Unit 1: The Future of Work PDF

1.1 —The future of work: Looking ahead to 2030 The future of work: Looking ahead to 2030 metamorworks/iStock/Getty Images Consider this It’s estimated that 85% of the jobs in 2030 haven’t been invented yet (Institute for the Future,...

1.1 —The future of work: Looking ahead to 2030 The future of work: Looking ahead to 2030 metamorworks/iStock/Getty Images Consider this It’s estimated that 85% of the jobs in 2030 haven’t been invented yet (Institute for the Future, 2017). Also think about how some tasks and responsibilities of jobs that exist today are shifting due to technological innovations, leading to concerns of job loss. So what does the future of work hold for you by the time you graduate, and how can you prepare yourself for jobs that don’t yet exist? We are in times of tumultuous change. Consider the rate at which new technologies have been adopted: Think about saving files for school projects — You may have relied on a USB key in the past to bring documents from home to school. Today, you most likely have your documents saved in the cloud through services such as Google Drive or Dropbox, allowing you to access files anywhere and through multiple devices. Think about how you listen to music — The days of having a CD collection have quickly disappeared. We’ve seen electronics retailers such as Best Buy significantly cut back on CD sales as more of us have taken advantage of the ability to stream a large variety of music online from anywhere, again through our multiple devices. Why have these changes occurred? Outside of advances in technology, they’re influenced by our constantly evolving needs and desires, which include having more options and convenience. These are just a few examples to give context that change is happening, and it’s happening fast. If you review Figure 1, you get a great sense of how much more quickly we’re embracing new innovations. Figure 1: Number of years it took for each product to gain 50 million users Deloitte & Human Resources Professionals Association. (2017). The Intelligence Revolution: Future-proofing Canada's workforce. Retrieved from https://www2.deloitte.com/ca/en/pages/human-capital/articles/intelligence-revolution.html While the products cut across different technological advances over the last few hundred years, you can see how quickly newer technologies are adopted. This should excite you on what products and services could be launched over the next few years, but should also make you reflect on how this rate of change could impact your career. We sometimes underestimate the pace of change that occurs as many of us grew up with technology and the internet. Think about the workplace and how routine or repetitive tasks are being phased out. Amazon, a large e-commerce retailer, has used automation in their fulfillment warehouses to streamline the picking and packing steps in processing customer orders. Some may see this as an example of job displacement taking place. But I challenge you to see how jobs can be created by these changes: consider future needs to design better robots, create better facility layouts, or better operations planning overall to find new process efficiencies to save time and money and ultimately provide better service to customers. Take a look at this video featuring an Amazon fulfillment centre to see the changing place and nature of work. FOX 13 News - Tampa Bay. (2015, November 26). Behind the scenes of an Amazon warehouse. Retrieved from https://www.youtube.com/watch?v=Y-lBvI6u_hw Be prepared for routine and repetitive tasks to be automated, but realize where people still add value. By developing the right technical and soft skills, you can future-proof your career in times of fast-paced change. References Institute for the Future. (2017). Realizing 2030: Dell Technologies Research Explores the Next Era of Human-Machine Partnerships. Retrieved from http://www.iftf.org/future-now/article-detail/realizing-2030-dell-technologies-research-explores-the-next-era-of-human -machine-partnerships/ 1.2 – Impact of the business environment: Considering international business and ethics and Corporate Social Responsibility (CSR) Impact of the business environment: Considering international business and ethics & Corporate Social Responsibility (CSR) Before we take a look at some skills and capabilities to future-proof your career, consider how the future of work is impacted by some overarching factors in the business environment. We’ve briefly looked at technology (which we’ll review in further detail in future modules examining the business environment), but also think about the impact of international business and the growing emphasis placed on companies to be ethically and socially responsible. International business Companies have to determine where they fit on the world stage. Even those that aim to stay local need to observe what’s happening around them, as competition is no longer just across the street, but could be around the world with the prevalence of e-commerce platforms such as