and interpersonal communication skills will be in high demand, as will problem-solving and critical thinking. Consequently, it will be important for employers to continuously build soft-skill capabilities within the organisation so that employees have more transferable skill sets. This will also feed into the future retention of talent. Not only that, but soft skills are particularly important in the financial services and wealth management sector as trusted advice, expertise, and personalised service will create a competitive edge for businesses in a saturated market.
Although the Financial Services space will continue to be dynamic and innovative, it is interesting to observe the sectors where there will be a strong growth over the next ten years.
The University of Victoria has predicted that the following careers will likely be in high demand over the next decade:
1. Healthcare
2. Construction
3. Education & Training
4. App & Software Development
5. Data Analysis
6. Cyber Security
7. E-Commerce
8. Product Designers
9. Digital & Content Marketing
10. Alternative Energy Sector
At Godfrey Group, we help our clients future-proof their businesses with the right talent. Give us a call on 02 8004 9350 and see how we assist you in recruiting candidates that can take your business into the future.
