What is Future of Work?
Any work in any sphere of life is a process involving five essential dimensions. Data and Materials are Inputs that get transformed from one state (Raw) to another state (Finished Product); while Funds, Talent and Infrastructure are the mechanisms that need to constantly transform and grow themselves to be relevant to enable the transformation of data and materials. The Key operative is the relevance of the outputs for the Customer and Consumer of that process.
Data and Materials that are inputs to the processes need to be continuously Inquired, Explored and Discovered. This demands the mechanisms their Capabilities (Capacity to Transform + Abilitie (Skills) to Perform) that enables to shape the outcomes of the process better. In the process is the sustainable outcomes that shape every sphere of life to the emerging relevance.
Let us step back to first understand the evolution of Work from a historical standpoint to appreciate its relevance today:
- Manual Data Research and Processing through travels in the pre-industrialized era. Usually monarchs and Oligarchs funded these efforts to increase their Power and Exploit the diversity of the planet. And thus work was created.
- Discrete Card based Data Processing at the advent of Industrialization in the hope of creating operational efficiencies within an enterprise. Thus workers became dispensable at the inability of maintaining efficiencies.
- The advent of Internet introduced Web 1.0 to connect disparate data processing Objects coinciding with the Maturity of Industrialization that required the mass goods produced in factories to be sold. The exploitation of diversity and resources of the planet continued with expansionism; with the transfer of power from monarchies to democracies post the world wars. The computing power scaled from Microprocessors to Microchips. But humans continued to still be ruled by a few, even though democracies offered the avenue to exercise free will.
- (The Maturity of Internet to Web 2.0 facilitated the advancement of individual processing stations and the 1:1 system connections to Networks; Local Area to Wide Areas to Worldwide Web to Wireless. Accompanied by greater computing and connecting power. From processing enterprise information systems to commercializing applications (Marketplaces), enterprises invested on exploiting human vulnerabilities to sell products and services to millions of customers concurrently worldwide. A new warfare technique was adopted that was funded by Trade Exchanges (EX: Wall Street) operated by a few rich and powerful who also control the narrative of governance; unleashed on a majority of the population. The exploitation of the planetary resources continues unabated. Just the actors who fund have changed.
- The Maturity of Internet to Web 3.0 has unwittingly awakened the so far exploited to the power of aspiring for a better life. But those still invested in the previous version use it as a powerful tool of propaganda and fake fear mongering. This conflict of agenda between monopolistic and Progressive Sharing and Collaboration is the Strategic Inflection Point of departure for The Future of Work.
Future of Work is Capitalizing the Human Spirit for Excellence; where not just a minority but rather a majority can create Transformational and Sustainable outcomes for our planet.
What is Work?
Work is a means for each one of us to gainfully contribute Valuable Outcomes to life that take the shape of Products and Services. Such contribution should be valued and the return should be equitable to the contribution. This is the way financial ecosystems work, isn’t it? But this has not shifted to the People who actually make the Value happen.
The great resignation wave in the United States has focused on People quitting jobs. But they are not quitting work , are they? Isn’t the message clear that they want to do more meaningful work, get an equitable return and enjoy a higher quality of living?
This disruption will be worthy only when the Workforce and Workplaces are transformed to the relevance of functioning on Valuing Work and its Outcomes. Digital Technology is the new fire that will catalyze disruptive Work and its outcomes transforming the Quality of Living in every station in the Wheel of Life we pass through everyday including Environment, Governance, Health, Wealth, Mobility, Technology and Education.
It should be clear by now that there are no aliens who are going to make this transformation happen. It is each one of us who need to be galvanized to play our roles in each sphere / station of life to transform; working in a shared and collaborative ecosystem.
Why are we Working?
Each one of us is working to improve the Quality of Life of our own selves and those we love. Whatever work we do therefore impacts a larger cross-section of society. The Industry 3.0, Web 2.0 and Society 4.0 versions Valued and focused on Maintaining and Supporting for Productivity. Profitability was driven out of Productivity which might otherwise be coined as Time to Market.
We are at a Strategic Inflection on the Planet when we don’t need new schemes. We need new Structures, Synergies and Systems.
- Structure is Power that must shift from Enterprises to Individuals manifested through Privatization of Data.
- Synergies is the Culture of Shared Collaboration that results in Glocal (Global +Local) ways of Working.
- Systems is Digital that allows Role based participation in ecosystems with Valuation enabled Blockchain encapsulating the entire work lifecycle.