Amazon and Alibaba, a dominant player in the Asian marketplace. A few things to consider: Competition for customers — Both locally and globally Business decisions — Deciding where to source raw materials, talent, and where to locate facilities (to be closer to resources and customers) Employment — How and where you work, which can be shaped by technology enabling us to interact with colleagues around the world One of the University of Waterloo’s strategic priorities is global prominence and internationalization. What can set you apart as a Waterloo grad? Take advantage of your time at Waterloo and make yourself valuable on the global stage by: Taking courses on international studies or languages. Co-op, summer, or volunteer experiences — Take on roles, locally or globally, where you can experience a mix of Canadian and international business practices. International exchanges — Go on an academic exchange to learn and live in another country while completing degree requirements. Employers today value graduates with a global mindset. If you can better understand and appreciate different markets and consumers, and have exposure to unique business practices around the world, it shows how you can adapt and work with others to evolve processes/products to better meet the needs of your company's target market. This can set you apart in the marketplace. We’ll explore how globalization impacts business decisions around operating, marketing, and managing people in upcoming modules. Ethics & Corporate Social Responsibility We live in a world where not only the public trust of politicians and authorities have come into question, but also businesses as well. We expect more of businesses today. As many influence our day to day lives through their products or services that we’ve come to rely on, consumers can demand that they do better to help society in how they operate. A few things to consider: Ethical behaviour — Do companies extend their values and expectations (e.g., fair wages, quality working conditions) with those that they’re associated with, such as their suppliers? Sustainability — Are their business practices sustainable, leaving a positive impact on the environment to protect the world for future generations? How companies can give back to their communities through philanthropic initiatives. What a company stands for (e.g., taking a stance on social or political issues), as this can influence whether you and others want to be a customer or even an employee of that company. Now think about some of the ways companies have been changing their practices to take responsibility. Then click through the following images to review a few examples. Starbucks  boyisteady/iStock/Getty Images Having once promoted the use of reusable cups in store (by providing customers with a discount for bringing one), they took the next step to support the environment by committing to remove plastic straws globally (Starbucks, 2018). And for some companies, being ethically and socially responsible is core to their business model. Consider tentree apparel, who commits to protecting the world we play in by planting 10 tress for every item purchased ("ten trees planted", n.d.). This is core to their mission as a company. In 2018, Waterloo launched the Sustainable Development Solutions Network (SDSN) in Canada to support the United Nation’s 17 Sustainable Development Goals (SDGs), which are universal calls to action to find ways to end poverty, protect the planet, and ensure that people around the world can enjoy peace and prosperity ("Sustainable Development Goals", n.d.). These are goals which you can tackle (perhaps by launching your own venture) to make an impact in the world to solve some of the economic, social, and environmental challenges today. Take a peek at the video below to get a glimpse of Waterloo’s leadership with respect to these goals.  uwaterloo. (2018, May 8). Waterloo launches Sustainable Development Solutions Network (SDSN). Retrieved from https://www.youtube.com/watch?v=L4GfTu7aNec Concept Check Which of the following activities is an approach a company could take to be socially responsible? ncouraging employees to drive to work to maximize their time at work. Acting on one of the UN’s Solution Development Goals. Removing the fee charged to customers who need a plastic bag. nspecting the working conditions at your supplier locations. How Did I Do? References Green Office Program Consultation. (2015, November 5). Retrieved from https://uwaterloo.ca/sustainability/events/green-office-program-consultation-details The Sustainable Development Goals (SDGs). (n.d.). Retrieved from https://uwaterloo.ca/sustainable-development-solutions-network-canada/sustainable-development-goals-sdgs Starbucks. (2018, July 9). Starbucks to Eliminate Plastic Straws Globally by 2020. Retrieved from https://stories.starbucks.com/press/2018/starbucks-to-eliminate-plastic-straws-globally-by-2020/ ten trees are planted for every item purchased. (n.d.). Retrieved from https://www.tentree.ca/pages/company Wallace, A.F. (2014, June 