bcg future of work
Boston Consulting Group Allison Bailey is a Managing Director and Senior Partner and the Global Leader of BCG’s People and Organization practice. They are also struggling to find motivation and are unable to draw the line between their work and personal life. The most successful businesses are putting a focus on teams at the top of their agendas. Transport for NSW is running a 900-person pilot to trial new ways of working, while Volt has permanently implemented a ‘Flex Fridays’ policy, giving employees Friday off as long as they work to ‘maintain the productivity levels of a typical five-day work week’. The common approach, which focuses on identifying types of work that only humans can do, is an unproductive way to plan for the future of work. In terms of what worries employees most, decreasing income and job security are weighing heavily on their minds. The report’s recommendations were built on more than 60 in-depth interviews with C-level experts across five industries. The first defines what will likely affect the future of work, and how various scenarios might lead to distinct future states. Employers must manage for mental health AND mental performance. Clearly there remains a role for the office. The traditional working model for many organisations has been ‘office by default, remote by exception’. PTO has seen a 35% increase in teamwork and collaboration. Boston Consulting Group (BCG) is a global management consulting firm, a pioneer and thought leader in business strategy. In our second year of cooperation with the WEF, we produced one report with two core elements: There is a clear need for upskilling and reskilling on a large scale. Limited connection between traditional education and our work: Less than three out of ten people work in fields tied to their major. All qualified applicants will receive consideration for employment without regard to race, color, age, religion, sex, sexual orientation, gender identity / expression, national origin, protected veteran status, or any other characteristic protected under federal, state or local law, where applicable, and those with criminal histories will be considered in a manner consistent with applicable state and local laws. For these reasons, nearly half (44%) of companies anticipate reducing their real estate footprint within the next 18 months – and half of these by more than 20%. We're dedicated to helping our clients do amazing things and unlocking the potential of … In our first year of cooperation with the WEF, we produced two reports. Boston Consulting Group is an Equal Opportunity Employer. They must now look at improving social interaction and affiliation for their people. The labor market is changing, and to remain both employable and professionally fulfilled, workers must change with it. As a current consulting partner involved in some Consulting M&As, I think going anonymous is the wise decision here. BCG was the pioneer in business strategy when it was founded in 1963. In addition, as highlighted in our post on the future of consulting, it makes sense for BCG to amp up technology enablement efforts as software continues to become increasingly critical to all aspects of running a business. This is BCG. Our results show that adequate reskilling holds promise: 95% of at-risk workers could find good-quality, higher-wage jobs with good future prospects. Employers think, on average, a third of their employees (that can work remotely) will be back in the office five days a week. The changes to Australia’s work landscape throughout 2020 have been stark and unpredictable. And there is some good news: while 30% of companies anticipate they are likely to reduce headcount, 20% of companies are anticipating an increase to their workforce—some by more than 20%. But the disparity between what employees want and what employers think they want threatens to disrupt productivity, company culture and profitability. Consumer sentiment, however, is only one piece of the complicated patchwork of changes inflicted on Australia’s business landscape; companies are also experiencing drastic change from within. It’s only just begun, but it’s already clear that employers are behind the eight ball. This wave saw the widespread adoption of digital tools like Slack and Trello, and employers and employees came to the realisation that the new working reality was likely to last longer than anyone thought. Many companies have already implemented new policies. Maria Flynn: The distributed model among knowledge workers brings challenges, something we are experiencing as Jobs for the Future continues to grow and scale. Employers need to ensure there is no division between the ‘haves’ and the ‘have nots’ in terms of flexible working models. Ongoing (and sometimes increasing) pressure to reduce costs is also forcing some companies to shed headcount, further reducing the need for office space. Only 6% are looking to increase employees compared to around 20% here. In our previous research, for those employees that can work remotely, 63% highlighted their ideal working model would be a hybrid of remote and office-based work (between one and four days a week). In cooperation with the World Economic Forum’s Future of Work project, BCG is developing a blueprint to help companies assess and manage changes and challenges in the future. New office designs are incorporating spaces that increase accidental collisions to aid social interaction, with more team rooms for collaboration, and, potentially counter to trends over the last decade, more offices with doors to allow for focused work. Thomas is a physicist and fellow at the London Institute for Mathematical Sciences and a specialist in using statistical mechanics to study complex systems in physics and interdisciplinary fields. Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. Here are the ten key trends that organizations should prepare for. Atlassian, for example, is piloting a system that encourages employees to be transparent with each other and their leaders about their individual needs and set norms for how they want to work as a team. offices in more than 90 cities in over 50 countries. The social costs of remote work. It explores possible outcomes based on distinct combinations of key uncertainties that are likely to influence the nature of work in the future: technology, learning evolution, and talent mobility. To run this survey BCG teamed with Instinct and Reason a global leader in survey deployment and analysis. Businesses need to reimagine their office space. At BCG we use our Predictability, Teaming and Open Communication (PTO) system, which encourages teams to focus on their progress and their sustainability needs. Changing consumer sentiment and spending habits have created a ‘boom or bust’ reality for many businesses and left others in a holding pattern from which they are only now starting to emerge. How? This presents an interesting dynamic as employers divide into those pushing to get their people ‘back to the office’ and those that have embraced remote working, caring more for employee engagement and content with the productivity they have seen during the last 9 months. Many job-seekers today are only considering roles with flexible/remote options; organisations that fail to provide these will dramatically reduce their access to talent pools. Physical office spaces will continue to play an important role in bringing people together, and as a place for some to be productive. Many employers have made important strides in the right direction - strides that benefit their employees and address their primary concerns - or are in the process of doing so. • The Future of Work presents both opportunities and risks, often in the same dimension (e.g., productivity gain/loss, strength ened/weakened company culture); companies and leaders need to thoughtfully design new models to balance these It was a novelty that saw a jump in productivity and engagement. As we discussed earlier, in Australia, 85% of employees want to spend at least one day a week in the office. BCG was the pioneer in business ... future of work, key questions remain for business leaders seeking to capture the maximum benefits of hybrid working. As the world moves to a more hybrid working model, there is an opportunity for employers to repurpose office space, and how it functions, to reflect new needs and to create opportunities for interaction and collaboration. We close the report by discussing specific actions that governments and businesses can take to proactively manage future changes and challenges. The creation of corporate guardrails and team norms as well as regular conversations at a team level will be essential to ensuring that new models work. In the future world of work, skills acquisition will no longer be a process with an ending. Staggering start/end times away from peak hours, allayed many fears and increased the speed of returning to the workplace. In the second wave - from around June to August - employees and employers were focused on how to maintain that productivity boost. Learning to Learn, Unlearn and Relearn Listen to your people and try not to force them back to the office: Listening is key – understanding the pulse of your organisation will help you to modify policies and communications that will benefit everyone. A BCG GAMMA Data Scientist is expected to be both a world-class management strategist and analytics practitioner. Globally, from a similar BCG survey conducted in June, 44% of companies anticipate further headcount reductions, compared with 31% in Australia. Future of Work. Director, London Institute for Mathematical Sciences. © Boston Consulting Group 2020. Employers would be wise to pay attention to how employees view the office. Given today’s rapidly changing and digitising world, DigitalBCG was formed to guide Fortune 500 companies, governments, and regional challengers through … Getting the individuals within a team to agree their own way of working is the unlock that will enable the right trade-offs to be made at a practical level between business outcomes and individual outcomes. For example, an internal survey at one organisation revealed that 80% of staff were actually fine with coming into the office, yet only 20% wanted to get on crowded public transport. Organization, All of the scenarios we present are possible, yet none are certain. The chart below shows the disparity between what matters to employees and what employers are focused on. Reskilling and job transitions also present an opportunity to close the wage gap, as 74% of women will receive increased wages, compared to 53% of men. This has been supplemented by deep-dive conversations with senior Executives from over 40 of Australia’s largest organisations. Boston Consulting Group (BCG) is one of the world‘s leading management consulting firms, with . BOSTON CONSULTING GROUP 3 Create De-averaged Work Models for Employees We don’t believe in returning to the past, when work hap-pened primarily with colleagues who were always located in the same place at the same time. Leaders and workers were forced to consider the possibility that new working arrangements were semi-permanent - or even here to stay. The authors would like to acknowledge the many contributions to the research, writing and production of this report, including Marissa Lynch, Kirsten Lees and Paul Sutherland. 10 Key Trends for the Next 10 Years. Nor do we believe in Boston Consulting Group (BCG) in collaboration with Indian Pharmaceutical Alliance (IPA) have recently concluded a study on Future of work in the Healthcare Ecosystem. Boston Consulting Group (BCG) in collaboration with Indian Pharmaceutical Alliance (IPA) have recently concluded a study on Future of work in the … Source link . We go beyond ideas to design solutions and implement meaningful action. It was also the thing that employees told us they missed most about working at the office. Only 6% are looking to increase employees compared to around 20% here. The current state of the “Strategy and Operations” consulting market can be defined by one theme: the quest for scale. In addition, BCG interviewed senior Executives from over 40 of Australia’s largest organisations. Solving the world's biggest problems requires instinct and imagination. Related Expertise: This must mirror what employees find valuable about being in the office, and design for accidental collisions to aid social interaction. 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