The Industry 4.0, Web 3.0 and Society 5.0 are versions that compel working on Innovation to create Mind to Market outcomes that measurably improve the Quality of Life manifested through the 17 UN Strategic Development Goals to be delivered by 2030.
Global venture investment last year totaled $643 billion, compared to $335 billion for 2020 — marking 92 percent growth year over year. These investments are not being made to sustain the past but rather to create and sustain the new.
How can we Transform
Any Transformation requires an accurate understanding of the Desired State (Aspiration) and the Current State (Status Quo) with precision metrics. A compass is needed to navigate this journey balancing time and space. It is important that the Gen A (08–18) and Gen Z (18–25) who are the future workforce be prioritized in terms of how they are prepared for the emerging socio-economic challenges. Not that the supporting cast of Gen Y (25–40), Gen X (40–60) and Baby Boomers (60+) are any less important. This is where the accuracy needs to be extended to the roles that people can play in the areas of their Passion and Interest to Educate, Train, Practice and Learn with relevance.
Transformation is not a discrete event, whether it is for an individual or an enterprise. It is a continuous process and it must address growth that is reflected in the Valuation corresponding to the Journey in Excellence; that traverses through Innocence, Awareness, Understanding, Definition, Competence and Excellence.
The essence is how can we make work not a drudgery but rather an enjoyable experience. How can we work in areas where our interests are rather than making a compromise and working in areas where we have neither the aptitude nor the interest? How can we prepare the workforce for the future that doesn’t get trapped in the same issues that the current Gen Y, X and Baby Boomers are facing?
Who will it Impact?
Every section of the society will be impacted by Future of Work. There will be no exceptions. Giggr Technologies has taken up the challenge of addressing the domain / sphere of sports first. Where the industry is strained by the first signs of inadequate returns on Capital invested and the Quality of Engagement dropping.
There is an approximate $599 Billion being spent in the sports industry globally. Even developed nations such as USA are struggling to address the grassroots level sports development and growth. In a country such as India the government is making efforts. But the approach is inappropriate. All the three levels have to be paid equal attention; grassroots, amateur and elite / professional level. The industry is mainly focused on the commercialization of sports with Media, Merchandizing, Ticketing and Fan Management being the main areas of expenditure. There is very little money in comparison for grassroots level sport and sports persons development.
Innovation across the flow of work is a critical to the health of the sports industry. Unless Workforce and Workplaces are transformed to impact Operations and Innovation Orchestration, the spending and footfall in sports will be negatively impacted. An industry that is slated to grow at around 18% CAGR can be disrupted positively with Digital Transformation.
It is not the schemes that will make an impact to transform the sports culture of the country. The approach must involve digital technology to address the triad of Structure, Synergies and Systems.
When & Where will this transformation manifest?
Glocalization (Global +Local) is a greatest leverage of Digital. Imagine Indian players being drafted into NBA or Cricket being popularized in the United States and a US Premier League for Cricket becomes a reality. Imagine Futsal being popularized in India. Can this be accomplished without all the three levels being addressed with urgency and concurrency?
Unifying the Flow of Work will not only bring parity to Valuations but also reduce the current cost structures that are prohibitive and only allow a few to benefit while a majority just run errands for them.
Imagine the impact of little leagues at the grassroots level in India with OTT Streaming Services and Digital Broadcast. India has an untapped market with more than 60% of rural India yet to have a reliable internet connection. A platform such as Giggr that offers a Device, Channel and Medium independent opportunity for an ecosystem to thrive and create new opportunities is the way forward for breaking from the ancient and conventional vestiges of how sports has been promoted in our societies and to make it more immersive and involved for the Customers and Consumers to Engage and Experience.
- Workforce Transformation is a must for every single person in our societies; especially for the Gen A and Gen Z who are the future of workforce anywhere in the world.
- Workplace Transformation is a must for leveraging the advantages of a Collaborative Ecosystem that can unify and work towards a vision of a higher quality of living.
- Operations and Innovation Orchestration must be looked at from the lens of departing from the present into the future rather than the Past into the Present. Because one will not find a precedent on which to rely on what will work. This future must be created.
- The Future of Work must be a source of joy for People focusing on creating and sustaining the planet for a higher quality of living for every one of us and the future generations. And this is entirely up to each of us.
The Great Resignation? More like The Great Renegotiation
subscribe to Planet Money podcast subscribe to Planet Money podcast There's been much hubbub in recent months about…