14). Retailers going back to free plastic bags. Retrieved from https://www.thestar.com/business/2014/06/14/retailers_going_back_to_free_plastic_bags.html 1.3 — Your toolkit to become future-proof Your toolkit to become future-proof metamorworks/iStock/Getty Images How do you stay relevant in a fast-changing world? Hone the technical and soft skills that can’t easily be replicated. With most professions, you will still be expected to learn about and understand routine tasks (e.g., an Accountant should understand the processing of financial transactions, journal entries, and financial statement preparation before they can add value by analyzing the financial information to make appropriate recommendations or decisions). Many professions in business still require the use of professional judgement by people — something that technology can’t replace. Automation and algorithms can support processes, but could struggle to reliably take into account qualitative factors or future industry changes that should be considered before making a decision. The trust placed in an advisor is also hard to replicate, especially where they have built up a reputation and relationships with their customers by truly taking the time and effort to understand and support their needs. Publications from research groups like the Brookfield Institute for Innovation + Entrepreneurship suggest that you can be well-prepare for the future of work with a specific suite of technical and soft skills. Below is an excerpt from an executive summary of their 2017 publication, “Future-proof: Preparing young Canadians for the future of work” Youth will need to be equipped with a broad suite of technical and soft skills. Digital literacy will be required across industries, as will entrepreneurial abilities, such as managing uncertainty and taking risks.  The value of creativity, problem-solving and social intelligence — skills that remain difficult for technology to replicate — is also expected to grow. Digital literacy How comfortable are you with digital tools, and manipulating volumes of data through spreadsheets and coding? More and more these days, companies amass volumes of data that if analyzed, could lead to additional insights. These insights can help a company make changes to improve their operations or enhance the products/services to better serve the needs of their customers. To develop your digital literacy, consider taking courses on campus or online that could increase your comfort with digital tools or data analytics. Entrepreneurial abilities Having an entrepreneurial mindset can set you up for success, whether you plan to launch your own venture or climb up the ladder in a corporate setting. To be entrepreneurial means being able to manage uncertainty, take risks, be creative, and problem solve. Being entrepreneurial within a corporate setting has been referred to as intrapreneurship, where one is able to help grow their company by being creative to evolve processes or launch new products/services using the company’s existing resources and reputation. Even large corporations need to innovate, as being slow to change can impact their livelihood — Sears used to be a dominant retailer, first launched as a mail to consumer business (where you could browse a catalogue and then place orders by mail or phone to have them delivered to your  home) before setting up physical locations. They certainly had the infrastructure and resources to support online sales, but didn’t do so effectively or fast enough, allowing companies like Amazon to fill in the gap and dominate the online retailing space. Consider the entrepreneurial ecosystem at Waterloo that you can tap into to develop an entrepreneurial mindset. The Problem Lab is here to help students, faculty, and staff identify and understand important problems with a goal to support the Waterloo community in creating innovations of great economic and social consequence (University of Waterloo, n.d.). Or consider Velocity, a leading entrepreneurship program and the most productive startup incubator in Canada, which supports students from idea to product creation to commercialization, by providing the knowledge, tools, space, and network that startups need for success (Velocity, n.d.). Have an idea but not sure where to start? Consider attending Velocity Start workshops held each term on campus that can help you learn about business models, finding customers online, and setting up your business. Social intelligence Social intelligence is having the awareness of the skills and knowledge needed to effectively collaborate with others. But it’s also about understanding yourself. With many of you aspiring to be future leaders, consider the following quote: IQ gets you hired, EQ gets you promoted. (Gibbs & Epperson, 1995) It's a small but simple message. IQ measures intellectual capacity, while EQ (Emotional quotient), also referred to as emotional intelligence, focuses on the strength of certain soft skills. EQ involves developing greater self-awareness and self-control, and developing the ability to empathize and see a variety of perspectives. Just think about the leaders or managers you admire - It's never just about how smart they are. It's about their ability to connect, see perspectives, and share a vision. This balance of IQ and EQ can set you up for long-term success. And more and more these days, it can impact whether you’re hired in the first place! You can see how companies are looking for those with strong EQ — A partner at an executive search firm noted how they look for leaders with,  … superb written and verbal communication skills, curiosity, critical thinking, a worldly perspective, motivation, self-awareness and the ability to collaborate. The short version: A lot of soft skills for connecting with others. -Rob Quinn, Partner, Odgers Berndtson (Gault, 2015) You can see how this goes beyond technical aptitude, and highlights many other professional capabilities that can set you apart. Step back and think about your EQ — Think about your self-awareness and how you express yourself. This is important as you build upon your personal brand to showcase yourself as you apply for co-op or summer jobs. Do you know your strengths? Can you speak to areas of improvement in interviews? How can you demonstrate your ability to work well with others? Focus on developing your emotional intelligence during your time at university and use this to your advantage to differentiate yourself while looking for co-op, summer, or full-time jobs. Reflecting on your toolkit The technical and soft skills identified above can help you become resilient and adaptable in a changing environment. Embrace change by committing to lifelong-learning, even well beyond graduation. Find ways to enhance your knowledge and skills by considering professional development opportunities like attending conferences or webinars. These skills and attitudes will allow you to be future-proof, so you can understand the changes transforming business, anticipate future developments, and capitalize on new opportunities. Concept Check The following are ways to future-proof your career, EXCEPT: earning new digital tools to better analyze the data in your company eveloping greater self-awareness and self-control  hallenging the need for automation to prevent job loss ttending a conference to learn about techniques to manage risk and uncertainty How Did I Do? References Gault, C. (2015, March 24).Here’s what it takes to be a CEO, according to somebody who gets them hired. Financial Post. Retrieved from https://business.financialpost.com/executive/leadership/heres-what-it-takes-to-be-a-ceo-according-to-somebody-who -gets-them-hired Gibbs, N., & Epperson, S. E. (1995). The EQ factor. (cover story). TIME Magazine, 146(14), 60. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&db=bsh&AN=9510027534&site=ehost-live&scope=site University of Waterloo. (n.d.). Problem Lab. Retrieved from https://uwaterloo.ca/problem-lab/ Velocity. (n.d.). About the Velocity Program. Retrieved from http://velocity.uwaterloo.ca/about-us/ 1.4 — Mindset for upcoming units Mindset for upcoming units As you go through each unit in the course, consider how you can get the most from the content and activities to recognize the knowledge and skills you’ll develop. This course provides an overview of business. As you think through business functions like operations, marketing, financing, and human resources, think about how these areas could evolve in the next 5 to 10 years. To support you in becoming futureproof, this course will introduce theories and tools — From methods to scan the business environment, to tools including the Business Model Canvas — that can help you to either assess or even launch a business venture. This unit started with an exploration of technological changes you might have seen. Take a look at the cheeky commercial below which pokes fun at the world we used to live in and how even the accounting profession challenges us to be on the right side of change to ensure that we’re futureproof. Sora, S. (n.d.). CPA - "Record Label". Retrieved from https://vimeopro.com/user3340107/stephen-sora-reel/video/236809203 1.5 — Key terms Key terms: Unit 1 Here are some key terms from the unit that you should be comfortable with — review them below. Next, proceed to the "Test your understanding" page for an opportunity to practise with flashcards to make sure you can recall the definitions associated with each term. EQ (Emotional Quotient, also know as emotional intelligence): Focuses on the strength of certain soft skills, and involves developing greater self-awareness and self-control, and developing the ability to empathize and see a variety of perspectives. Intrapreneurship: Entrepreneurial activity within a corporate setting, where one is able to help grow their company by being creative to evolve processes or launch new products/services using the company’s existing resources and reputation. Sustainability: Business practices that leave a positive impact on the environment to protect the world for future generations.